PRICING SUPPLEMENT NO. 3 DATED SEPTEMBER 26, 2002 FILED UNDER RULE 424(b)(3)
(TO PROSPECTUS DATED SEPTEMBER 13, 2002 FILE NO. 333-90316
AND PROSPECTUS SUPPLEMENT DATED SEPTEMBER 13, 2002)
SLM CORPORATION
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
- --------------------------------------------- ----------------------------------------- --------------------------------------
Principal Amount: $105,000,000 Floating Rate Notes: |_| Fixed Rate Notes: |X|
- --------------------------------------------- ----------------------------------------- --------------------------------------
- --------------------------------------------- ----------------------------------------- --------------------------------------
Original Issue Date: October 1, 2002 Closing Date: October 1, 2002 CUSIP Number: 78442F AD0
- --------------------------------------------- --------------------------------------
- --------------------------------------------- ---------------------------- ------------ --------------------------------------
Maturity Date: July 1, 2005 Option to Extend Maturity: |X| No Specified Currency: U.S. Dollars
|_| Yes
If Yes, Final Maturity
Date:
- --------------------------------------------- ---------------------------- ------------ --------------------------------------
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
Redeemable at the option of the Company: |X| No Redemption Price: Not Applicable.
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
|_| Yes Redemption Dates: Not Applicable.
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
Repayment at the option of the Holder: |X| No Repayment Price: Not Applicable.
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
|_| Yes Repayment Dates: Not Applicable.
- ------------------------------------------------ -------------- ----------------------------------- --------------------------
- ------------------------------------------------------------------------------------------------------------------------------
APPLICABLE TO FIXED RATE NOTES ONLY:
- ------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------- ---------------------------------------------------------------------
Interest Rate: 2.90% Interest Payment Dates: Each January 1st and July 1st during the
term of the Notes, subject to following
business day convention, beginning
January 2, 2003.
- -------------------------------------------------------- ---------------------------------------------------------------------
- -------------------------------------------------------- ---------------------------------------------------------------------
Interest Accrual Method: 30/360 Interest Periods: From and including the Closing Date,
or each January 1st or July 1st, as the
case may be, to and including the next
succeeding June 30th or December 31st,
as the case may be, with no adjustment
to period end dates for accrual purposes.
- -------------------------------------------------------- ---------------------------------------------------------------------
Issue Price: 100%.
Agents' Commission: 0.207%.
Net Proceeds: $104,782,650.00
-------------------------------
MERRILL LYNCH & CO.
September 26, 2002
Form: Book-entry.
Denominations: $1,000 minimum and integral multiples of $1,000 in
excess thereof.
Trustee: JPMorgan Chase Bank, formerly known as The Chase
Manhattan Bank.
Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated is
acting as underwriter in connection with this
issuance.
OBLIGATIONS OF SLM CORPORATION AND ANY SUBSIDIARY OF SLM CORPORATION ARE NOT
GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA.
NEITHER SLM CORPORATION NOR ANY SUBSIDIARY OF SLM CORPORATION (OTHER
THAN STUDENT LOAN MARKETING ASSOCIATION) IS
A GOVERNMENT-SPONSORED ENTERPRISE OR AN
INSTRUMENTALITY OF THE UNITED STATES OF AMERICA.
