Pricing Supplement No. 8 dated March 7, 2003
(to Prospectus dated November 18, 2002
and Prospectus Supplement dated November 18, 2002)		   Filed under Rule 424(b)(3)
File No. 333-90316

SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue

Principal Amount: $500,000,000   Floating Rate Notes: ý   Fixed Rate Notes: o
Original Issue Date: March 14, 2003   Closing Date:    March 14, 2003   CUSIP Number: 78442F AP3

Maturity Date:
March 15, 2006
 
Option to Extend Maturity:
ý    No
o    Yes
 
Specified Currency:
U.S. Dollars
      If Yes, Final Maturity Date:        
Redeemable at the option of the Company:   ý    No   Redemption Price:   Not Applicable.
    o    Yes   Redemption Dates:   Not Applicable.
Repayment at the option of the Holder:   ý    No   Repayment Price:   Not Applicable.
    o    Yes   Repayment Dates:   Not Applicable.
Applicable to Floating Rate Notes Only:        

Floating Rate Index:
 
 
 
 
 
 
  o CD Rate   Index Maturity:    Three Months.
  o Commercial Paper Rate        
  o CMT Rate   Spread:    Plus 20 basis points (0.20%).
  o Federal Funds Rate        
  ý LIBOR Telerate   Initial Interest Rate:    TBD.
  o LIBOR Reuters        
  o Prime Rate   Interest Rate Reset Period:    Quarterly.
  o 91-Day Treasury Bill Rate        

Reset Date(s):
Each March 15th, June 15th, September 15th and December 15th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning June 16, 2003.
 
Interest Payment
Each March 15th, June 15th, September 15th and December 15th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning June 16, 2003.
Banc One Capital Markets, Inc.   Barclays Capital
Deutsche Bank Securities   Lehman Brothers
Morgan Stanley   Salomon Smith Barney
Wachovia Securities

 
 
 
March 7, 2003
Interest Determination Date: 2 London and New York Business Days prior to the related Reset Date.   Interest Period: From and including the previous Interest Payment Date (or Original Issue Date, in the case of the first Interest Accrual Period) to but excluding the current Interest Payment Date (or Maturity Date, in the case of the last Interest Accrual Period).

Lock-in Period Start Date:
Not Applicable.
 
Accrual Method:
Actual/360.

Maximum Interest Rate:
Not Applicable.
 
Minimum Interest Rate:
Not Applicable.
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.

Agents:
The following agents are acting as underwriters in connection with this issuance.

 
                Agents
 
Principal Amount of Notes
  Morgan Stanley & Co. Incorporated   $200,000,000
  Salomon Smith Barney Inc.   100,000,000
  Wachovia Securities, Inc.   50,000,000
  Lehman Brothers Inc.   50,000,000
  Deutsche Bank Securities Inc.   45,000,000
  Banc One Capital Markets, Inc.   30,000,000
  Barclays Capital Inc.   25,000,000

 
Total
 
$500,000,000

Issue Price:
100%.

Agents' Commission:
0.06%.
 
 

Net Proceeds:
$499,700,000.
 
 

CUSIP Number:
78442F AP3
 
 

ISIN Number:
US78442F AP36
 
 



 
 
 

 
 
 
 

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.