Pricing Supplement No. 15 dated May 19, 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: $25,000,000   Floating Rate Notes: ý   Fixed Rate Notes: o

Original Issue Date:
May 27, 2003
 
Closing Date:    May 27, 2003
 
CUSIP Number:
78442F AU2

Maturity Date:
July 25, 2007
 
Option to Extend Maturity:
ý    No
 
Specified Currency:
U.S. Dollars

 
 
 
If Yes, Final Maturity Date:
o    Yes
 
 
 
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 January 25th, April 25th, July 25th and October 25th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning July 25, 2003.
 
Interest Payment:
 
Each January 25th, April 25th, July 25th and October 25th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning July 25, 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).

Wachovia Securities

May 19, 2003

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:
Wachovia Securities, Inc. is acting as underwriter in connection with this issuance.

Issue Price:
100%.
 
 

Agents' Commission:
0.164%.
 
 

Net Proceeds:
$24,959,000.
 
 

Concession:
0.00%.
 
 

Reallowance:
0.00%
 
 

CUSIP Number:
78442F AU2
 
 

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.