Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Lavet Robert S
2. Date of Event Requiring Statement (Month/Day/Year)
02/21/2006
3. Issuer Name and Ticker or Trading Symbol
SLM CORP [SLM]
(Last)
(First)
(Middle)
12061 BLUEMONT WAY
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SVP & General Counsel
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

RESTON, VA 20190
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 89,906
D
 
Common Stock 352.43
I
By 401(k)
Phantom Stock Units 12,895.2 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units   (2)   (2) Common Stock 397.29 $ (3) D  
Stock Option (Right to Buy) 08/21/2004 01/15/2011 Common Stock 7,334 $ 40.74 D  
Stock Option (Right to Buy) 10/28/2005 01/15/2011 Common Stock 19,299 $ 44.92 D  
Stock Option (Right to Buy)   (4) 05/10/2011 Common Stock 4,596 $ 21.75 D  
Stock Option (Right to Buy) 11/01/2006 05/10/2011 Common Stock 28,757 $ 53.25 D  
Stock Option (Right to Buy)   (5) 01/24/2012 Common Stock 180,000 $ 28.6666 D  
Stock Option (Right to Buy)   (6) 01/28/2013 Common Stock 45,000 $ 35.2 D  
Stock Option (Right to Buy)   (7) 01/29/2014 Common Stock 20,000 $ 37.87 D  
Stock Option (Right to Buy)   (8) 01/27/2015 Common Stock 20,000 $ 50.75 D  
Stock Option (Right to Buy)   (9) 01/26/2016 Common Stock 15,000 $ 55.82 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Lavet Robert S
12061 BLUEMONT WAY
RESTON, VA 20190
      SVP & General Counsel  

Signatures

By: Mary F. Eure (POA) 02/21/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes units acquired under Officer Deferred Compensation Plan. Units are settled in the Company's common stock. Balance includes shares acquired through dividend reinvestment.
(2) Phantom Stock Units accrued under the supplemental 401K Plan are to be settled in cash and/or the Company's common stock upon the reporting person's retirement from the company.
(3) Conversion or Exercise Price of Derivative Security is 1 to 1.
(4) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $26.09, for five trading days, they also become exercisable on the fifth anniversary of the grant (May 10, 2006), but no sooner than one year from the grant date.
(5) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $34.40 for five trading days, they also become exercisable on the eighth anniversary of the grant (January 24, 2010), but no sooner than one year from the grant date.
(6) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $42.24, for five trading days, they also become exercisable on the eighth anniversary of the grant (January 28, 2011), but no sooner than one year from the grant date.
(7) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $45.44, for five trading days, they also become exercisable on the eighth anniversary of the grant (January 29, 2012), but no sooner than one year from the grant date.
(8) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $60.90, for five trading days, they also become exercisable on the eighth anniversary of the grant (January 27, 2013), but no sooner than one year from the grant date.
(9) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $66.98, for five trading days, they also become exercisable on the eighth anniversary of the grant (January 26, 2014), but no sooner than one year from the grant date.

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