FORM 4  
 
Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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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1. Name and Address of Reporting Person * 

Diefenderfer III, William M

11600 Sallie Mae Drive

Reston,  VA  20193		 2. Issuer Name and Ticker or Trading Symbol 

SLM Corporation  ( SLM )
5. Relationship of Reporting Person(s) to Issuer 
            (Check all applicable)
 X  Director
     10% Owner
    Officer (give title below)
     Other (specify below)
 
3. Date of Earliest Transaction (Month/Day/Year) 

03/12/2004
4. If Amendment, Date Original Filed
(Month/Day/Year) 

 6. Individual or Joint/Group Filing (Check Applicable Line) 

 X  Form filed by One Reporting Person
    Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date
(Month/Day/Year)		 2A. Deemed
Execution Date,
if any
(Month/Day/Year)		 3. Transaction
Code
(Instr. 8) 		4. Security Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of
Securities
Beneficially Owned
Following Reported
Transaction(s)
(Instr. 3 and 4)		 6. Ownership
Form:
Direct (D)
or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A)
or
(D)		 Price
Common Stock 03/12/2004   G
 V 860 D $0.00
 45,486 D
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1474 (9-02)
* If the form is filed by more than one reporting person, see Instruction 4(b)(v)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Conversion
or Exercise
Price of Derivative
Security		 3. Transaction
Date
(Month/
Day/
Year)		 3A. Deemed
Execution
Date,
if any
(Month/
Day/
Year)		 4. Transaction
Code
(Instr. 8) 		5. Number of
Derivative
Securities
Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)		 6. Date Exercisable
and Expiration Date
(Month/Day/Year)		 7. Title and Amount of
Underlying Securities
(Instr. 3 and 4)		 8. Price of
Derivative
Security
(Instr. 5)		 9. Amount of
Securities
Beneficially Owned
Following Reported
Transaction(s)
(Instr. 4)		 10. Ownership
Form of
Derivative
Securities:
Direct (D)
or Indirect (I)
(Instr. 4)		 11. Nature of Indirect
Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date
Exercisable		 Expiration
Date		 Title Amount
or
Number
of
Shares
Phantom Stock Units 0.00(1) 03/16/2004   A
   48.94     (2)   (2) Common Stock 48.94 $40.87
 3,303.53 D
Phantom Stock Units 0.00(1) 03/19/2004   A
   13.54     (2)   (2) Common Stock 13.54 $40.86
 3,317.07 D
                               
                               
                               
                               
                               
                               
                               
                               
                               
SEC 1474 (9-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Explanation of Responses:
See attached footnote page.

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
see Instruction 6 for procedure.
Mary F. Eure (POA) 2004-03-22
  **Signature of Reporting Person       Date    



FOOTNOTES

(1) Conversion or Exercise Price of Derivative Security is 1 to 1.
(2) Phantom Stock Units accrued under the Director Deferred Compensation Plan are to be settled in the Company's common stock upon the reporting person's separation from service.