4 2006-01-26 0 0001032033 SLM 0001086476 wkno$5en 12061 Bluemont Way Reston VA 20190 1 0 0 0 Phantom Stock Units 2006-01-26 4 A 0 134.36 55.8200 A Common Stock 134.3600 3703.9200 D Phantom Stock Units 2006-01-27 4 I 0 213.457 56.8300 A Common Stock 213.4570 3917.3770 D Conversion or Exercise Price of Derivative Security is 1 to 1. Phantom Stock Units accrued under the Directors Deferred Compensation Plan are to be settled in the Company's common stock upon the reporting person's separation from service. Includes shares acquired through dividend reinvestments. By: Mary F. Eure (POA) 2006-01-27