4 2005-01-27 0 0001032033 SLM 0001065142 vp9xu$jg 12061 Bluemont Way Reston VA 20190 1 0 0 0 Stock Option (Right To Buy) 50.7500 2005-01-27 4 A 0 11920 0 A 2015-01-27 Common Stock 11920.0000 11920.0000 D These options become exercisable upon (1) the Company's common stock having a closing price on the New York Stock Exchange of $60.90 for five trading days or (2) the Director's election to the SLM Corporation Board at the 2005 annual shareholder meeting, whichever is later. These options also become exercisable on the fifth anniversary of the grant (January 27, 2010). By: Mary F. Eure (POA) 2005-01-27