LIMITED POWER OF ATTORNEY FOR

SECTION 16 REPORTING OBLIGATIONS

      The undersigned hereby makes, constitutes, and appoints each of David

Chianese, Mary Eure, Rob Lavet, and Carol Rakatansky each acting individually,

as his or her true and lawful attorney-in-fact, with full power and authority

to:

   (1)      submit the Form ID (along with signing the authentication)prepare,

      execute, acknowledge, deliver and file Forms 3, 4, and 5 (including

      any amendments thereto) with respect to the securities of SLM

      Corporation, (the "Corporation"), with the United States Securities

      and Exchange Commission, any national securities exchanges and the

      Corporation, as considered necessary or advisable under Section 16(a)

      of the Securities Exchange Act of 1934 and the rules and regulations

      promulgated thereunder, as amended from time to time (the "Exchange

      Act");

   (2)      seek or obtain information on transactions in the Corporation's

      securities from any third party, including brokers, employee benefit

      plan administrators, employee benefit plan administrators and

      trustees, and the undersigned hereby authorizes any such person to

      release any such information to the attorney-in-fact and approves and

      ratifies any such release of information; and

   (3)      perform any and all other acts which in the discretion of such

      attorney-in-fact are necessary or desirable for and on behalf of the

      undersigned in connection with the foregoing.

The undersigned hereby gives and grants each of the foregoing attorneys-in

-fact: full power and authority to do and perform all and every act and thing

whatsoever requisite, necessary or appropriate to be done in and about the

foregoing matters as fully to all intents and purposes as the undersigned

might or could do if present, with full power of substitution, hereby

ratifying all that each such attorney-in-fact of, for and on behalf of the

undersigned, shall lawfully do or cause to be done by virtue of this

Limited Power of Attorney.  The undersigned acknowledges that the foregoing

attorneys-in-fact, in serving in such capacity at the request of the

undersigned, are not assuming, nor is the Corporation assuming, any of the

undersigned's responsibilities to comply with Section 16 of the Securities

Exchange Act of 1934.

The Limited Power of Attorney shall remain in full force and effect until the

undersigned is no longer required to file Forms 3, 4, and 5 with respect to

the undersigned's holdings of and transactions in the Corporation's

securities, unless earlier revoked by the undersigned in a signed writing

delivered to each such attorney-in-fact.

      IN WITNESS WHEREOF, the undersigned has caused this Limited Power of

Attorney to be executed as of this 18th day of May, 2006.

                              Signature

                              _____/s/_Steven L. Shapiro ______