Ownership Submission
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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(Print or Type Responses)
1. Name and Address of Reporting Person *
KELER MARIANNE M
   2. Issuer Name and Ticker or Trading Symbol
SLM CORP [SLM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
12061 BLUEMONT WAY		 3. Date of Earliest Transaction (Month/Day/Year)
02/11/2004
(Street)

RESTON, VA 20190		 4. If Amendment, Date Original Filed(Month/Day/Year)
11/30/2004		 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 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. Securities 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 02/11/2004   G V 550 D $ 0 345,170 D  
Common Stock 02/11/2004   G V 250 A $ 0 250 I By Daughter

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 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. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: 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
Stock Option (Right to Buy) $ 10.369             01/31/1998 01/25/2006 Common Stock 58,758   58,758 D  
Stock Option (Right to Buy) $ 14.0625             06/03/2000 01/23/2007 Common Stock 44,469   44,469 D  
Stock Option (Right to Buy) $ 24.0866             02/22/2002 08/13/2007 Common Stock 218,118   218,118 D  
Stock Option (Right to Buy) $ 26.9033             08/08/2002 08/13/2007 Common Stock 99,516   99,516 D  
Stock Option (Right to Buy) $ 31.0666             02/11/2003 01/13/2010 Common Stock 66,126   66,126 D  
Stock Option (Right to Buy) $ 31.0666             02/11/2003 01/15/2011 Common Stock 110,280   110,280 D  
Stock Option (Right to Buy) $ 38.4433             05/28/2004 01/15/2011 Common Stock 105,492   105,492 D  
Stock Option (Right to Buy) $ 28.6666               (1) 01/24/2012 Common Stock 300,000   300,000 D  
Stock Option (Right to Buy) $ 35.2               (2) 01/28/2013 Common Stock 75,000   75,000 D  
Stock Option (Right to Buy) $ 37.87               (3) 01/29/2014 Common Stock 35,000   35,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KELER MARIANNE M
12061 BLUEMONT WAY
RESTON, VA 20190		       Executive Vice President  

Signatures

 By: Mary F. Eure (POA)   11/30/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) 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.
(2) These options become exercisable upon (1) the Company's common stock having a closing price on the New York Stock Exchange of $42.24 for five trading days or (2) the Director's election to the SLM Corporation Board at the 2003 annual shareholder meeting, whichever is later. These options also become exercisable on the fifth anniversary of the grant (January 28, 2008).
(3) 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.

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