Item 8.01 Other Events.

Effective as of September 30, 2008, SLM Corporation (the "Company") completed its voluntary reduction of the commitments under its FFELP student loan asset-backed commercial paper conduit facilities. The commitments were reduced from approximately $26 billion to approximately $21.9 billion. The portion of the facilities reduced was unused. There were no changes to interest rates, maturity or other terms of the facilities.

As discussed in the Form 8-K filed on August 28, 2008, the Company took these steps after an analysis of its ongoing liquidity needs and following its acceptance and funding under the Department of Education's Loan Participation Purchase Program. For the academic year 2008-2009, the Company expects to utilize the Participation Program to fund all eligible Stafford and PLUS loan originations.

In connection with the reduction of the FFELP commitments, the Company received fee rebates of approximately $10.2 million. Rebated fees will be amortized as a reduction of interest expense beginning on the amendment's effective date through the maturity date of the facilities.

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