Item 1.01 Entry into a Material Definitive Agreement.

On January 30, 2009, SLM Corporation (the "Company") and the parties to the $26 billion asset-backed commercial paper ("ABCP") facilities (the "Facility") that provide funding for the Company's federally-guaranteed student loans and private education loans agreed to extend the Facility by 60 days. The new scheduled maturity date of the Facility is April 28, 2009 and the new scheduled termination date is July 27, 2009. The Company paid a fee of $58.725 million for the 60-day extension. All other terms and conditions of the Facility remain unchanged.

The administrative agent for the Facility is Bank of America, N.A.

The Facility was first reported by the Company on a Form 8-K filed on March 4, 2008.

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