Sallie Mae (NYSE: SLM) to Redeem 2.55-Percent Note.

RESTON, Va. -- Sallie Mae today announced it will be redeeming its 2.55-percent Callable Note due May 27, 2003. The security, which bears the CUSIP number 86387SEY2, will be redeemed in its entirety on July 25, 2002.

The principal and final interest payment for the 2.55-percent note are due and payable on July 25, 2002 to holders of record at the close of business on July 24, 2002. The notes will be repaid at 100 percent of the face amount. Accrued interest of $12.75 per $1,000 face amount also will be paid on July 25, 2002. The par amount of the notes is $100,000,000.

If you have any questions concerning this transaction or other Sallie Mae securities, please contact Sallie Mae's Investor Inquiry Line at 800/321-7179.

About Sallie Mae

Sallie Mae is the nation's leading provider of education funding, managing nearly $76 billion in student loans for more than seven million borrowers. The company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), and offers comprehensive information and resources to guide students, parents and guidance professionals through the financial aid process. The company was founded in 1972 as a government-sponsored enterprise (GSE) called the Student Loan Marketing Association, and began the privatization process in 1997. Since then, Sallie Mae's parent company name has changed, most recently to SLM Corporation (effective May 17, 2002). Through its specialized subsidiaries and divisions, the company also provides an array of consumer credit loans, including those for lifelong learning and K-12 education, and business and technical outsourcing services for colleges and universities. More information is available at http://www.salliemae.com . SLM Corporation and its subsidiaries, other than the Student Loan Marketing Association, are not sponsored by or agencies of the United States.

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Contact: Jemarion Jones of Sallie Mae, [phone]

Website: http://www.salliemae.com/

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