Bond NaviCorp 8.45% ( US78442FEH73 ) in USD

Issuer NaviCorp
Market price 100 %  ⇌ 
Country  United States
ISIN code  US78442FEH73 ( in USD )
Interest rate 8.45% per year ( payment 2 times a year)
Maturity 15/06/2018 - Bond has expired



Prospectus brochure of the bond Navient US78442FEH73 in USD 8.45%, expired


Minimal amount 2 000 USD
Total amount 2 500 000 000 USD
Cusip 78442FEH7
Standard & Poor's ( S&P ) rating B+ ( Highly speculative )
Moody's rating NR
Detailed description Navient is a U.S.-based company that provides student loan management and servicing, primarily for federal student loans, and offers related financial services.

The Bond issued by NaviCorp ( United States ) , in USD, with the ISIN code US78442FEH73, pays a coupon of 8.45% per year.
The coupons are paid 2 times per year and the Bond maturity is 15/06/2018

The Bond issued by NaviCorp ( United States ) , in USD, with the ISIN code US78442FEH73, was rated NR by Moody's credit rating agency.

The Bond issued by NaviCorp ( United States ) , in USD, with the ISIN code US78442FEH73, was rated B+ ( Highly speculative ) by Standard & Poor's ( S&P ) credit rating agency.







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424B3 1 a08-16622_1424b3.htm 424B3
Pricing Supplement No. 1 dated June 11, 2008
Filed under Rule 424(b)(3)

(to Prospectus dated December 21, 2005
File No. 333-130584

and Prospectus Supplement dated June 11, 2008)



SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue

Principal Amount: $2,500,000,000 Floating Rate Notes:
o
Fixed Rate Notes:
x








Original Issue Date: June 18, 2008 Closing Date:
June 18, 2008
CUSIP Number: 78442F EH 7








Maturity Date:
June 15, 2018 Option to Extend
x No
Specified
U.S. Dollars
Maturity:
o Yes
Currency:
If Yes, Final Maturity
Date:




Redeemable in whole or in part at
o Redemption Price:

See "Additional Terms of the Notes ­

the option of the Company:
No
Optional Redemption."
x
Yes









Redemption Dates: At any time as described in "Additional

Terms of the Notes ­ Optional
Redemption."





Repayment at the option of the
x Repayment Price:

Not Applicable.

Holder:
No


o Repayment Dates:

Not Applicable.

Yes






Repurchase Upon a Change of

o



Control
No
Triggering Event:

x



Yes






Applicable to Fixed Rate Notes





Only:






Interest Rate: 8.450%.


Interest Payment

Each June 15th and December 15th during
Dates:
the term of the Notes, unless earlier
redeemed, beginning December 15, 2008,
subject to adjustment in accordance with
the following business day convention.










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Interest Accrual Method: 30/360.
Interest Periods:
From and including the Closing Date or
each June 15th and
December 15th thereafter, as the case may
be, to and including the next succeeding
June 14th and December 14th, as the case
may be, unless earlier redeemed, with no
adjustment to period end dates for accrual
purposes.


Joint Book-running Managers




Banc of America Securities LLC
Merrill Lynch & Co.
Deutsche Bank Securities




Co-Managers




Barclays Capital
JPMorgan
RBS Greenwich Capital
Credit Suisse
RBC Capital Markets
UBS Investment Bank

June 11, 2008

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities
Maximum Aggregate
Amount of
Offered
Offering Price
Registration Fee



8.450% Medium Term Notes,
Series A, due June 15, 2018
$2,500,000,000
$98,250.00




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Business Day Convention:
Following Business Day.


Form:
Book-entry.


Denominations:
$2,000 minimum and integral multiples of $1,000 in excess thereof.


Trustee:
The Bank of New York, as successor trustee by virtue of a transfer of all or
substantially all of the corporate trust business assets of JPMorgan Chase Bank,
National Association, formerly known as JPMorgan Chase Bank and The Chase
Manhattan Bank.


Agents:
The following agents are acting as underwriters in connection with this issuance.

Agents
Principal Amount of Notes




Banc of America Securities LLC
$
750,000,000.00



Merrill Lynch, Pierce, Fenner & Smith Incorporated
750,000,000.00



Deutsche Bank Securities Inc.
500,000,000.00



Barclays Capital Inc.
83,334,000.00



Credit Suisse Securities (USA) LLC
83,334,000.00



Greenwich Capital Markets, Inc.
83,333,000.00



J.P. Morgan Securities Inc.
83,333,000.00



RBC Capital Markets Corporation
83,333,000.00



UBS Securities LLC
83,333,000.00



Total
$
2,500,000,000.00




Issue Price:
98.03%.


Agents' Commission:
0.55% (55 bps).


Net Proceeds:
$2,437,000,000.


Concession:
0.35% (35 bps).


Reallowance:
0.25% (25 bps).


CUSIP Number:
78442F EH 7.


ISIN Number:
US78442FEH73.
An affiliate of one of the underwriters has entered into a swap transaction in connection with the Notes and may
receive compensation for that transaction.
Obligations of SLM Corporation and any subsidiary of SLM Corporation are not guaranteed by the full faith
and
credit of the United States of America. Neither SLM Corporation
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nor any subsidiary of SLM Corporation is a government-sponsored enterprise
or an instrumentality of the United States of America.

ADDITIONAL TERMS OF THE NOTES

Optional Redemption
The Notes will be redeemable as a whole or in part, at the option of the Company at any time, at a redemption price
equal to the greater of (i) 100% of the principal amount of such Notes and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the date of
redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 50 basis points, plus in each case accrued interest thereon to the date of
redemption.
"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent
yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such redemption date.

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"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be
redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes.
"Independent Investment Banker" means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company.
"Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (B) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of
all such quotations.
"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such redemption date.
"Reference Treasury Dealer" means each of Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Deutsche Bank Securities Inc. plus two others or their affiliates which are primary U.S.
Government securities dealers, and their respective successors; provided, however, that if any of the foregoing or
their affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a "Primary
Treasury Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.
Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to
each holder of Notes to be redeemed.
Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease
to accrue on the Notes or portions thereof called for redemption.

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