Obligation NaviCorp 0% ( US78442FDT21 ) en USD

Société émettrice NaviCorp
Prix sur le marché 100 %  ⇌ 
Pays  Etas-Unis
Code ISIN  US78442FDT21 ( en USD )
Coupon 0%
Echéance 15/12/2020 - Obligation échue



Prospectus brochure de l'obligation Navient US78442FDT21 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 25 000 000 USD
Cusip 78442FDT2
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée Navient est une société américaine de gestion de prêts étudiants et de services financiers aux consommateurs, issue de la scission de Sallie Mae en 2014.

L'Obligation émise par NaviCorp ( Etas-Unis ) , en USD, avec le code ISIN US78442FDT21, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/12/2020







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424B3 1 a2164794z424b3.htm 424B3
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Pricing Supplement No. 6 dated October 24, 2005

Filed under Rule 424(b)(3)
(to Prospectus dated January 5, 2005
File No. 333-107132
and Prospectus Supplement dated June 9, 2005)
SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
Principal
$25,000,000

Floating Rate Notes:
ý

Fixed Rate Notes: o
Amount:
Original Issue
November 4, 2005
Closing Date: November 4, 2005
CUSIP Number: 78442F DT 2
Date:
Maturity Date:
December 15, 2020
Option to Extend
ý No
Specified
U.S. Dollars
Maturity:
o Yes
Currency:



If Yes, Final Maturity




Date:
Redeemable at the option of the Company:
ý No

Redemption Price:
Not Applicable.

o Yes

Redemption Dates:
Not Applicable.
Repayment at the option of the Holder:
ý No

Repayment Price:
Not Applicable.

o Yes

Repayment Dates:
Not Applicable.
Applicable to Floating Rate Notes Only:


Floating Rate Index:



o CD Rate
Index Maturity: Not Applicable.

o Commercial Paper Rate


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o CMT Rate
Spread: 2.15%.

o Federal Funds Rate



o LIBOR Telerate
Interest Rate for the Interest
Period beginning November 4, 2005: 5.790%.

o LIBOR Reuters



o Prime Rate
Interest Rate Reset Period: Monthly.

o 91-Day Treasury Bill Rate


ý Other--Consumer Price
Minimum Interest Rate: 0.00%.
Index-Linked, subject to

the Minimum Interest Rate.
Calculation Agent: SLM Corporation.
Merrill Lynch & Co.
October 24, 2005
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Reset Date(s):
The 15th of each month during the Interest Payment
The 15th of each month during the
term of the Notes, beginning
Date(s):
term of the Notes, beginning
December 15, 2005, with no
December 15, 2005. If an Interest
adjustment.
Payment Date falls on a day that is
not a Business Day, we will pay the
interest on the next Business Day.
No interest will accrue on that
payment for the period from and
after the original Interest Payment
Date to the date we make the
payment.
Interest
Each Reset Date.
Interest Period(s):
From and including the previous
Determination
Reset Date (or the Closing Date, in
Date(s):
the case of the Interest Period
beginning on November 4, 2005) to
but excluding the current Reset
Date (or Maturity Date, in the case
of the last Interest Period).
Day Count
Actual/Actual.


Convention:
Form:
Book-entry.
Denominations:
$1,000 minimum and integral multiples of $1,000 in excess thereof.
Trustee:
JPMorgan Chase Bank, National Association, formerly known as JPMorgan Chase Bank
and The Chase Manhattan Bank.
Agent:
Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as the underwriter in
connection with this issuance.
Issue Price:
100.00%.
Agent's Commission: 2.00%.
Net Proceeds:
$24,500,000
Concession:
1.75%.
Reallowance:
N/A.
CUSIP Number:
78442F DT 2.
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ISIN Number:
US78442FDT21.
An affiliate of the underwriter has entered into a swap transaction in connection with the Notes and will receive
compensation for that transaction.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page 5 of this Pricing
Supplement.
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 nor
any subsidiary of SLM Corporation is a government-sponsored enterprise or an
instrumentality of the United States of America.
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ADDITIONAL TERMS OF THE NOTES
Calculation of the Interest Rate for the Notes. The interest rate for the Notes being offered by this Pricing
Supplement for each Interest Period during the term of the Notes will be the rate determined as of the applicable
Interest Determination Date pursuant to the following formula:
[(CPIt ­ CPIt-12) / CPIt-12] + Spread
Where:
CPIt = Current Index Level of CPI (as defined below), as reported on Bloomberg CPURNSA;
CPIt-12 = Index Level of CPI 12 months prior to CPIt; and
Spread = 2.15%.
In no case, however, will the interest rate for the Notes be less than the Minimum Interest Rate listed on page 1 of
this Pricing Supplement. The interest rate for the Notes during the Interest Period beginning November 4, 2005,
calculated using the above formula, will be 5.790%.
CPIt for each Reset Date is the CPI for the third calendar month prior to such Reset Date as published and
reported in the second calendar month prior to such Reset Date or determined as set forth in this Pricing
Supplement. For example, for the Interest Period from and including December 15, 2005 to but excluding
January 15, 2006, CPIt will be the CPI for September 2005, which was 198.8, and CPIt-12 will be the CPI for
September 2004, which was 189.9. The CPI for September 2005 was published by BLS (as defined below) and
reported on Bloomberg CPURNSA in October 2005 and the CPI for September 2004 was published and reported
in October 2004.
Consumer Price Index. The amount of interest payable on the Notes on each Interest Payment Date will be
linked to changes in the Consumer Price Index. The Consumer Price Index for purposes of the Notes is the non-
seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers ("CPI"),
published monthly by the Bureau of Labor Statistics of the U.S. Department of Labor ("BLS") and reported on
Bloomberg CPURNSA or any successor service. The CPI for a particular month is published during the
following month. The CPI is a measure of the average change in consumer prices over time for a fixed market
basket of goods and services, including food, clothing, shelter, fuels, transportation, charges for doctors and
dentists services, and drugs. In calculating the index, price changes for the various items are averaged together
with weights that represent their importance in the spending of urban households in the United States. The
contents of the market basket of goods and services and the weights assigned to the various items are updated
periodically by the BLS to take into account changes in consumer expenditure patterns. The CPI is expressed in
relative terms in relation to a time base reference period for which the level is set at 100.0. The base reference
period for the Notes is the 1982-1984 average.
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The following table sets forth the CPI from January 1998 to September 2005, as published by the BLS and
reported on Bloomberg CPURNSA:
MONTH
2005
2004
2003
2002
2001
2000
1999
1998








January
190.7 185.2 181.7 177.1 175.1 168.8 164.3 161.6
February
191.8 186.2 183.1 177.8 175.8 169.8 164.5 161.9
March
193.3 187.4 184.2 178.8 176.2 171.2 165.0 162.2
April
194.6 188.0 183.8 179.8 176.9 171.3 166.2 162.5
May
194.4 189.1 183.5 179.8 177.7 171.5 166.2 162.8
June
194.5 189.7 183.7 179.9 178.0 172.4 166.2 163.0
July
195.4 189.4 183.9 180.1 177.5 172.8 166.7 163.2
August
196.4 189.5 184.6 180.7 177.5 172.8 167.1 163.4
September
198.8 189.9 185.2 181.0 178.3 173.7 167.9 163.6
October

190.9 185.0 181.3 177.7 174.0 168.2 164.0
November

191.0 184.5 181.3 177.4 174.1 168.3 164.0
December

190.3 184.3 180.9 176.7 174.0 168.3 163.9
As stated in the risk factors, movements in the CPI that have occurred in the past are not necessarily indicative of
changes that may occur in the future. Actual changes in the CPI may be wider or more confined than those that
have occurred in the past.
If the CPI is not reported on Bloomberg CPURNSA for a particular month by 3:00 PM on a Reset Date, but has
otherwise been published by the BLS, SLM Corporation, in its capacity as the Calculation Agent, will determine
the CPI as published by the BLS for such month using such other source as it deems appropriate.
In calculating CPIt and CPIt-12, the Calculation Agent will use the most recently available value of the CPI
determined as described above on the applicable Reset Date, even if such value has been adjusted from a prior
reported value for the relevant month. However, if a value of CPIt and CPIt-12 used by the Calculation Agent on
any Reset Date to determine the interest rate on the Notes (an "Initial CPI") is subsequently revised by the BLS,
the Calculation Agent will continue to use the Initial CPI, and the interest rate determined will not be revised.
If the CPI is rebased to a different year or period, the base reference period for the Notes will continue to be the
1982-1984 reference period as long as the 1982-1984 CPI continues to be published.
If, while the Notes are outstanding, the CPI is discontinued or substantially altered, as determined in the sole
discretion of the Calculation Agent, the applicable substitute index for the Notes will be that chosen by the
Secretary of the Treasury for the Department of Treasury's Inflation-Indexed Securities as described at 62 Federal
Register 846-874 (January 6, 1997) or, if no such securities are outstanding, will be determined by the
Calculation Agent in accordance with general market practice at the time.
Rounding. All values used in the interest rate formula for the Notes will be rounded to the nearest fifth decimal
place (one-one hundred thousandth of a percentage point), rounding upwards if the sixth decimal place is five or
greater (e.g., 9.876555% (or .09876555) would be rounded up to 9.87656% (or .0987656) and 9.876554%
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(or .09876554) would be rounded down to 9.87655% (or .0987655)). All percentages resulting from any
calculation of the interest rate will be rounded to the nearest third decimal place (one thousandth of a percentage
point), rounding upwards if the fourth decimal place is five or greater (e.g., 9.8765% (or .098765) would be
rounded up to 9.877% (or .09877) and 9.8764% (or .098764) would be rounded down to 9.876% (or .09876)).
All dollar amounts used in or resulting from such calculation on the Notes will be rounded to the nearest cent
(with one-half cent being rounded upward).
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RISK FACTORS
The Notes are subject to special considerations. An investment in notes indexed to the consumer price index
entails significant risks that are not associated with similar investments in conventional floating rate or fixed-rate
debt securities. Accordingly, prospective investors should consult their financial and legal advisors as to the risks
entailed by an investment in consumer price indexed-linked notes and the suitability of the Notes in light of their
particular circumstances.
THE INTEREST RATE ON THE
Interest payable on the Notes is linked to changes in the level of the
NOTES MAY BE LESS THAN
CPI during twelve-month measurement periods.
THE SPREAD AND, IN SOME
CASES, COULD BE ZERO.
If the CPI does not increase during a relevant measurement period,
which is likely to occur when there is little or no inflation, owners of
the Notes will receive interest payments for that interest period equal
to 2.15%, which is the Spread.


If the CPI decreases during a relevant measurement period, which is
likely to occur when there is deflation, owners of the Notes will
receive interest payments for that interest period less than the Spread.
In some cases, owners of the Notes could receive only the minimum
interest rate, which is 0.00%.
THE INTEREST RATE ON THE
The interest rate on the Notes, if equal to the Spread or lower,
NOTES MAY BE BELOW THE
including the minimum interest rate, is below what we would currently
RATE OTHERWISE PAYABLE
expect to pay as of the date of this pricing supplement if we issued non-
ON SIMILAR FIXED OR
callable senior debt securities with a fixed or floating rate and similar
FLOATING RATE DEBT
maturity to that of the Notes. Any interest payable in excess of the
SECURITIES ISSUED BY US.
minimum interest rate on the Notes will be based upon the difference
in the level of the CPI determined as of the measurement dates
specified in the formula listed above, plus the Spread.
THE HISTORICAL LEVELS OF
The historical levels of the CPI are not an indication of the future
THE CPI ARE NOT AN
levels of the CPI during the term of the Notes. In the past, the CPI has
INDICATION OF THE FUTURE
experienced periods of volatility, including on a monthly basis, and
LEVELS OF THE CPI AND
such volatility may occur in the future. Fluctuations and trends in the
THOSE LEVELS MAY CHANGE
CPI that have occurred in the past are not necessarily indicative,
SUBSTANTIALLY.
however, of fluctuations that may occur in the future.


Holders of the Notes will receive interest payments that will be
affected by changes in the CPI. Such changes may be significant.
Changes in the CPI are a function of the changes in specified consumer
prices over time, which result from the interaction of many factors over
which we have no control.
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THE INTEREST RATE IS BASED
There can be no assurance that the BLS will not change the method by
UPON THE CPI. THE CPI
which it calculates the CPI. In addition, changes in the way the CPI is
ITSELF AND THE WAY THE
calculated could reduce the level of the CPI and lower the interest
BLS CALCULATES THE CPI
payment with respect to the Notes. Accordingly, the amount of
MAY CHANGE IN THE FUTURE
interest, if any, payable on the Notes, and therefore the value of the
OR THE CPI MAY NO LONGER
Notes, may be significantly reduced. If the CPI is substantially altered
BE PUBLISHED.
(as determined in the sole discretion of the Calculation Agent), a
substitute index will be employed to calculate the interest payable on
the Notes as described above.
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