Item 1.01 Entry into a Material Definitive Agreement.

On November 12, 2009, SLM Corporation (the "Company") and the parties to the Company's revolving Five Year Credit Agreement, dated October 20, 2005 ("2010 Credit Agreement") and the parties to the Company's revolving Five Year Credit Agreement, dated October 20, 2006 ("2011 Credit Agreement") agreed to amend each facility to remove commitments from Aurora Bank, FSB ("Aurora Bank"), formerly known as Lehman Brothers Bank, a subsidiary of Lehman Brothers Holdings Inc, which declared bankruptcy on September 15, 2008. As a result, the new aggregate level of commitments is $1.895 billion for the 2010 Credit Agreement and $1.590 billion for the 2011 Credit Agreement. These amendments did not result in any cost to the Company and other terms and conditions of the 2010 Credit Agreement and 2011 Credit Agreement were unchanged. As discussed in the Company's Form 10-Q dated September 30, 2009, the Company had been operating under the assumption that the lending commitments of Aurora Bank would not be honored if drawn upon and had not anticipated that it would replace these commitments. These amendments carried out those assumptions. See Management's Discussion and Analysis of Financial Condition and Results of Operations, LIQUIDITY AND CAPITAL RESOURCES - Primary Sources of Liquidity and Available Capacity in the Company's Form 10-Q, dated September 30, 2009

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