Business: SLM Corp., Floating Rate Non-Cumulative Preferred Stock, Series B, liquidation preference $100 per share, redeemable at the issuer's option on or after 6/15/2010 at $100 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative floating rate distributions are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the date fixed by the board, not more than 45 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The floating rate will be based on the three-month LIBOR plus 0.70% per annum until 6/15/2011. After 6/15/2011 the floating rate will be the three-month LIBOR plus 1.70% per annum. <p> Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-16 of the prospectus for further information). <p> In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.