UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ____)*
SLM Corporation
(Name of Issuer)
Common
(Title of Class of Securities)
78442P106
(CUSIP Number)
April 30, 2008
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[x] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
PAGE 1 OF 5 PAGES
CUSIP NO. 78442P106 13G PAGE 2 OF 5 PAGES
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dodge & Cox 94-1441976
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [_]
N/A
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
California - U.S.A.
5 SOLE VOTING POWER
46,355,982
NUMBER OF
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 113,100
OWNED BY
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 48,942,882
PERSON
WITH 8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,942,882
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.5%
12 TYPE OF REPORTING PERSON*
IA
PAGE 2 OF 5 PAGES
Item 1(a) Name of Issuer:
SLM Corporation
Item 1(b) Address of Issuer's Principal Executive Offices:
12061 Bluemont Way
Reston, VA 20190
Item 2(a) Name of Person Filing:
Dodge & Cox
Item 2(b) Address of the Principal Office or, if none, Residence:
555 California St., 40th Floor
San Francisco, CA 94104
Item 2(c) Citizenship:
California - U.S.A.
Item 2(d) Title of Class of Securities:
Common
Item 2(e) CUSIP Number:
78442P106
Item 3 If the Statement is being filed pursuant to Rule 13d-1(b),
or 13d-2(b), check whether the person filing is a:
(e) [X] Investment Advisor registered in accordance with section
240.13d-1(b)(1)(ii)(E)
Item 4 Ownership:
(a) Amount Beneficially Owned:
48,942,882
(b) Percent of Class:
10.5%
PAGE 3 OF 5 PAGES
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
46,355,982
(ii) shared power to vote or direct the vote:
113,100
(iii) sole power to dispose or to direct the disposition of:
48,942,882
(iv) shared power to dispose or to direct the disposition of:
0
Item 5 Ownership of Five Percent or Less of a Class: Not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Securities reported on this Schedule 13G are beneficially owned by
clients of Dodge & Cox, which clients may include investment companies
registered under the Investment Company Act and/or employee benefit
plans, pension funds, endowment funds or other institutional clients.
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company: Not
applicable.
Item 8 Identification and Classification of Members of the Group: Not
applicable.
Item 9 Notice of Dissolution of a Group: Not applicable.
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer
of such securities and were not acquired in connection with or as a
participant in any transaction having such purpose or effect.
PAGE 4 OF 5 PAGES
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: May 9, 2008
DODGE & COX
By: /S/ THOMAS M. MISTELE
----------------------------------------
Name: Thomas M. Mistele
Title: General Counsel & COO
PAGE 5 OF 5 PAGES