Prospectus Supplement to Prospectus dated August 16, 2002
$1,339,000,000
SLM Student Loan Trust 2002-5
Issuer
SLM Funding Corporation
Seller
Sallie Mae Servicing L.P.
Servicer
Floating Rate Student Loan-Backed Securities
On August 29, 2002, the trust will issue:
| | | | | Class A-4 Notes | | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Class A-1 Notes | Class A-2 Notes | Class A-3 Notes | Class A-4L Notes | Class A-4CP Notes | Class B Notes | ||||||
| Principal | $234,000,000 | $355,750,000 | $226,500,000 | $182,750,000 | $300,000,000 | $40,000,000 | ||||||
Interest Rate | 3-month LIBOR plus 0.00% | 3-month LIBOR plus 0.03% | 3-month LIBOR plus 0.10% | 3-month LIBOR plus 0.15% | 3-month LIBOR plus 0.23% | 3-month LIBOR plus 0.43% | ||||||
Maturity | September 17, 2007 | September 15, 2010 | June 15, 2012 | September 17, 2018 | September 16, 2024 | |||||||
The trust will make payments quarterly beginning December 16, 2002, primarily from collections on a pool of student loans. The trust will pay principal first to the class A-1 notes until paid in full, second to the class A-2 notes until paid in full, third to the class A-3 notes until paid in full, fourth pro rata to the class A-4 notes until paid in full and fifth to the class B notes until paid in full. Interest on the class B notes will be subordinate to interest on the class A notes and principal on the class B notes will be subordinate to both principal and interest on the class A notes.
We are offering the notes through the underwriters at the prices shown below, when and if issued. We intend to apply for a listing of the notes on the Luxembourg Stock Exchange.
You should consider carefully the risk factors beginning on page S-14 of this supplement and on page 20 of the prospectus.
The notes are asset-backed securities issued by a trust. They are not obligations of SLM Corporation, the seller, Sallie Mae, the servicer or any of their affiliates. SLM Corporation was formerly named USA Education, Inc.
The notes are not guaranteed or insured by the United States or any governmental agency.
| | Price to Public | Underwriting Discount | Proceeds to the Seller | |||
|---|---|---|---|---|---|---|
| Per Class A-1 Note | 100% | 0.170% | 99.830% | |||
| Per Class A-2 Note | 100% | 0.200% | 99.800% | |||
| Per Class A-3 Note | 100% | 0.225% | 99.775% | |||
| Per Class A-4L Note | 100% | 0.250% | 99.750% | |||
| Per Class A-4CP Note | 100% | 0.250% | 99.750% | |||
| Per Class B Note | 100% | 0.300% | 99.700% |
We expect the proceeds to the seller to be $1,336,054,200 before deducting expenses payable by the seller estimated to be $507,050.
Neither the SEC nor any state securities commission has approved or disapproved the securities or determined whether this supplement or the prospectus is accurate or complete. Any contrary representation is a criminal offense.
| Credit Suisse First Boston | JPMorgan | |||
| Banc of America Securities LLC | ||||
| Morgan Stanley | ||||
| Wachovia Securities | ||||
August 20, 2002
SLM Funding LLC, as the Registrant for the Trust, is filing this Prospectus Supplement on behalf of the Trust, solely to obtain a Central Index Key number and access codes for the Commission's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system for the Trust. The original Prospectus Supplement for the Trust's securities was filed with the Commission on August 22, 2002 and can be found atLink to http://www.sec.gov/Archives/edgar/data/949114/000092838502002902/d424b5.htm. The orginal Prospectus Supplement, as amended, is incorporated herein by reference.
