Pricing Agreement

Exhibit 1.2

Pricing Agreement

January 20, 2005

Citigroup Global Markets Inc.
390 Greenwich Street

New York, NY 10013

and

Goldman, Sachs & Co.
85 Broad Street; 27^th Floor
New York, NY 10004

As Representatives of the several
Underwriters named in Schedule I hereto

Ladies and Gentlemen:

          SLM Funding LLC, a Delaware limited liability company (the “Company”), and SLM Education Credit Finance Corporation, a Delaware corporation (“SLM ECFC”), propose, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated January 20, 2006 (the “Underwriting Agreement”), between the Company, SLM ECFC and SLM Corporation, on the one hand, and Citigroup Global Markets Inc. and Goldman, Sachs & Co., as representatives of the several underwriters named in Schedule I hereto, on the other hand, that the Company, (i) having caused the formation of the trust (the “Trust”) pursuant to a trust agreement, dated as of December 21, 2005 (the “Initial Trust Agreement”), between the Company and Chase Bank USA, National Association, as eligible lender trustee (the “Eligible Lender Trustee”), will cause the Initial Trust Agreement to be amended and restated by an Amended and Restated Trust Agreement, dated as of the Time of Delivery, among the Company, the Eligible Lender Trustee and the Indenture Trustee (defined below) and (ii) will issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”) the Student Loan-Backed Notes (the “Notes”) specified in Schedule II hereto (the “Designated Securities”). The Notes will be issued and secured pursuant to the Indenture, dated as of January 1, 2006 (the “Indenture”), among the Trust, the Eligible Lender Trustee and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee”).

          Except as modified pursuant to Schedule II hereto, each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Pricing Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Prospectus and the Pre-Pricing Disclosure Package in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date

 

of the Underwriting Agreement in relation to the Prospectus and the Pre-Pricing Disclosure Package (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus and the Pre-Pricing Disclosure Package as amended or supplemented relating to the Designated Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.

          The Representatives designated to act on behalf of each of the Underwriters of the Designated Securities pursuant to Section 13 of the Underwriting Agreement and the address of the Representatives referred to in such Section 13 are set forth at the end of Schedule II hereto.

          An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Designated Securities, in the form to be delivered to you is proposed to be filed with the Commission.

          Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to cause the Trust to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Trust, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto, less the amount of Designated Securities covered by Delayed Delivery Contracts, if any, as may be specified in Schedule II.

          During the period beginning from the date of this Pricing Agreement for the Designated Securities and continuing to and including the Time of Delivery, the Company agrees, and SLM ECFC agrees that it will cause the Company, not to, and not to permit any affiliated entity to, offer, sell or contract to sell, or otherwise dispose of, securities substantially similar to the Designated Securities (other than the Designated Securities) evidencing an ownership in, or any securities (other than the related Notes) collateralized by, Student Loans, without the prior written consent of the Representatives.

          Each Underwriter represents and agrees that (a) it has not offered or sold and will not offer or sell any Notes to persons in the United Kingdom prior to the expiration of the period of six months from the issue date of the Notes except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or otherwise in circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995, as amended; (b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity, within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”), received by it in connection with the issue or sale of any notes in circumstances in which Section 21(1) of the FSMA does not apply to the Trust; and (c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

          If the foregoing is in accordance with your understanding, please sign and return to us nine counterparts hereof, and upon acceptance hereof by you, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company, SLM ECFC and SLM Corporation. It is understood that your acceptance of this letter is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company, SLM ECFC and SLM Corporation for examination upon request, but without warranty on the part of the Underwriters as to the authority of the signers thereof.

		Very truly yours,
		SLM Funding LLC
		By:		/S/ MARK L. HELEEN
			Name: Mark L. Heleen
			Title:   Vice President
		SLM Education Credit Finance Corporation
		By:		/S/ MARK L. HELEEN
			Name: Mark L. Heleen
			Title:   Vice President

		Accepted and agreed with respect to Sections 6(b), 9, 11, 12 and 14 of the Underwriting Agreement:

		SLM Corporation
		By:		/S/ J. LANCE FRANKE
				Name: J. Lance Franke
				Title:   Senior Vice President

Accepted as of the date hereof:

		`
CITIGROUP GLOBAL MARKETS INC.
By:		/S/ HANTZ SERRAO
	Name: Hantz Serrao
	Title:    Vice President
GOLDMAN, SACHS & CO.
By:		/S/ ANGIE ZOROTHEOS
	Name: Angie Zorotheos
	Title:    Vice President
as Representatives of the Underwriters

SCHEDULE I

Amount of Designated Securities to be Purchased

Underwriter		Class A-1				Class A-2				Class A-3				Class A-4				Class A-5				Class B
Citigroup Global Markets Inc.		$	118,500,000			$	128,000,000			$	65,834,000			$	68,668,000			$	25,030,000			$	12,559,000
Goldman, Sachs & Co.		$	118,500,000			$	128,000,000			$	65,834,000			$	68,668,000			$	25,030,000			$	12,559,000
Deutsche Bank Securities Inc.		$	118,500,000			$	128,000,000			$	65,833,000			$	68,666,000			$	25,029,000			$	12,557,000
Greenwich Capital Markets, Inc.		$	118,500,000			$	128,000,000			$	65,833,000			$	68,666,000			$	25,029,000			$	12,557,000
J.P. Morgan Securities Inc.		$	118,500,000			$	128,000,000			$	65,833,000			$	68,666,000			$	25,029,000			$	12,557,000
Merrill Lynch, Pierce, Fenner & Smith Incorporated		$	118,500,000			$	128,000,000			$	65,833,000			$	68,666,000			$	25,029,000			$	12,557,000
Total		$	711,000,000			$	768,000,000			$	395,000,000			$	412,000,000			$	150,176,000			$	75,346,000

SCHEDULE I — 1

SCHEDULE II

Title of each Class of Designated Securities:
		Floating Rate Class A-1 Student Loan-Backed Notes
				(for purposes of this Schedule II, “Class A-1”)
		Floating Rate Class A-2 Student Loan-Backed Notes
				(for purposes of this Schedule II, “Class A-2”)
		Floating Rate Class A-3 Student Loan-Backed Notes
				(for purposes of this Schedule II, “Class A-3”)
		Floating Rate Class A-4 Student Loan-Backed Notes
				(for purposes of this Schedule II, “Class A-4”)
		Floating Rate Class A-5 Student Loan-Backed Notes
				(for purposes of this Schedule II, “Class A-5”)
		Floating Rate Class B Student Loan-Backed Notes
				(for purposes of this Schedule II, “Class B”)
Aggregate principal amount of each Class:
		Class A-1:		$711,000,000
		Class A-2:		$768,000,000
		Class A-3:		$395,000,000
		Class A-4:		$412,000,000
		Class A-5:		$150,176,000
		Class B:		$75,346,000
Price to Public of each Class:
		Class A-1:		100.00%
		Class A-2:		100.00%
		Class A-3:		100.00%
		Class A-4:		100.00%
		Class A-5		100.00%
		Class B:		100.00%

Purchase Price by Underwriters of each Class:
		Class A-1:		99.875%
		Class A-2:		99.825%
		Class A-3:		99.805%
		Class A-4:		99.795%
		Class A-5:		99.785%
		Class B:		99.715%
Specified funds for payment of purchase price: Immediately Available Funds
Indenture: Indenture, dated as of January 1, 2005, among Deutsche Bank Trust Company Americas, as Indenture Trustee, the SLM Student Loan Trust 2006-1, and Chase Bank USA, National Association, as Eligible Lender Trustee.
Maturity:
		Class A-1:		January 2012 Distribution Date
		Class A-2:		January 2015 Distribution Date
		Class A-3:		October 2016 Distribution Date
		Class A-4:		July 2019 Distribution Date
		Class A-5:		July 2021 Distribution Date
		Class B:		January 2027 Distribution Date
Interest Rate:
		Class A-1:		three-month LIBOR minus 0.02%
		Class A-2:		three-month LIBOR plus 0.01%
		Class A-3:		three-month LIBOR plus 0.04%
		Class A-4:		three-month LIBOR plus 0.09%
		Class A-5:		three-month LIBOR plus 0.11%
		Class B:		three-month LIBOR plus 0.20%

SCHEDULE II — 2

Form of Designated Securities:		Book-Entry (DTC, Clearstream, Luxembourg and/or Euroclear)
Time of Delivery:		January 26, 2006

Closing location for delivery of Designated Securities:

Sallie Mae
12061 Bluemont Way
Reston, VA 20190

Names and addresses of Representatives:

Citigroup Global Markets Inc.
390 Greenwich Street
New York, NY 10013
Attention: Jeb Ebbott

Goldman, Sachs & Co.
85 Broad Street; 27^th Floor
New York, NY 10004
Attention: Joseph Marconi

SCHEDULE II — 3