Pricing Agreement

Exhibit 1.2

Pricing Agreement

September 8, 2005

Deutsche Bank Securities Inc.
00 Xxxx Xxxxxx, 00^xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000

and

Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000

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 August 3, 2005 (the “Underwriting Agreement”), between the Company, SLM ECFC and SLM Corporation, on the one hand, and Deutsche Bank Securities Inc. and Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated, 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 July 29, 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 September 1, 2005 (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 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 (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus 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 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 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 Xxx 0000 (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

-2-

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/ XXXX X. XXXXXX
						Name: Xxxx X. Xxxxxx
						Title: Vice President
				SLM Education Credit Finance Corporation
				By:		/S/ XXXX X. XXXXXX
						Name: Xxxx X. Xxxxxx
						Title: Vice President
		Accepted and agreed with respect to Sections 8, 10, 12 and 13 of the Underwriting Agreement:
				SLM Corporation
				By:		/S/ J. XXXXX XXXXXX
						Name: J. Xxxxx Xxxxxx
						Title: Senior Vice President

Accepted as of the date hereof:
Deutsche Bank Securities Inc.
By:		/S/ XXXXX X. XXXXXX
		Name: Xxxxx X. Xxxxxx
		Title: Director
By:		/S/ XXXXXXX X’XXXXX
		Name: Xxxxxxx X’Xxxxx
		Title: Vice President
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
By:		/S/ XXXXXXXX X. XXXX
		Name: Xxxxxxxx X. Xxxx
		Title: Authorized Signatory
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				Total
Deutsche Bank Securities Inc.		$	162,400,000			$	80,834,000			$	50,000,000			$	67,800,000			$	85,000,000			$	12,957,000			$	458,991,000
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated			162,400,000				80,834,000				50,000,000				67,799,000				85,000,000				12,958,000				458,991,000
ABN AMRO Incorporated			162,400,000				80,833,000				50,000,000				67,798,000				85,000,000				12,958,000				458,989,000
Banc of America Securities LLC			162,400,000				80,833,000				50,000,000				67,798,000				85,000,000				12,958,000				458,989,000
Barclays Capital Inc.			162,400,000				80,833,000				50,000,000				67,798,000				85,000,000				12,958,000				458,989,000
UBS Securities LLC			0				80,833,000				50,000,000				67,798,000				85,000,000				12,958,000				296,589,000
Total		$	812,000,000			$	485,000,000			$	300,000,000			$	406,791,000			$	510,000,000			$	77,747,000			$	2,591,538,000

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”)

Reset Rate Class A-4 Student Loan-Backed Notes

(for purposes of this Schedule II, “Class A-4”)

Reset 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:		$	812,000,000
Class A-2:		$	485,000,000
Class A-3:		$	300,000,000
Class A-4:		$	406,791,000
Class A-5:		$	510,000,000
Class B:		$	77,747,000

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	%

SCHEDULE II-1

Purchase Price by Underwriters of each Class:

Class A-1:			99.825	%
Class A-2:			99.795	%
Class A-3:			99.760	%
Class A-4:			99.825	%
Class A-5:			99.725	%
Class B:			99.700	%

Specified funds for payment of purchase price: Immediately Available Funds

Indenture: Indenture, dated as of September 1, 2005, among Deutsche Bank Trust Company Americas, as Indenture Trustee, the SLM Student Loan Trust 2005-8, and Chase Bank USA, National Association, as Eligible Lender Trustee.

Maturity:
		Class A-1:		July 2018 Distribution Date
		Class A-2:		July 2022 Distribution Date
		Class A-3:		October 2024 Distribution Date
		Class A-4:		January 2028 Distribution Date
		Class A-5:		January 2040 Distribution Date
		Class B:		January 2040 Distribution Date
Interest Rate:
		Class A-1:		interpolated four/five-month LIBOR * plus 0.00%
		Class A-2:		interpolated four/five-month LIBOR * plus 0.09%
		Class A-3:		interpolated four/five-month LIBOR * plus 0.11%
		Class A-4:		4.25%
		Class A-5:		interpolated four/five-month LIBOR * plus 0.17%
		Class B:		interpolated four/five-month LIBOR * plus 0.31%

* As to initial Accrual Period; thereafter, Three-month LIBOR.

SCHEDULE II-2

Form of Designated Securities:		Book-Entry (DTC, Clearstream, Luxembourg and/or Euroclear)
Time of Delivery:		September 20, 2005

Closing location for delivery of Designated Securities:

Xxxxxx Xxx
00000 Xxxxxxxx Xxx
Xxxxxx, XX 00000

Names and addresses of Representatives:

Deutsche Bank Securities Inc.
00 Xxxx Xxxxxx, 00^xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxx Xxxxxxxx

Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxx

Modifications to Underwriting Agreement (solely for purposes of this Pricing Agreement):

     1. The following sentence is hereby added to the end of the second paragraph of the Underwriting Agreement:

In addition, the Trust will enter into an interest rate swap agreement (the “Swap Agreement”) with Deutsche Bank AG London Branch (the “Swap Counterparty”).

     2. The following paragraph is hereby added to Section 7 of the Underwriting Agreement:

     (n) The Swap Agreement shall have been entered into by the Trust and the Swap Counterparty, and the Underwriters shall have received a copy, addressed to them or on which they are otherwise entitled to rely, of each opinion of counsel required to be

SCHEDULE II-3

delivered thereunder to them at or before the Time of Delivery, and a copy of each certificate required to be delivered thereunder to them at or before the Time of Delivery.

SCHEDULE II-4