---------------- U.S. SECURITIES AND EXCHANGE COMMISSION ---------------------------- |F O R M 4| Washington, D.C. 20549 | OMB APPROVAL | ---------------- |--------------------------| STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0287| [ ] Check this box if |Expires: September 30,1998| no longer Subject Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, |Estimated ave. burden | to Section 16. Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5| Section 30(f) of the Investment Company Act 1940 ---------------------------- ------------------------------------------------------------------------------------------------------------------------------------ |1.Name and Address of Reporting Person* |2.Issuer Name and Ticker or Trading Symbol |6.Relationship of Reporting Person to | | | | Issuer (Check all Applicable) | |Fitzpatrick Thomas J. |USA Education,Inc. | | | | of Reporting Person | Year |---(give title below) ---(Specify below)| | | | Director 10% Owner | |----------------------------------------|------------------------------------------------|--- --- | | (Last) (First) (MI)|3.IRS or Soc. Sec. No. |4.Statement for Month/ | X Officer Other | | | of Reporting Person | Year |---(give title below) ---(Specify below)| | 11600 Sallie Mae Drive | (Voluntary) | | | | | | January 2001 | | | | | | Executive Vice President | |----------------------------------------| |------------------------|----------------------------------------| | (Street) | |5.If Amendment, Date of |7. Individual or Joint/Group Filing | | | | Original (Month/Year) | (Check Applicable Line) | | | | | | |Reston VA 20193 | | | X Form filed by One Reporting Person | | | | |--- | | | | | Form filed by More than One | | | | |--- Reporting Person | |----------------------------------------------------------------------------------------------------------------------------------| | (City) (State) (Zip) | | TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned | |----------------------------------------------------------------------------------------------------------------------------------| |1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of Indirect| | (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Own.| Beneficial | | |(Mon/Day/Yr)|(Instr.8)| (Instr. 3, 4 & 5) | Beneficially |Form| Ownership | | | |---------|-------------------------------| Owned at End of|(D) | (Instr. 4) | | | | | | |(A) | | Month |or | | | | |Code| V | Amount |(D) | Price | (Instr. 3 & 4) |(I) | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| | | | | | | | | | | | |Common Stock | 01/25/2001 | M | | 175000 | A | $43.0000| | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| |Common Stock | 01/25/2001 | F | | 19548 | D | $62.0000| | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| |Common Stock | 01/25/2001 | S | | 127798 | D | $62.0000| | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| |Common Stock | 01/26/2001 | M | | 70000 | A | $39.3393| | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| |Common Stock | 01/26/2001 | M | | 333334 | A | $49.0000| | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| |Common Stock | 01/26/2001 | S | | 317806 | D | $62.3750| | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| |Common Stock | 01/26/2001 | F | | 35477 | D | $62.3750| 135674 | D | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| | | | | | | | | | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| | | | | | | | | | | | | | | | | | | | | | | |-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------| | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 1474 (7-96) *If the form is filed by more than one reporting person, see Instruction 4(b)(v). PAGE: 1 OF 2

FORM 4 (continued) TABLE II - Derivative Securities Acquired, Disposed of, Beneficially Owned (e.g., puts, calls, warrants, options, convertible security) ------------------------------------------------------------------------------------------------------------------------------------ |1.Title of|2.Conver-|3. |4.Tran- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature | |Derivative|sion or |Trans| saction| Derivative |Exercisable| of Underlying |Derivative| of |Own.| of | |Security |Exercise |Date | Code | Securities |and | Securities |Security |Derivative|Form|Indirect | |(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or |Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial| | |Deriva- | Day/| | Disposed of (D) |Date | | |Benefi- |Deri|Ownership | | |tive |Year)| | (Instr. 3, 4 & 5) |(Month/Day/| | |cially |Sec.|(Instr. 4)| | |Security | | | | Year) | | |Owned at |Dir.| | | | | | | |-----------|---------------------| |End of |(D) | | | | | | | | | | |Amount or | |Month |or | | | | | |---------|---------------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| | | | | |Code| V | (A) | (D) |Exbl.|Date | |Shares | | |(I) | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | |Stock Opti| $39.3393|01/26| M | | | 70000| |08/13|Common Sto| 70000| $39.3393 | 1591| D | | |on (Righ| | 2001| | | | | | 2007|ck | | | | | | |t to buy) | | | | | | | | | | | | | | | | | | | | | | | (01)| | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| |Stock Opti| $49.0000|01/26| M | | | 333334| |07/16|Common Sto| 333334| $49.0000 | 166666| D | | |on (Righ| | 2001| | | | | | 2008|ck | | | | | | |t to buy) | | | | | | | | | | | | | | | | | | | | | | | (02)| | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| |Stock Opti| $43.0000|01/13| A | V | 175000| | |01/13|Common Sto| 175000| $43.0000 | | | | |on (Righ| | 2000| | | | | | 2010|ck | | | | | | |t to buy) | | | | | | | | | | | | | | | | | | | | | | | (03)| | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| |Stock Opti| $43.0000|01/25| M | | | 175000| |01/13|Common Sto| 175000| $43.0000 | 0| D | | |on (Righ| | 2001| | | | | | 2010|ck | | | | | | |t to buy) | | | | | | | | | | | | | | | | | | | | | | | (03)| | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ Explanation of Responses: (01) The options become exercisable in increments of one-third upon the Company's common stock having a closing price on the New York Stock Exchange of $42.86, $57.15 and $71.43, respectively, for five trading days, they also become exercis able on the eighth anniversary of their grant (Augus t 13, 2005) subject to the reporting person's continued service with the Company. (02) The options become exercisible in increments of one-third upon the Company's common stock having a closing price on the New York Stock Exchange of $42.86, $57.15 and $71.43, respectively, for five trading days , they also become exercisible on the eighth anniversary of their grant (July 16, 2006) subject to t he reporting person's continued service with the Company. (03) These options become exercisible upon the Company's common stock having a closing price on the New York Stock Exchange o f $51.60, for five days, they also become exercisible on the fifth anniversary of the grant (January 13, **Intentional misstatements or omissions of facts constitute Federal /s/Mary F. Eure (POA) 02/09/2001 Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------------ ---------- **Signature of Reporting Person Date Note: File three copies of this form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7-96) Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMD Number Fitzpatrick, Thomas J. USA Education,Inc. JAN-2001 PAGE: 2 OF 2

E X P L A N A T I O N O F R E S P O N S E S (cont.) F O R M 4 cont. (03) 2005), but no sooner than one year from the grant date. Fitzpatrick, Thomas J. USA Education,Inc. JAN-2001 PAGE: 3 OF 2

USA EDUCATION INC 4