---------------- 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 ----------------------------
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|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) |
|Carey J. Paul |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) | | |
| | | February 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 |
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| (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 | 02/01/2001 | M | | 129521 | A | $39.3393| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/01/2001 | S | | 84185 | D | $65.5050| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/01/2001 | F | | 19262 | D | $65.2500| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/21/2001 | M | | 100000 | A | $49.0000| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/21/2001 | M | | 100000 | A | $43.0000| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/21/2001 | S | | 71737 | D | $72.1700| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/21/2001 | F | | 12017 | D | $72.1500| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/21/2001 | S | | 64120 | D | $72.6500| | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | 02/21/2001 | F | | 15239 | D | $72.5000| 130976 | D | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
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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)
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|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|02/01| M | | | 129521| |08/13|Common Sto| 129521| $39.3393 | 120479| D | |
|on (Righ| | 2001| | | | | | 2007|ck | | | | | |
|t to buy) | | | | | | | | | | | | | | |
| | | | | | | | (01)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $49.0000|02/21| M | | | 100000| |07/16|Common Sto| 100000| $49.0000 | 50000| D | |
|on (Righ| | 2001| | | | | | 2008|ck | | | | | |
|t to buy) | | | | | | | | | | | | | | |
| | | | | | | | (02)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $43.0000|02/21| M | | | 100000| |01/13|Common Sto| 100000| $43.0000 | 0| D | |
|on (Righ| | 2001| | | | | | 2010|ck | | | | | |
|t to buy) | | | | | | | | | | | | | | |
| | | | | | | | (03)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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Explanation of Responses:
(01) 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 exercis
ible 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) 03/12/2001
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
Carey, J. Paul USA Education,Inc. FEB-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.
Carey, J. Paul USA Education,Inc. FEB-2001 PAGE: 3 OF 2