<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 ---------
                                 FORM 10-Q

                                 ---------


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000

                          THE STUDENT LOAN CORPORATION
             (Exact name of registrant as specified in its charter)

<TABLE>

<S>                                                         <C>
              DELAWARE                                                   16-1427135
  (State or other jurisdiction of                           (I.R.S. Employer Identification No.)
 incorporation or organization)

       750 WASHINGTON BLVD.                                              06901
      STAMFORD, CONNECTICUT                                            (Zip Code)
(Address of principal executive offices)

</TABLE>


                                 (203) 975-6292
              (Registrant's telephone number, including area code)

                               ------------------

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes X     No
                                     --

      On August 4, 2000, there were 20,000,000 shares of The Student Loan
Corporation's Common Stock outstanding.


<PAGE>   2


                                    Form 10-Q
<TABLE>
<CAPTION>

Part I   Financial Information

                                                                                                            Page
<S>                                                                                                         <C>

         Item 1 -    Financial Statements

                           Statements of Income (Unaudited) for the Three- and Six-Month Periods
                           Ended June 30, 2000 and 1999.........................................................3

                           Balance Sheets (Unaudited) as of  June 30, 2000 and December 31, 1999................4

                           Statements of Cash Flows (Unaudited) for the Six-Month Periods Ended
                           June 30, 2000 and 1999...............................................................5

                           Notes to Financial Statements (Unaudited) .........................................6-8

         Item 2 -    Management's Discussion and Analysis of Financial Condition
                           and Results of Operations ........................................................9-12

         Item 3 -    Quantitative and Qualitative Disclosures About Market Risk*............................10-11

Part II  Other Information

         Item 4  -  Submissions of Matters to a Vote of Securityholders  ......................................13

         Item 6 -   Exhibits and Reports on Form 8-K ..........................................................13

Signature .....................................................................................................14

</TABLE>

* This is presented in Part 1, Item 2 and is incorporated herein by reference.



                                       2
<PAGE>   3


                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

                          THE STUDENT LOAN CORPORATION
                              STATEMENTS OF INCOME
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                        Three months ended               Six months ended
                                                                             June 30,                        June 30,
                                                                  ----------------------------    ---------------------------
                                                                     2000            1999              2000           1999
                                                                  ------------   -------------    ------------   ------------
<S>                                                               <C>            <C>              <C>            <C>
REVENUE
    Interest income                                                 $ 249,799       $ 172,646       $ 476,386      $ 344,047
    Interest expense                                                  181,444         115,041         344,184        229,600
                                                                  ------------   -------------    ------------   ------------
    NET INTEREST INCOME                                                68,355          57,605         132,202        114,447
    Provision for loan losses                                           1,368           1,261           2,606          2,061
                                                                  ------------   -------------    ------------   ------------
    Net interest income after provision for loan losses                66,987          56,344         129,596        112,386
    Fee and other income                                                  649             645           1,705          1,593
                                                                  ------------   -------------    ------------   ------------
       TOTAL REVENUE, NET                                            $ 67,636        $ 56,989       $ 131,301      $ 113,979
                                                                  ------------   -------------    ------------   ------------

OPERATING EXPENSES
    Salaries and employee benefits                                    $ 5,121         $ 4,381         $ 9,355       $ 10,326
    Other expenses                                                     16,086          13,811          29,700         25,196
                                                                  ------------   -------------    ------------   ------------
       TOTAL OPERATING EXPENSES                                      $ 21,207        $ 18,192        $ 39,055       $ 35,522
                                                                  ------------   -------------    ------------   ------------

    INCOME BEFORE INCOME TAXES                                       $ 46,429        $ 38,797        $ 92,246       $ 78,457
    Income taxes                                                       19,308          16,157          38,340         32,681
                                                                  ------------   -------------    ------------   ------------
NET INCOME                                                           $ 27,121        $ 22,640        $ 53,906       $ 45,776
                                                                  ============   =============    ============   ============

DIVIDENDS DECLARED                                                   $ 12,000         $ 9,000        $ 24,000       $ 15,000
                                                                  ============   =============    ============   ============

BASIC AND DILUTED EARNINGS PER COMMON SHARE -
    (based on 20 million average shares outstanding)                   $ 1.36          $ 1.13          $ 2.70         $ 2.29
                                                                  ============   =============    ============   ============

DIVIDENDS DECLARED PER COMMON SHARE                                    $ 0.60          $ 0.45          $ 1.20         $ 0.75
                                                                  ============   =============    ============   ============

OPERATING RATIOS
Net interest margin                                                     2.25%           2.57%           2.26%          2.57%
Operating expense as a percentage of
   average insured student loans                                        0.70%           0.81%           0.66%          0.80%


</TABLE>

See accompanying notes to financial statements.


                                       3
<PAGE>   4



                          THE STUDENT LOAN CORPORATION
                                 BALANCE SHEETS
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                         June 30,                 December 31,
                                                                                           2000                       1999
                                                                                     -----------------          ----------------
<S>                                                                                  <C>                        <C>
ASSETS
    Insured student loans                                                                $ 13,612,970              $ 10,864,980
    Less: Allowance for loan losses                                                             3,950                     3,768
                                                                                     -----------------          ----------------
    Insured student loans, net                                                             13,609,020                10,861,212
    Cash                                                                                          324                       251
    Deferred tax benefits                                                                      22,177                    24,325
    Other assets                                                                              400,705                   310,680
                                                                                     -----------------          ----------------

    TOTAL ASSETS                                                                         $ 14,032,226              $ 11,196,468
                                                                                     =================          ================


LIABILITIES AND STOCKHOLDERS' EQUITY
    Short-term borrowings                                                                $ 10,036,516               $ 7,312,061
    Long-term notes                                                                         3,222,000                 3,222,000
    Payable to principal stockholder                                                           10,020                    11,552
    Other liabilities                                                                         218,403                   135,723
                                                                                     -----------------          ----------------

       Total Liabilities                                                                   13,486,939                10,681,336
                                                                                     -----------------          ----------------

    Common stock                                                                                  200                       200
    Additional paid-in capital                                                                134,772                   134,523
    Retained earnings                                                                         410,315                   380,409
                                                                                     -----------------          ----------------

       Total Stockholders' Equity                                                             545,287                   515,132
                                                                                     -----------------          ----------------

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                           $ 14,032,226              $ 11,196,468
                                                                                     =================          ================


AVERAGE INSURED STUDENT LOANS                                                            $ 11,821,443               $ 9,406,600
                                                                                     =================          ================
       (year-to-date)


</TABLE>

See accompanying notes to financial statements.


                                       4
<PAGE>   5


                          THE STUDENT LOAN CORPORATION
                            STATEMENTS OF CASH FLOWS
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                         Six months ended
                                                                                                             June 30,

                                                                                             ------------------------------------
                                                                                                  2000                  1999
                                                                                             --------------       ---------------
<S>                                                                                          <C>                  <C>
Cash flows from operating activities:
Net income                                                                                        $ 53,906              $ 45,776
Adjustments to reconcile net income to
net cash from operating activities:
     Depreciation and amortization                                                                  13,427                 4,475
     Provision for loan losses                                                                       2,606                 2,061
     Deferred tax provision                                                                          2,148                 2,880
     Increase in accrued interest receivable                                                       (80,471)              (32,596)
     (Increase) decrease in other assets                                                            (6,207)                   50
     Increase (decrease) in other liabilities                                                       81,396               (29,953)
                                                                                             --------------       ---------------

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                                 66,805                (7,307)
                                                                                             --------------       ---------------

Cash flows from investing activities:
     Disbursements of loans                                                                     (1,543,070)             (919,605)
     Repayment of loans                                                                          1,140,215               569,848
     Purchase of loans                                                                          (2,442,683)             (308,144)
     Sale of loans                                                                                  81,913               179,610
     Capital expenditures on furniture and equipment                                                (3,562)                 (110)
                                                                                             --------------       ---------------

NET CASH USED IN INVESTING ACTIVITIES                                                           (2,767,187)             (478,401)
                                                                                             --------------       ---------------

Cash flows from financing activities:
     Net increase in borrowings with original
        maturities of one year or less                                                           2,724,455               241,885
     Proceeds from long-term borrowings                                                              --                  259,000
     Dividends paid to stockholders                                                                (24,000)              (15,000)
                                                                                             --------------       ---------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                                                        2,700,455               485,885
                                                                                             --------------       ---------------

NET INCREASE IN CASH                                                                                    73                   177
CASH - BEGINNING OF PERIOD                                                                             251                    37
                                                                                             --------------       ---------------

CASH - END OF PERIOD                                                                                 $ 324                 $ 214
                                                                                             ==============       ===============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

     Cash paid for:
           Interest                                                                              $ 235,820             $ 233,485
           Income taxes                                                                          $  46,584             $  14,199


</TABLE>

See accompanying notes to financial statements.


                                       5
<PAGE>   6


                          THE STUDENT LOAN CORPORATION

                    NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
                                  JUNE 30, 2000

1.       SIGNIFICANT ACCOUNTING POLICIES

         INTERIM FINANCIAL INFORMATION

         The financial information of The Student Loan Corporation (the
         "Company") as of June 30, 2000 and for the three- and six-month periods
         ended June 30, 2000 and 1999 includes all adjustments (consisting of
         normal recurring accruals) which, in the opinion of management, are
         necessary to fairly state the Company's financial position and results
         of operations in conformity with generally accepted accounting
         principles ("GAAP"). The accompanying financial statements should be
         read in conjunction with the financial statements and related notes
         included in the Company's 1999 Annual Report and Form 10-K.

2.       USE OF ESTIMATES

         In preparing the financial statements in conformity with GAAP,
         management has used a number of estimates and assumptions relating to
         the reporting of assets and liabilities, the disclosure of contingent
         assets and liabilities and the reported amounts of revenues and
         expenses during the reporting period. Actual results could differ from
         those estimates and assumptions.

3.       COMMITMENTS AND CONTINGENCIES

         REGULATORY IMPACTS

         The Company's loan portfolio is primarily comprised of loans originated
         under the Federal Family Education Loan ("FFEL") Program. Since 1992, a
         series of amendments to the Higher Education Act of 1965 (the "Act"),
         which governs the FFEL Program, have increased costs and reduced
         interest payments to lenders. These legislative changes have
         progressively reduced the net interest margin of the Company's
         portfolio.

         The 1993 amendments to the Act also introduced a competitor program,
         the Federal Direct Student Loan program ("direct lending"), in which
         private lenders such as the Company do not participate. Direct lending
         currently accounts for approximately one-third of the student loans
         originated under federally sponsored programs.

4.       RELATED PARTY TRANSACTIONS

         Citibank (New York State) ("CNYS"), a wholly-owned subsidiary of
         Citicorp and Citigroup Inc., owns 80% of the outstanding common stock
         of the Company. A number of significant transactions are carried out
         between the Company on the one hand and Citigroup Inc. and its
         affiliates on the other hand. At June 30, 2000, the Company had
         outstanding short-term and long-term borrowings with CNYS of $ 10.0
         billion and $3.2 billion, respectively, compared to $7.3 billion and
         $3.2 billion, respectively, at December 31, 1999. For the three- and
         six-month periods ended June 30, 2000, the Company incurred $181.4
         million and $344.2 million, respectively, in interest expense payable
         to CNYS and its affiliates, compared to $116.6 million and $231.5
         million, respectively, for the same periods in 1999. In addition,
         Citigroup Inc. and its subsidiaries engage in other transactions and
         servicing activities with the Company, including cash management, data
         processing, income tax payments, loan servicing, employee benefits and
         payroll


                                       6
<PAGE>   7


         administration, and facilities management. Management believes that
         the terms of these transactions are, in the aggregate, no less
         favorable to the Company than those which could be obtained from
         unaffiliated parties.

5.       INTEREST RATE SWAP AGREEMENTS

         To better match the interest rate characteristics of its borrowings
         with its loan assets, the Company, from time to time, enters into
         interest rate swap agreements, generally with an affiliate, on portions
         of its portfolio. The swap agreements are intended to reduce the risk
         caused by differences between borrowing and lending rates. The Company
         generally receives payments based on the three-month LIBOR and makes
         payments based on the asset yield, usually the 91-day Treasury Bill
         rate. The Company effectively reduces the risk of potential interest
         rate variability by entering into basis swap agreements to receive
         interest based on the characteristics of the Company's liabilities and
         pay interest based on the interest rate characteristics of the
         Company's assets.

         At June 30, 2000 and December 31, 1999, the Company had no interest
         rate swap agreements outstanding and managed interest rate risk
         directly through its funding agreements.

         For the entire second quarter of 2000, the Company had no interest
         transactions related to swap agreements. However, for the same period
         in 1999, the Company had swap transactions that reduced interest
         expense by $2.1 million.

6.       SHORT AND LONG-TERM BORROWINGS

         In the first six months of 2000, short-term debt increased by $2.7
         billion to $10.0 billion, compared to a $0.2 billion increase for the
         same period last year. Long-term borrowings of $3.2 billion at June 30,
         2000 did not change from that outstanding at December 31, 1999.
         Long-term borrowings increased by $0.3 billion during the first half of
         1999.

7.       FUTURE IMPACTS OF RECENTLY ISSUED ACCOUNTING STANDARDS

         In June 1998, the Financial Accounting Standards Board (FASB) issued
         Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting
         for Derivative Instruments and Hedging Activities" (SFAS No. 133). In
         June 1999, the FASB issued SFAS No. 137, "Accounting for Derivative
         Instruments and Hedging Activities - Deferral of the Effective Date of
         FASB Statement No. 133", which delayed the effective date of SFAS No.
         133 to January 1, 2001 for calendar year companies such as the Company.
         In June 2000, the FASB issued SFAS No. 138, "Accounting for Certain
         Derivative Instruments and Certain Hedging Activities - an amendment of
         FASB Statement No. 133," which amended certain provisions of SFAS No.
         133. These new standards will significantly change the accounting
         treatment of end-user derivative contracts used by the Company.
         Depending on the underlying risk management strategy, these accounting
         changes could affect reported earnings, assets, liabilities, and
         stockholders' equity. As a result, the Company will have to reconsider
         its risk management strategies, since the new standards will not
         reflect the results of many of those strategies in the same manner as
         current accounting practice. The Company continues to evaluate the
         potential impact of implementing these new accounting standards, which
         will depend, among other things, on additional interpretations of the
         standards prior to the effective date.


                                       7
<PAGE>   8

8.       CONTINGENCIES

         A consolidated stockholder complaint is pending against the Company.
         See "Legal Proceedings" beginning on page 13 of the Company's Annual
         Report on Form 10-K for the year-ended December 31, 1999 and on page 13
         of the Company's Quarterly Report on Form 10-Q for the quarterly period
         ended March 31, 2000 for further information.

         In addition, in recent years amendments to the Act have significantly
         reduced the net interest margin of the guaranteed student loan
         portfolio as new loans with lower yields were added to the portfolio
         and older, more profitable loans were repaid. Pressure on margins will
         continue as more loans are originated with lower yields. In addition,
         the Act may be amended by Congress at any time, possibly resulting in
         further reductions in FFEL Program loan subsidies in the form of
         increased risk-sharing costs and reduced interest margins. Any such
         amendments could adversely affect the Company's business and prospects.

         Also, various legal proceedings arising out of the normal course of
         business are pending against the Company. Although there can be no
         assurances, the Company believes, based on information currently
         available, that the ultimate resolution of these legal proceedings
         would not be likely to have a material adverse effect on its results of
         operations, financial condition or liquidity.



                                       8
<PAGE>   9




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

         FORWARD-LOOKING STATEMENTS

         Certain statements contained in this report that are not historical
         facts are forward-looking statements within the meaning of the Private
         Securities Litigation Reform Act. The Student Loan Corporation's (the
         "Company's") actual results may differ materially from those suggested
         by the forward-looking statements, which are typically identified by
         the words or phrases "believe," "expect," "anticipate," "intend",
         "estimate," "may increase," "may result in," and similar expressions or
         future or conditional verbs such as "will", "should", "would" and
         "could". These forward-looking statements involve risks and
         uncertainties including, but not limited to, the following: the effects
         of future legislative changes; actual credit losses experienced by the
         Company in future periods compared to the estimates used in calculating
         reserves; fluctuations in the interest rates paid by the Company for
         its funding and received on its loan portfolio; the success of the
         Company's hedging policies; the successful resolution of legal
         proceedings; as well as general economic conditions, including the
         performance of financial markets and the passage of regulatory changes.

         FINANCIAL CONDITION

         During the six months ended June 30, 2000, the net insured student loan
         portfolio of the Company grew by $2.7 billion (25%) from the balance at
         December 31, 1999. This growth was the result of loan disbursements
         totaling $1,543 million and loan purchases of $2,443 million in the
         first six months of 2000, partially offset by $82 million in loan sales
         and $1,140 million in loan reductions (attributable to repayments and
         claims paid by guarantors), and other adjustments of $15 million. This
         compares to loan disbursements of $920 million, loan purchases of $308
         million, loan sales of $180 million, loan reductions of $570 million,
         and other adjustments of $6 million in the first six months of 1999.
         The increase in loan purchases for the first two quarters of 2000
         (compared to the same period in 1999) is primarily attributable to the
         Company's ongoing loan portfolio acquisition efforts.

         The Company's loan disbursements and new CitiAssist loan commitments
         for the first six months of 2000 of $1,720 million were $693 million
         (67%) more than those made in the same period of 1999. This increase is
         attributable primarily to large increases in new Federal Consolidation
         program loan disbursements. During the first six months of 2000, new
         CitiAssist loan commitments increased to $177 million, a $70 million
         (65%) increase from the same period last year. FFEL Program Stafford
         and Plus loan disbursements of $876 million in the first six months of
         2000 is $101 million (13% ) higher than the $775 million disbursed
         during the same period of 1999. Federal Consolidation program loan
         originations of $667 million for the first two quarters of 2000 have
         increased $523 million (363%) compared to the same period of 1999.

         During the first six months of 2000, the Company made $236 million in
         interest payments, principally to CNYS, compared to $233 million for
         the same period in 1999. The Company paid $47 million in income taxes
         during the first two quarters of 2000, compared to $14 million for the
         same period last year. The difference in the amount of taxes paid is
         primarily due to timing differences in making intercompany tax payments
         and does not reflect any significant changes in applicable income tax
         rates.



                                       9
<PAGE>   10


         Other assets at June 30, 2000 increased $90.0 million (29%) from
         December 31, 1999, principally as a result of additional interest
         receivable attributable to growth in the student loan portfolio and
         timing of interest receipts. Other liabilities, principally comprised
         of accrued interest and income taxes payable, increased $82.7 million
         (61%) from December 31, 1999, primarily due to accrued interest on new
         borrowings and timing differences in making intercompany interest and
         tax payments.

         In the first six months of 2000, short-term debt increased by $2.7
         billion to $10.0 billion, compared to a $0.2 billion increase for the
         same period last year. The large increase in borrowings in year 2000
         was necessitated by the large portfolio purchases made during the year.
         Long-term borrowings of $3.2 billion at June 30, 2000 did not change
         from that outstanding at December 31, 1999. Long-term borrowings
         increased by $0.3 billion during the first half of 1999.

         The Company paid a quarterly dividend of $0.60 per common share on June
         1, 2000. The Board of Directors declared a regular quarterly dividend
         on the Company's common stock of $0.60 per share to be paid September
         1, 2000 to the stockholders of record on August 15, 2000.

         RISK MANAGEMENT

         Risk management is an important business objective of the Company. The
         Company actively manages market, price and other risks. For further
         information, see "Risk Management" beginning on page 6 of the Company's
         Annual Report on Form 10-K for the year ended December 31, 1999.

         MARKET RISK

         The Company's primary market risk exposure is to fluctuations in the
         spreads between the Company's borrowing and lending rates. Market
         risk is measured using various tools, including Earnings-at-Risk which
         reflects repricing gaps in the position as well as option positions
         both explicit and embedded in the loan portfolio. The Company prepares
         Earnings-at-Risk calculations to measure the discounted pre-tax
         earnings impact over a preset time span of a specified shift in the
         interest rate yield curve. The yield curve shift is statistically
         derived as a two standard deviation change in short-term interest rates
         over the period required to defease the position (usually two weeks).
         As of June 30, 2000, the rate shift over a two-week defeasance period
         applied to the interest rate yield curve for purposes of calculating
         Earnings-at-Risk was 38 basis points.

         The Earnings-at-Risk calcution  is a measure to look at exposures based
         upon the Company's position at one point in time. As indicated in the
         table below as of June 30, 2000, a 38 basis point (two standard
         deviation) increase in the interest yield curve would have a potential
         positive impact on the Company's pretax earnings of approximately $10.0
         million in the next twelve months, and a potential positive impact of
         approximately $4.0 million for the total five-year period 2001-2005. A
         two standard deviation decrease in the interest yield curve would have
         a potential negative impact on the Company's pretax earnings of
         approximately $9.9 million in the next twelve months, and approximately
         $3.9 million negative impact for the five-year period 2001-2005.



                                       10
<PAGE>   11



<TABLE>
<CAPTION>

                       Earnings-at-Risk (effect on pre-tax earnings) as of June 30, 2000
---------------------------------------------------------------------------------------------------------------------
(Dollars in millions)                        2001       2002       2003       2004        2005       Total
---------------------------------------------------------------------------------------------------------------------
<S>                                        <C>         <C>        <C>        <C>         <C>        <C>
Two standard deviation increase              $10.0     ($1.2)     ($1.6)     ($1.6)      ($1.6)      $4.0
---------------------------------------------------------------------------------------------------------------------
Two standard deviation decrease            ($  9.9)     $1.2       $1.6       $1.6        $1.6      ($3.9)
---------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
                       Earnings-at-Risk (effect on pre-tax earnings) as of June 30, 1999
---------------------------------------------------------------------------------------------------------------------
(Dollars in millions)                       2000        2001         2002        2003        2004        Total
---------------------------------------------------------------------------------------------------------------------
<S>                                         <C>        <C>          <C>         <C>         <C>        <C>
Two standard deviation increase              $9.8      ($3.7)       ($3.2)      ($2.8)      ($2.3)     $ (2.2)
---------------------------------------------------------------------------------------------------------------------
Two standard deviation decrease              $6.0       $4.9         $4.4        $3.8        $3.2       $22.3
---------------------------------------------------------------------------------------------------------------------
</TABLE>


         The Company, through its Asset/Liability Management Committee, actively
         manages these risks by setting Earnings-at-Risk limits and takes
         appropriate actions if interest rates move against the existing
         structure.

         RESULTS OF OPERATIONS

         Quarter Ended June 30, 2000

         Net income was $27.1 million ($1.36 basic and diluted earnings per
         share) for the second quarter of 2000. This was an increase of $4.5
         million (20%) from earnings for the same period last year. The increase
         in net income was primarily attributable to higher interest income
         generated by loan portfolio growth resulting from loan originations and
         ongoing loan portfolio acquisition efforts.

         The net interest margin for the second quarter of 2000 was 2.25%, 0.32%
         lower than the 2.57% margin for the second quarter of 1999. The decline
         in the margin was primarily attributable to the amortization of loan
         premiums resulting from recent portfolio acquisitions and less
         favorable funding spreads compared to those received during the same
         period last year. The pressure on margins is expected to continue
         during 2000 as new loans with lower interest spreads are added and
         older more profitable loans are repaid, and as the Company's
         acquisition efforts continue.

         Total operating expenses for the second quarter of 2000 increased $3.0
         million (17%) from the same period last year, primarily due to an
         increase of $3.7 million in fees and other costs to procure and service
         the significantly larger portfolio. This amount was partially offset by
         decreases in current quarter technology costs. Also, operating expenses
         as a percentage of average insured student loans improved 0.11% to
         0.70% from the second quarter of 1999 expense ratio of 0.81%. The
         improvement in the expense ratio is primarily attributable to
         efficiencies in administrative and operational expenses.

         Return on equity was 20.3% for the second quarter of 2000, 1.7% higher
         than the 18.6% return for the same period of 1999. The increase was
         attributed to higher earnings in the current year.

         Six Months Ended June 30, 2000

         The Company earned net income of $53.9 million ($2.70 basic earnings
         per share) for the six months ended June 30, 2000, an increase of $8.1
         million (18%) from the first half of 1999. The increase was primarily
         due to higher interest income generated by the increased loan
         portfolio, resulting from loan originations and portfolio acquisition
         efforts.



                                       11
<PAGE>   12




         Total operating expenses for the first half of 2000 were $39.1 million,
         $3.5 million (10%) higher than the same period last year due to
         increased costs to service the significantly larger portfolio,
         partially offset by decreases in current period technology costs.
         Operating expenses as a percentage of average insured student loans for
         the first half of 2000 decreased to 0.66%, an improvement of 0.14%
         compared to the first half of 1999, primarily attributable to
         efficiencies in administrative and operational expenses.

         The Company's effective tax rate was approximately 41.6% for the first
         six months of 2000, compared to 41.7% for the same period in 1999.

         REGULATORY IMPACTS

         In recent years the Company's loan portfolio, comprised primarily of
         loans originated under the FFEL Program, has been subject to increased
         costs and reduced interest income brought about by amendments to the
         Higher Education Act of 1965, which governs the FFEL Program. Pressure
         on margins will continue as more loans are originated with lower
         yields.

         In order to counteract the reduced net interest margin on the Company's
         loan portfolio resulting from these legislative changes, the Company
         has aggressively pursued both new and existing marketing programs,
         expanded its guarantor relationships and sought new ways to meet the
         education finance needs of schools and students, including the
         implementation of loan programs, such as the Company's CitiAssist
         product, that are not dependent on Federal funding, guarantees and
         authorization. The Company is also seeking to continue to increase the
         size of its loan portfolio to take advantage of greater economies of
         scale.

         The 1993 amendments to the Act also introduced a competitor program,
         the Federal Direct Student Loan program ("direct lending"), in which
         private lenders such as the Company do not participate. Direct lending
         currently accounts for approximately one-third of the student loans
         originated under federally sponsored programs.



                                       12
<PAGE>   13





PART II. OTHER INFORMATION

ITEM 4.   SUBMISSIONS OF MATTERS TO A VOTE OF SECURITYHOLDERS

At the Company's 2000 Annual Meeting of Stockholders, held May 18, 2000, the
Company's stockholders took the following actions:

       1. Two directors were elected to the Board of Directors: Evelyn E.
          Handler (with holders of 18,446,075 shares voting in favor, 35,306
          abstaining and none withheld); Carl E. Levinson (with holders of
          18,096,559 shares voting in favor, 35,306 abstaining and 349,516
          withheld). Ms. Evelyn E. Handler and Mr. Carl E. Levinson will each
          serve until the year 2003 meeting of stockholders.

       2. The selection of KPMG LLP as the Company's independent auditors for
          the 2000 fiscal year was ratified, with holders of 18,478,678 shares
          voting in favor, 1,403 abstaining and 1,300 voting against.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)      Exhibits

         27   Financial Data Schedule

(b)      Reports on Form 8-K:

         No reports on Form 8-K were filed during the second quarter of 2000.



                                       13
<PAGE>   14




SIGNATURE

              Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

Date: August 11, 2000





                          The Student Loan Corporation

                           By /s/ Yiannis Zographakis
                              -----------------------
                                  Yiannis Zographakis
                                  Vice President and
                                  Chief Financial Officer


                                       14