UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly distribution period from
March 9, 2006 to March 31, 2006

Commission File Number of issuing entity: 333-103545-12

SLM STUDENT LOAN TRUST 2006-3

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-103545

SLM FUNDING LLC

(Exact name of depositor as specified in its charter)

SALLIE MAE, INC.

(Exact name of sponsor as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization of the issuing entity)		57-1176559 04-3480392 54-1843973 (I.R.S. Employer Identification Nos.)


c/o Chase Bank USA, National Association Christiana Center/OPS4 500 Stanton Christiana Road Newark, Delaware (Address of principal executive offices of issuing entity)		19713 (Zip Code)

(703) 984-6419
(Telephone number including area code)

Not Applicable
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)


				Name of exchange
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	(If Section 12(b))

Class A-1 Student Loan Backed Notes	o	o	þ
Class A-2 Student Loan Backed Notes	o	o	þ
Class A-3 Student Loan Backed Notes	o	o	þ
Class A-4 Student Loan Backed Notes	o	o	þ
Class A-5 Student Loan Backed Notes	o	o	þ
Class B Student Loan Backed Notes	o	o	þ

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 þ No o

PART I — DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

On April 25, 2006, the SLM Student Loan Trust 2006-3 (the “Trust”) made its regular quarterly distribution of funds to holders of its Student Loan-Backed Notes. Sallie Mae, Inc., as the administrator, distributed the Quarterly Distribution Report for the Trust for the period of March 9, 2006 to March 31, 2006 to the Indenture Trustee, on behalf of the Trust’s noteholders of record. This Quarterly Distribution Report is attached as Exhibit 99.1. This report as well as other information about the Trust is also available on the Administrator’s website at http://www2.salliemae.com/investors/debtasset/slmsltrusts/.

PART II — OTHER INFORMATION

Item 2. Legal Proceedings. None.

Item 3. Sales of Securities and Use of Proceeds. None.

Item 4. Defaults Upon Senior Securities. None.

Item 5. Submission of Matters to a Vote of Security Holders. None.

Item 6. Significant Obligors of Pool Assets. No updates to report.

Item 7. Significant Enhancement Provider Information. None.

Item 8. Other Information.

Item 9. Exhibits.

(a)

99.1 Quarterly Distribution Report for SLM Student Loan Trust 2006-3 in relation to the distribution on April 25, 2006.

SIGNATURES

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


Dated: May 3, 2006	SLM STUDENT LOAN TRUST 2006-3

	By:	SALLIE MAE, INC.,
		the Administrator

	By:	/s/ C.E. ANDREWS

	Name: C.E. Andrews
	Title: Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS


Exhibit Number		Exhibit
99.1		Quarterly Distribution Report for SLM Student Loan Trust 2006-3 in relation to the distribution on April 25, 2006.

SLM Student Loan Trust 2006-3 10-D