Edward A. McCabe, an attorney with the firm Hamel, Park, McCabe & Saunders, has been named by President Reagan as the chairman of the board of directors of the Student Loan Marketing Association.

McCabe previously served as chairman of Sallie Mae from 1972 to 1978. He was also general counsel of the House Education and Labor Committee from 1953 to 1955 and administrative assistant to President Eisenhower from 1956 to 1960.

Reagan is authorized by law to appoint one-third of Sallie Mae's 21-member board, including its chairman. The other directors are elected from the corporation's financial and educational institution stockholders.

Sallie Mae has also announced the appointment of four new officers to its board of directors. Albert L. Lord, previously treasurer of the First Pennsylvania Corp., was named vice president and controller. Roger C. Pastore, formerly of Evans Financial Corp., became vice president of corporate finance. Leonard M. Fertig, most recently an independent marketing consultant, was appointed assistant vice president for product development. Edward F. Kearney, a former manager with the accounting firm of Arthur Young & Co., became assistant vice president for loan administration.

The corporation also announced the resignation of Leonard D. Schaeffer, executive vice president and chief operating officer.

In a related development, Marcia Myerberg was named vice president and treasurer of the Federal Home Loan Mortgage Corp. She joined Freddie Mac in 1979 as assistant treasurer.

Frederick J. Napolitano was recently named to the advisory committee of Freddie Mac. Napolitano, who has been a builder and developer in Virginia Beach, Va., for the past 27 years, has served since September as president-elect of the National Association of Home Builders. He will become president of the association in January.