BOSTON ( TheStreet) -- With QE2 likely to buoy the stock market through year-end, investors should seek undervalued stocks. Here are 10 of the cheapest S&P 500 stocks based on forward earnings multiples. Below, they are ordered from cheap to cheapest.

10. SLM Corp. ( SLM) provides education finance.

SLM swung to a third-quarter loss of $495 million, or $1.07 a share, as revenue gained 6.1% to $1.7 billion. The operating margin narrowed from 61% to 60%. SLM's stock trades at a forward earnings multiple of 8.1, a book value multiple of 1.3 and a sales multiple of 0.9, 41%, 45% and 41% discounts to consumer finance industry averages. Of analysts covering SLM, seven advise purchasing its shares and three recommend holding them. None suggest selling. A median target of $16 implies 27% upside.

Bullish Scenario: FBR Capital Markets predicts that SLM's stock will advance 52% to $19.

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