1/18 Sallie Mae plans to layoff 350 workers

A $25 billion collapsed buyout offer and higher borrowing costs have prompted Sallie Mae (NYSE:SLM) , the nation’s largest student lender, to lay off about 3 percent of its work force nationwide.

The embattled SLM Corp. said Friday it will slash 350 jobs from an 11,000-worker staff to help cut costs 20 percent by 2010.