Sallie Mae Tightening the Belt

STEP AWAY FROM THAT POSTAGE METER!: Sallie Mae will lay off 3% of its work force, as part of an effort to cut expenses by 20% by 2010.

Good thinking! Between the effects of the credit crunch and the terms of the revised Higher Education Act passed last year, the incremental business the company is lately booking is unprofitable. No stone will go unturned, therefore, cost-control-wise.

The Washington Post reports that possible cuts "include limiting travel and eliminating excess mail and postage."

Sounds desperate, yes? No wonder Al Lord's been so grouchy.