September 15, 2000

Sallie Mae to Cut 1,700 Jobs Following Merger

By STEPHEN BURD

Sallie Mae, the country's largest financer of student loans, has announced that it will cut 1,700 jobs, or a quarter of its work force, over the next 15 months as it integrates its operations with those of the recently acquired USA Group.

In July, Sallie Mae completed its purchase of the commercial enterprises of USA Group, the largest guarantee agency in the United States, for $770-million in cash and stock.

Sallie Mae officials said that the

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