Sallie Mae, along with NelNet and two other student loan providers, also recently won a $550 billion deal with the Department of Education to service direct loans. After relaxing once-strident opposition to direct-loan programs, Sallie Mae began clamoring this spring for a chance to help operate the government program. This contract suggests that their requests were met, even though Congress has not yet approved the direct-loan expansion, which the White House supports.

http://www.opensecrets.org/news/2009/07/...

My two cents:

Sallie Mae, may be fighting against the bill, but they are also making money based on the above and have continued government pull even though they are now private.

Would they really have to lay off people? I doubt it. I think they are trying to have the best of both worlds.

If the bill passes the senate, it should already be priced into the stock since it has long been known that the bill would most surely pass. If it doesn't pass, look for Sallie to go up 100% on the news. Otherwise nothings changed. If they lay off people, then thats less employees to pay. And thats what they will do. So be it.