Student loan giant Sallie Mae said Tuesday that first quarter 2007 earnings were off sharply, down from $152 million, or 34 cents per share, to $116 million, or 26 cents per share.

The Reston-based firm’s earning fell short of analysts’ expectations, although the shares traded down slightly on the news that the company plans to sell itself for $25 billion — $60 per share.

Sallie Mae is at the center of New York Attorney General Andrew Cuomo’s inquiry into lenders who give perks to university officials in exchange for business. The company settled with Cuomo earlier this month and agreed to change some business practices, but did not admit any guilt. The value of the company’s student loan portfolio rose 18 percent from last quarter to $150 billion.