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Topic: Sallie Mae To Add 2,000 Jobs To U.S.
Winx's photo
Mon 04/06/09 11:35 AM
Sallie Mae to add 2,000 jobs to US in 18 months

By MICHELLE CHAPMAN, AP Business Writer Michelle Chapman, Ap Business Writer – 1 hr 7 mins ago

NEW YORK – Sallie Mae gave some hope to the unemployed Monday, announcing that it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas.

The move marks somewhat of a turnaround for the nation's largest private student lender, which two years ago was faced with slashing costs amid collapsing capital markets and legislative marketing cuts.

"We were at the point where we couldn't make a student loan at a profit," Chief Executive Albert L. Lord said during a conference call.

Sallie Mae quickly scuttled jobs overseas as part of a plan to save about $300 million over a 12-month period.

"The company had to re-engineer itself. It had to cut jobs and it had to move jobs. At least that's how we felt at the time," Lord explained.

Once the cost cuts were made, Sallie Mae started to look into returning those positions to the U.S.

The impending influx of jobs is welcome news to the country's unemployed, whose numbers have climbed past 13 million. The jobless rate — which hit 8.5 percent last month — is expected to reach 10 percent by year's end.

Sallie Mae plans to return its 2,000 jobs to the U.S. by October 2010, with 600 of those positions on tap for its Wilkes-Barre, Pa. facility.

The company also runs facilities in locations such as Lynn Haven, Fla.; Fishers, Ind.; Killeen, Texas and Newark, Del.

And if the turnout for jobs at its Delaware operations center is any indication, Sallie Mae should brace for a large number of applicants for the new crop of positions. A job fair hosted by the Reston, Va.-based company in December for the Delaware site saw more than 800 attendees and at least 2,300 more apply online. The lender said at the time that it planned to hire 1,100 workers for the facility by the end of 2011.

Aside from call center positions, Sallie Mae will be looking for individuals to fill information technology and operations support roles.

While the jobs shift will cost approximately $35 million a year, Lord dismissed pundits that criticized the expense, saying the move will "enhance our franchise for many years to come."

Sallie Mae, also known as SLM Corp., has more than 8,000 U.S. employees. It manages $180 billion in education loans and serves 10 million student and parent customers.

Shares of SLM rose 27 cents, or 5.1 percent, to $5.62 in afternoon trading.

yellowrose10's photo
Mon 04/06/09 11:40 AM
:thumbsup:

Winx's photo
Mon 04/06/09 11:48 AM
A business is coming back to the U.S.:banana:

yellowrose10's photo
Mon 04/06/09 11:52 AM
what does this company do??? sorry...head hurts to look it up lol

franshade's photo
Mon 04/06/09 11:58 AM
Isn't Sallie Mae related to Fannie Mae and Freddie Mac?

Winx's photo
Mon 04/06/09 11:59 AM

what does this company do??? sorry...head hurts to look it up lol


It's the nation's largest private student lender.

Winx's photo
Mon 04/06/09 12:04 PM
Edited by Winx on Mon 04/06/09 12:23 PM
Oops.

franshade's photo
Mon 04/06/09 12:05 PM
great moving operations back to the US

no photo
Mon 04/06/09 12:06 PM

great moving operations back to the US



:thumbsup:

no photo
Mon 04/06/09 12:07 PM


..they shouldnt have outsourced their jobs in the first place....its about time america starts drawing in its talons and worry about americans...jmo

yellowrose10's photo
Mon 04/06/09 12:10 PM
tomb...i agree with you there

winx...ty for explaining it to me. i hadn't heard of them before

nogames39's photo
Mon 04/06/09 12:12 PM
Sally is not a company, Rose. Sally is a GSE. Government Sponsored Enterprise. No different than that of Fannie Mae, Freddie Mac or any of Soviet Union's "Whatever***Stroy", or "Whatever***Snab" or "Whatever***Trans" types.

It is completely a socialist construct, unable to ever turn a penny of profit, and condemned by design to suck the wealth of the people for as long as it exists.

Unlike a business, which is by definition, founded to serve some demand, i.e. be useful to people, GSE serves no demand, for where GSE operates no demand exists, other than in the eyes of school dropouts or those who should be the dropouts.

Because there is no demand (demand is a desire for a product coupled with an ability to pay for it, i.e., coupled with saved prior service to other members of society), there will be no servicing of any demand.

Since, there will be no servicing of any demand, tho whole mammoth scaled operation will be funded by creating huge insolvencies, so to speak, it will be funded by creating a problem, by burning the money out of the hands of those who managed to save anything.

Every time a GSE is proposed, all kind of socialist dimwits come out of their closets do defend the GSE, and to show us how there will be a profit, or at least a service to those who (can not afford) (read: do not want to be useful for other members of society they live in).

GSEs can operate for years, hiding their losses in sleazy accounting. Eventually, the truth comes out. At those moments, taxpayers are offered to pay for the losses that GSEs have inflicted on themselves, and it is described as "crisis".

Our regular countryman is too dumb, to realize that at those moments of crisis, he is paying for the predicted losses of GSE, that were simply hidden for several years, so that the proponents of socialism can point and proclaim: "see, no losses".

So, there. Everything you wanted to know about Sallie Mae.

yellowrose10's photo
Mon 04/06/09 12:14 PM
ty nogames....while i'm glad that there will be jobs for people...are we expected to see them in the news like fannie and freddie (i feel like i'm on a first name basis with them already lol)

franshade's photo
Mon 04/06/09 12:15 PM
nogames - I found the following:

Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE). The company began privatizing its operations in 1997, a process it completed at the end of 2004 when the company terminated its ties to the federal government.

Winx's photo
Mon 04/06/09 12:21 PM
Sallie Mae is the nation's leading provider of student loans. They help millions of Americans to go to college. These loans are paid back with interest and they're bringing 2,000 jobs back to the United States. NoGames, it sounds good to me.

Winx's photo
Mon 04/06/09 12:22 PM

nogames - I found the following:

Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE). The company began privatizing its operations in 1997, a process it completed at the end of 2004 when the company terminated its ties to the federal government.


Thanks, Fran.

nogames39's photo
Mon 04/06/09 12:25 PM
Secondly, and I am not sure if you ever wanted to know this, here is a real purpose of Sallie Mae. I am now speaking or a real, design purpose of why it was proposed, not what was said to dimwits.

Sallie will operate to inflate the educational costs across the board. This means, that if successful, the undertaking will raise skyrocket the costs of education in every institution across the nation, from government subsidized colleges to private elite universities.

Why does government needs these costs to skyrocket? Doesn't the government always talks about lowering these costs? Well, this is where the talk is different from the walk. Most people only pay attention to talk, so they can be walked all over.

The government always talks about lowering the costs. But it really wants these costs to be raised. Because, only by creating an anticipation of inflation, it can escape the riots as a result of the inflation. In other words, it seeks to create a demand for inflation, before creating the inflation, so then the inflation (which is how government feeds those connected bankers) can come sort of desired, rather than unexpected.

I know that the dimwits will tell you that Sallie lowers the costs of education. That is why they are the dimwits. They can only observe "the talk".

nogames39's photo
Mon 04/06/09 12:28 PM
Independent and private is just talk.

Their losses are guaranteed by the government. This means, quite simply, that in those years that they hide their losses, the will take home the supposed profits (privately), but then they will make their total accumulated losses known, and those losses will be paid by the taxpayer.

AdventureBegins's photo
Mon 04/06/09 12:28 PM

Sallie Mae is the nation's leading provider of student loans. They help millions of Americans to go to college. These loans are paid back with interest and they're bringing 2,000 jobs back to the United States. NoGames, it sounds good to me.

Gee 2000 jobs...

that one, should have been here in the US in the first place.

and two, Millions of Americans... Or millions of students from arround the world?

2000 jobs is a token and a simple math exercise will show how meager it is.

Looks more like political manuevering to me.

Little sugar on the pile of dog poop so you dont notice the dried feces underneath.

MirrorMirror's photo
Mon 04/06/09 12:30 PM

Sallie Mae to add 2,000 jobs to US in 18 months

By MICHELLE CHAPMAN, AP Business Writer Michelle Chapman, Ap Business Writer – 1 hr 7 mins ago

NEW YORK – Sallie Mae gave some hope to the unemployed Monday, announcing that it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas.

The move marks somewhat of a turnaround for the nation's largest private student lender, which two years ago was faced with slashing costs amid collapsing capital markets and legislative marketing cuts.

"We were at the point where we couldn't make a student loan at a profit," Chief Executive Albert L. Lord said during a conference call.

Sallie Mae quickly scuttled jobs overseas as part of a plan to save about $300 million over a 12-month period.

"The company had to re-engineer itself. It had to cut jobs and it had to move jobs. At least that's how we felt at the time," Lord explained.

Once the cost cuts were made, Sallie Mae started to look into returning those positions to the U.S.

The impending influx of jobs is welcome news to the country's unemployed, whose numbers have climbed past 13 million. The jobless rate — which hit 8.5 percent last month — is expected to reach 10 percent by year's end.

Sallie Mae plans to return its 2,000 jobs to the U.S. by October 2010, with 600 of those positions on tap for its Wilkes-Barre, Pa. facility.

The company also runs facilities in locations such as Lynn Haven, Fla.; Fishers, Ind.; Killeen, Texas and Newark, Del.

And if the turnout for jobs at its Delaware operations center is any indication, Sallie Mae should brace for a large number of applicants for the new crop of positions. A job fair hosted by the Reston, Va.-based company in December for the Delaware site saw more than 800 attendees and at least 2,300 more apply online. The lender said at the time that it planned to hire 1,100 workers for the facility by the end of 2011.

Aside from call center positions, Sallie Mae will be looking for individuals to fill information technology and operations support roles.

While the jobs shift will cost approximately $35 million a year, Lord dismissed pundits that criticized the expense, saying the move will "enhance our franchise for many years to come."

Sallie Mae, also known as SLM Corp., has more than 8,000 U.S. employees. It manages $180 billion in education loans and serves 10 million student and parent customers.

Shares of SLM rose 27 cents, or 5.1 percent, to $5.62 in afternoon trading.

:banana: :banana: :banana: :banana: :banana:

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