Posted on 03/30/2010 7:31:40 PM PDT by kristinn
Powerhouse student loan provider Sallie Mae says layoffs are imminent as a result of President Obama's new student loan overhaul.
"This legislation will force Sallie Mae to reduce our 8,600-person workforce by 2,500," Conwey Casillas, Vice President of Sallie Mae Public Affairs, said in a statement to Fox News.
SNIP
"The student loan provisions buried in the health care legislation intentionally eliminate valuable default prevention services and private sector jobs at a time when our country can least afford to lose them," Casillas told Fox News.
Sallie Mae was trying to garner support for an alternative, which the company said was roundly rejected.
"We are profoundly disappointed that a reform plan that would have achieved more savings for students was ignored and now thousands of student loan experts will unnecessarily lose their jobs," Casillas said.
SNIP
Sallie Mae hasn't said exactly when jobs will start getting slashed, but the cuts "will start soon," Casillas said.
(Excerpt) Read more at foxnews.com ...
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If its like mine I pay on the 12, they credit my account on the 23rd and then say I’m late since they didn’t get it on the 17th.
Oh how I cant wait until this thing is paid off.
“I wonder how they prevent defaults?”
Well first of all student loans cannot be discharged through bankruptcy. Second there has been talk of punishing people behind on their payments by revoking other things, like their second amend rights.
I hear the IRS is going to be hiring...
If Sallie Mae actually were a real business, they would make loans and collect profits and suffer losses like a real business.
I’m not happy about the demise of these folks, who probably thought they were actually doing something productive, but really, this should not have been a surprise to them if they understood the business they were in.
Same story, different day - government gets bigger, number employed productive taxpayers gets smaller.
Sallie Mae, along with Fannie Mae and Freddy Mac, should be eliminated. Bloated fake “private” organizations.
I have it on autopay now,so they take the money on the day they say it's due.
I'll probably wake up some day and find out they drained my bank account through government takeover.
” I have it on autopay now,so they take the money on the day they say it’s due.”
That didn’t work for me. They would apply it to one loan and mark the rest overdue. They receive the money before the due date, they just don’t process it.
“I’ll probably wake up some day and find out they drained my bank account.”
That basically happened.
I hope they are not doing that to me. How did you find out?
It will show up on your statements. they have to be one of the most inept companies I’ve ever seen.
“More Saved Jobs!!! I count 6,100 Sallie Mae employees that still have jobs, what’s your problem” Joe Biden April 1, 2010
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