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Obama's Nationalization of Student Loans Causes Sallie Mae to Layoff 2,500 Workers
Powerhouse student loan provider Sallie Mae tells Fox News that as a direct result of President Obama's new student loan overhaul, it will have to start cutting jobs... and soon."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, told Fox in a statement. The President was at Northern Virginia Community College in Alexandria Tuesday to sign student loan changes into law. The new bill includes a provision for the government to begin directly lending to students. The loans will bypass financial institutions which have traditionally provided the loans and, Mr. Obama says, soaked up billions in subsidies. "Now, it probably won't surprise you to learn that the big banks and financial institutions hired a army of lobbyists to protect the status quo," the President said. "In fact, Sallie Mae, America's biggest student lender, spent more than $3 million on lobbying last year alone." One of those lobbyists was Jamie Gorelick. Once again she failed at her job. Indeed, Sallie Mae has been outspoken on the plan, calling it a "government takeover" just last month. "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. Posted by: wt 2010-03-31 |
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