Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul
Fox News ^ | Tuesday, March 30, 2010 | Kelly Chernenkoff

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 ...


TOPICS: Breaking News; Crime/Corruption; Government; News/Current Events
KEYWORDS: agenda; bho44; fifth100days; layoffs; obama; salliemae; studentloans; whoscryingnow
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-92 next last
To: Canedawg

1. Encourage private sector through mandates or intimidation
2. Subsidize private sector
3. Remove “middleman”

In a few years the Dems will get rid of unnecessary insurance middlemen.


41 posted on 03/30/2010 9:32:18 PM PDT by Bogey78O (Don't call them jihadis. Call them irhabis. Tick them off, don't entertain their delusion.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Bogey78O

Exactly. See my post above yours.


42 posted on 03/30/2010 9:34:23 PM PDT by Canedawg (I'm not diggin' this tyranny thing.)
[ Post Reply | Private Reply | To 41 | View Replies]

To: kristinn

Oopsie.

Well, there will be 16k jobs at the IRS soon. May well send an application in for one of those.


43 posted on 03/30/2010 9:43:56 PM PDT by CriticalJ (Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Canedawg

I’m beginning to think you should post that as a separate thread....about private sector being just “middlemen”


44 posted on 03/30/2010 9:54:16 PM PDT by goodnesswins (The PLANTATION Party is at it again (the DEMS) ....trying to make slaves of everyone)
[ Post Reply | Private Reply | To 36 | View Replies]

To: Canedawg

The interest is higher and other terms are inferior to those of the Sally Mae administered loans. And Obama plans to use the difference in interest collected to pay for other entitlements. He probably thought the students would be too dumb or misinformed to recognize this. I think he’ll pay a price for this.


45 posted on 03/30/2010 10:19:42 PM PDT by haroldeveryman
[ Post Reply | Private Reply | To 40 | View Replies]

To: Blood of Tyrants
hire about 6,000 to replace them at a higher wage

He'll move offices to various large democrat cities, hire 10,000 locals, and start them at $100k. After a year of training and totally disastrous screw ups, his job savings will have cost $1 billion.

46 posted on 03/31/2010 2:19:49 AM PDT by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: TMA62
I believe I heard that Indiana was the largest employer and will lose about 1700 jobs. Seems like there were 3 offices but I only remember Muncie, Somewhere in Indy. I forget the third.
47 posted on 03/31/2010 2:35:18 AM PDT by grame (May you know more of the love of God Almighty in the coming year)
[ Post Reply | Private Reply | To 11 | View Replies]

To: kristinn

I wonder how many of those 2500 voted for Obama


48 posted on 03/31/2010 3:13:18 AM PDT by lowbridge (Rep. Dingell: "Its taken a long time.....to control the people.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: TMA62

Nationalizing the industry is another step towards communism but I’m not so sure I believe these folks. My student loan is with them. Every time I’ve called in the last 6 months I’ve spoken with someone in India.


49 posted on 03/31/2010 3:16:44 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Bogey78O; Canedawg

Not only will you have to go to the govt for a student loan, but they will now have control over you. They will require our kids to attend indoctrination sessions. Don’t buy into global warming? No student loan for you.


50 posted on 03/31/2010 3:19:28 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
[ Post Reply | Private Reply | To 41 | View Replies]

To: kristinn
No need to worry. The Sallie Mae employees will be replaced by public workers - probably at a 3 to 1 ratio! Obama is really busy paying back his unions buddies!

Same is true of the health care bill. Legislators never include administrative costs in the "savings" or "cost" calculations.

51 posted on 03/31/2010 3:26:20 AM PDT by REPANDPROUDOFIT (General, sir, it's ok to call me "ma'am"!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

I am against the govt subsidizing education loans, but the fact is they do. In fact, 80% of student loans come directly from the USG. The banks keep the interest, yet the govt takes any losses.

Despite my ideological difference, this is a good change to the way things are done.

Yes, I know that some jobs will be lost, but if we are against increased federal debt then this is a positive way to reduce govt spending by billions each year.


52 posted on 03/31/2010 4:09:50 AM PDT by camp_steveo
[ Post Reply | Private Reply | To 1 | View Replies]

To: infool7

Your post sums it all up.

Cannot wait for November!


53 posted on 03/31/2010 4:44:45 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
[ Post Reply | Private Reply | To 8 | View Replies]

To: kristinn

what do you expect when so many people whom are stupid vote for a pantywaist pissant. what up the secret deal with the north dakota bank that is exempted from the student loans. How about the student loans through the Minnesots based company whose records were compromised recently.

the wonderful psychopaths are now in charge. A monorail from Disney World (fantasy land) going full speed ahead, even though there is a break in the track, crash and derails . Victims what victims, so many voted for the garbage they deserve it.

He promised change. change you will get unemployment food lines and so forth.

The conservatives were right. I told you so.


54 posted on 03/31/2010 4:56:11 AM PDT by hondact200 ( Lincoln Freed the Enslaved. Obama Enslaves the Free. Stupak is kaputS. MI District 1 Rep)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TMA62

“Thanks Hussein and Evan Bayh, Joe Donnelly, Brad Elsworth, Baron Hill, et. al.”

I will be donating money for their opponents.


55 posted on 03/31/2010 5:08:38 AM PDT by caver (Obama: Home of the Whopper)
[ Post Reply | Private Reply | To 11 | View Replies]

To: FlingWingFlyer

How’s that “laser focus” workin out for ya?


56 posted on 03/31/2010 5:46:27 AM PDT by gnickgnack2 (QUESTION obama's AUTHORITY)
[ Post Reply | Private Reply | To 9 | View Replies]

To: goodnesswins

Go listen. Not only that, he said that we gave billions to the banks which could have been used for students to go to college—well, duh, isn’t that where these billions given to banks to provide student loans went? If not, then the laws were written wrong. If so, and govt will now be providing this money to students cheaper, why do we need to DOUBLE Pell Grants?

He said that millions of these billions went to line the pockets of fatcat bankers. How stupid! If anything, they lent those millions out to make even more money to line their pockets with. They wouldn’t just take it!

And anyways, because I don’t really know, did the USGovt actually give the money to the banks to lend, or did they just back (guarantee ) the loans?


57 posted on 03/31/2010 5:59:07 AM PDT by gnickgnack2 (QUESTION obama's AUTHORITY)
[ Post Reply | Private Reply | To 31 | View Replies]

To: Chode

Got a pic of the toro that depantsed the toreador a couple years back? That would be just as appropriate.


58 posted on 03/31/2010 6:01:17 AM PDT by gnickgnack2 (QUESTION obama's AUTHORITY)
[ Post Reply | Private Reply | To 38 | View Replies]

To: Macgedos

“There is only one other bank in the nation that will be allowed to make student loans other than the government and that bank is located in ND ( in a district where Zero needed a vote for his health care).”

That provision got stripped from the legislation. There are no banks that will be making federal student loans.

This can’t really be seen as ‘government takeover’. The program that was eliminated is called the FEDERAL Family Education Loan Program. It was already federal.

And Sallie Mae will still be able to make as many private student loans as they want and can afford to provide, at whatever rate they want to provide to low or no income 19 year olds. They just can’t participate in the federal loan program and collect taxpayer money. Plus, Sallie Mae has already scored a fat contract to provide servicing on the back end of these federal loans. They are no victim.


59 posted on 03/31/2010 6:08:35 AM PDT by Hawk720
[ Post Reply | Private Reply | To 22 | View Replies]

To: kristinn

How’s that hope and change working out for you, Sallie Mae employees?


60 posted on 03/31/2010 6:22:38 AM PDT by OB1kNOb (We are definitely in the Fourth Turning crisis phase.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-92 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson