Sallie Mae, which repatriated hundreds of call-center jobs from foreign sites to the Scranton, Pa. and Wilmington, Del., areas last year (they're home to important Congressmen), could shave $300 million in job and office cuts by next fall if a Democratic-backed government takeover of for-profit college student lending passes Congress, FBR Capital Markets analyst Matt Snowling said in a report today.
Sallie Mae employed around 8,000 at the end of last year. Shares rose as the company reported lower loan losses in its quarterly earnings statement today.
Sallie Mae says it would continue as a high-interest-rate private lender and government-loan servicer if the government chases it out of taxpayer-subsidized loan-origination programs, Snowling adds.
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