According to a recent report, the headquarters of Sallie Mae are shifting from Reston to Delaware.
The move would mean that the employees of the loan giant would have to make tough choices. In order to move to Delaware, the employees may have to sell their houses, amidst a miserable real estate market.
The Spokeswoman of the Company, Martha Holler revealed that 700 jobs would stay in Reston. The firm has been in Washington for the past 40 years.
It is planning to streamline its business. The Government has tried to prevent the private lenders from giving student loans that are assured and funded by the Government.
The Obama administration and members of Congress are of the view that it would be better to stop subsidizing the middlemen and have the Government give the loans directly to the people.
The core of Sallie Mae’s enterprise was the federal mortgages. The Company can still give private mortgages and the Company is combining its offices in the Newark, Del. area. Since 2008, it has had more prospects of making private loans in that region.
Holler revealed that the federal alterations in their business have generated the need to bring about considerable restructuring in their enterprise.
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