Tag Archives: Sallie Mae

Obama’s nationalization of student loans killed private sector jobs

Marathon Pundit reports.


PENNSYLVANIA: “Sallie Mae Decided Against Hiring 300 Temporary Workers At Its Loan Servicing Center After The Passage Of Student Lending Reform. Still to be determined are the long-term effects on the nearly 1,000 workers at the company’s facility in the Hanover Industrial Estates. “The temporary jobs that were posted in preparation for this year’s peak loan processing season have been eliminated,” Martha Holler, spokeswoman for Sallie Mae, said in an e-mail Friday. The move was in reaction to the passage Thursday of The Student Aid and Fiscal Responsibility Act that was included in the health care reform bill.” (“Sallie Mae plan for 300 temps halted,” The Times Leader, 3/27/10)

NEBRASKA: “Congressional Votes On Thursday To End Federally Subsidized Student Lending By Private Companies Will Mean Job Cuts At Lincoln Student Loan Company Nelnet, a company spokesman said Friday. “We are very disappointed by this political news,” spokesman Ben Kiser said. “We believe it is poor public policy that will eliminate a part of our business and result in job losses in our community.” Kiser declined to give any details about the scope of the cuts, although he said they will occur over the next several months. Nelnet employs about 2,100 people, including more than 800 in Lincoln. The provision to end the Federal Family Education Loan Program and to channel all federal student lending directly through the government was tacked on to the controversial health insurance overhaul reconciliation legislation.” (“End Of Student Loan Program Will Mean Job Cuts At Nelnet,” Lincoln Journal Star, 3/26/10)

And more from this post:

STUDENT LOAN CENTER IN LYNN HAVEN, FLORIDA: “It’s Devastating With The Swipe Of A Pen We Can Wipe-Out 700-Jobs.” “Another potential nail in the coffin for SallieMae Thursday. The U.S. Senate has passed a Health Care Reconciliation bill. The ‘fix it’ bill reshapes parts of the new health care overhaul law. The Democrats voted down all 40 Republican amendments to the bill. One of those was an amendment offered by Florida Senator George Lemieux that would have protected SallieMae and some 700 local jobs. Lemieux’s proposal would have stripped the health care bill of the language which basically takes the student loan program from the private sector. The bill now goes back to the House for a final vote. ‘It’s devastating with the swipe of a pen we can wipe-out 700-jobs.’ Renee Meng said it was a sad day for the SallieMae center in Lynn Haven where she described the staff as devastated and heartbroken.” (“Time Could Be Short For SallieMae In Lynn Haven,” WJHG-NBC, 3/25/10)

Thousands of jobs lost. People who can’t feed their families, send their children to university or even get medical care. All because of Obama. The voters had fears about the future. And the voters believed that he could make real life go away with a magic wand called “big government”.