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Sallie Mae consolidation bringing 350 jobs to Indiana

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Student-loan giant Sallie Mae will consolidate operations in Indiana as part of a company-wide restructuring, creating about 350 jobs at its existing facilities in Fishers and Muncie.

Indiana Economic Development Corp. revealed the plans Friday afternoon, capping a week that included four other jobs announcements that could result in 2,000 additional positions in Indiana.

Reston, Va.-based Sallie Mae employs about 2,600 people in Indiana, including 1,700 in Fishers.

The company is cutting nearly a third of its nationwide work force of 8,000 as a result of a new law that cuts banks out of the federal student-loan business. It has said it will close service centers in Killeen, Texas, and Panama City, Fla., by the end of this year. It has not said where the job cuts will be made in 2011.

The law strips the middleman role in student lending away from banks. Lawmakers expect to save at least $60 billion in fees that previously went to banks to process government-backed student loans.

Sallie Mae services more than $200 billion in student loans.
 

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