Student-loan giant Sallie Mae announced Friday morning that it plans to add 200 jobs at its Muncie location as part of a $5 million expansion.

The Newark, Del.-based corporation said the investment will go toward a 20,200-square-foot expansion of its offices at Airpark Industrial Park. When finished next summer, the 75,000-square-foot facility will house 900 employees.

Under terms of the agreement with Muncie, Sallie Mae will hire the employees in the year following completion of the expansion. The jobs will support customer-service operations.

Sallie Mae has committed to keeping 900 employees in Muncie until at least the end of 2024.

The Muncie Redevelopment Commission will consider in August an incentive proposal to lower the purchase price of the building that Sallie Mae now leases but intends to buy. The City Council will consider a request for a partial tax abatement on Aug. 6.

Sallie Mae opened its Muncie location in 2006. It also has an office in Fishers.