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Sallie Mae restructuring affects Indiana jobs

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Although Indiana was spared the closure of entire Sallie Mae service centers, the state didn't escape the student-loan giant's restructuring.

Sallie Mae laid off roughly 70 people, who mainly worked in IT, at its Fishers facility on Dec. 3. That move was part of 100 layoffs nationwide, said Conwey Casillas, vice president of public relations. At least one other affected location was near Scranton, Penn., according to published reports.

"Every employee impacted will receive a generous severance package and comprehensive job-placement services," Casillas said.

Sallie Mae, a nickname for the publicly traded SLM Corp., is restructuring because of a new law that cuts banks out of the federal student-loan business. The company is in the process of cutting about a third of its nationwide work force of roughly 8,000 people.  That included closing service centers near Killeen, Texas, in November and in Panama City, Fla., by the end of the year.

Casillas said he didn't know whether future job cuts would affect Indiana locations. Overall, Indiana is supposed to benefit from the consolidation. In October, the company said it will move about 350 jobs to facilities in Fishers and Muncie. Casillas said that process is underway.

But the consolidation doesn't appear to have boosted Sallie Mae's local employment in a significant way. Casillas said the current headcount in Indiana is about 2,550, with 1,850 in Fishers and 700 in Muncie.

The company is consolidating its management as well and next year will move its headquarters from Reston, Va., to Delaware.

Sallie Mae still services some $150 billion in student loans from the former federal program, and it will continue to employ people to work with those loans. But as CEO Alfred Lord pointed out at a Nov. 30 investor conference, "It is a wind-down business."

Sallie Mae also makes private loans and is trying to build that business.  "It's been a bit of a balancing act between contraction and expansion," Lord told analysts. "That's an interesting high-wire act, because it's a very difficult thing to accomplish culturally, but we're accomplishing it."

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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