Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul

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Updated March 30, 2010
Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul
By Kelly Chernenkoff  - FOXNews.com
Sallie Mae has been outspoken in its opposition to the plan, calling it a "government takeover" just last month

Powerhouse student loan provider Sallie Mae says layoffs are imminent as a result of President Obama's new student loan overhaul.

"This legislation will force Sallie Mae to reduce our 8,600-person workforce by 2,500," Conwey Casillas, Vice President of Sallie Mae Public Affairs, said in a statement to Fox News.

Obama was at Northern Virginia Community College in Alexandria on Tuesday to sign the student loan changes into law. The new bill includes a provision for the government to begin directly lending to students, bypassing financial institutions like Sallie May that traditionally have provided the loans. Obama said that such institutions have soaked up billions in subsidies.

"Now, it probably won't surprise you to learn that the big banks and financial institutions hired a army of lobbyists to protect the status quo," Obama said. "In fact, Sallie Mae, America's biggest student lender, spent more than $3 million on lobbying last year alone."

**read the rest at the link**

[Mike220]

Man, what is with this jackass and "status quo?" You'd think that was a pejorative with how often he uses it.