Student Loan Provider Confirms Layoffs of 2,500 workers

[JohnBrowdie]

the liberals that passed the student loan takeover that was buried in the health care bill didn't give a damn about the people that were about to lose their jobs.  they just wanted to control the money that people used to finance their education, because if you control the money, you have a certain amount of control over the people themselves.

and that is what liberalism is about.  control.  we are too stupid to know what's good for us, and since we don't always listen to washington (and washington always knows best, of course), they need mechanisms to force their wisdom upon the ignorant masses.  THIS is one of those mechanisms.

Sallie Mae Reiterates Upcoming Layoffs

Student loan provider Sallie Mae Inc. has confirmed it will reduce its work force by 2,500. The company made the statement in its first quarter earnings report released Wednesday. Sallie Mae, which employees approximately 2,400 in central Indiana, says the reductions are due to the federal government taking control of the origination of student loans.

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[JohnBrowdie]

more carnage from the government takeover of student loans, which was hidden in the government takeover of health care.

if the admninistration was honest, and it is not, they would deduct the jobs that have been unarguably destroyed by their policies from the mythical number of jobs "saved" or "created".  it would be a negative number.

Sallie Mae letting 100 go in July
Layoffs follow lending changes

HANOVER TWP. – One hundred customer service workers at the Sallie Mae center in Hanover Township have been informed that they’ll lose their jobs July 16.

The news wasn’t unexpected. Just last month the Reston, Va.-based student lending and loan processing company announced that 2,500 total workers will be let go by the end of 2011, including all 1,200 workers at the company’s centers in Killeen, Texas, and Panama City, Fla.

An e-mail to The Times Leader from someone whose family members work at the Hanover Township facility said the announcement was made Thursday. Employees will be given a severance package of four months’ salary.

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[Miss Mia]

I have nothing against the govt taking back student loans.  Cuts out the middle man.  BTW, as someone that's currently taking out loans, I had loans (regular govt ones) through Wells Fargo and I'm getting statements that I need to start paying the back, though I'm still a full time student.  Sigh, what a hassle to take care of.

[JohnBrowdie]

odd.  "the middle man" usually refers to an economic arrangement in the private economy.  getting rid of the "middle man" in this context so we are free to experience the full glory of dealing directly with the federal government is a concept that gives me logical indigestion.  first of all, they probably can't do it.  they simply aren't capable.  the feds tried to deal directly with homeowners with badly upside-down mortgages in the first year of Our Obama and it was a disaster.  they turned it over to private banks.  I don't expect this little foray into loan administration to go any differently.

not to mention the fact that this whole thing was secreted into the health care monstrosity, passed under budget reconciliation, and dishonestly peddled as a cost savings measure.  what bullsh*t.  the liberals want control of education just like they wanted control of health care, and if you pay the bills you have complete control.  handing full authority to the central government over who gets to go to college, where they go to college, and what they study when they get there should alarm everyone.

I have nothing against the govt taking back student loans.  Cuts out the middle man.  BTW, as someone that's currently taking out loans, I had loans (regular govt ones) through Wells Fargo and I'm getting statements that I need to start paying the back, though I'm still a full time student.  Sigh, what a hassle to take care of.

[Vonne]

Bah, didn't Bush state that people were bastards for not paying off their student loans after being out of school for a year?  Those darn serfs, scoundrels, gypsies, and vermin!
 
  Sorry but I'm still mesmerized with how out of touch our former President was.

[JohnBrowdie]

it bothers me that the central government was so quick to take control of student loans.  it bothers me that the whole thing passed under reconciliation rules.  and it bothers me that I seem to be the only one that cares.

seriously, though, if the government directly pays the bills, the government will, sooner or later, call the shots.  what you study, where you study it, and how long you are allowed to study it all comes under government scrutiny.

[jafo2010]

Since Obama has socialist/fascist/communist leanings, who is to say where he will stop?

What it boils down to is control.  With the government control, they can take it away rather easily if/when they decide they have something more important to fund (like increasing their compensation).  And considering the mediocre commitment the federal government has toward education,ht e elimination of student loans for USAA citizens is an event that could happen at any time.

Rest assured, loans for foreign students like Barry Soterro will have increases if anything.

[Vonne]

it bothers me that the central government was so quick to take control of student loans.  it bothers me that the whole thing passed under reconciliation rules.  and it bothers me that I seem to be the only one that cares.

seriously, though, if the government directly pays the bills, the government will, sooner or later, call the shots.  what you study, where you study it, and how long you are allowed to study it all comes under government scrutiny.

It is ironic isn't it, that after the socialist dictorial revolution of Cuba.  That was the same situation that bewildered Che!  His memoirs and diary were filled with discord over his disappointment and disgust that so many university students were forced to give up their dreams and pursue the education that Fidel was demanding.  Viva La Revolucion!   

[Wretched Excess]

really, you are totally on target.  if the government PAYS for your education, then the government will DICTATE what you study, and where, and how. 

I am surprised that more people aren't more alarmed about this.

It is ironic isn't it, that after the socialist dictorial revolution of Cuba.  That was the same situation that bewildered Che!  His memoirs and diary were filled with discord over his disappointment and disgust that so many university students were forced to give up their dreams and pursue the education that Fidel was demanding.  Viva La Revolucion!   

[Vonne]

Perhaps I'm a tad naive, I'm just not quite seeing the need for alarm as you do.  Our government already finances quite a bit of education.  They already dictate how many people are allowed per year into certain fields, such as medical school.  I understand the risk of a government attempting to dictate what you study once they become involved with financing education.  I'd even agree that risk, increases as their involvement in education increases.  However... I still believe our country is far enough away from a dictatorship, that the courts and voters won't allow that level of control.  At least, as of now.

Cuba is a great example of the dangers in government financing education.  However, a government much more similar to ours, that of Australia; shows what else could be allowed.  Freedom to pursue the education you desire, financed by the government.  I believe they actually only take a small percentage of your future income, until it's paid off or so many years have gone by.  

[JohnBrowdie]

I think the student loan takeover is at least as slippery a slope as obamacare.  people that do as government wishes will get preferential treatment;  that's what "incentive" means in the first place.  "they already do it" doesn't sound like much of a defense. 

I don't understand how this level of coercion on the part of the central government in the arena of educating the nation's young people doesn't set off alarm bells.