Founded as a government sponsored enterprise, SLM Corp. which is better known to students as Sallie Mae, has helped millions of students fund their college education through its portfolio of student loans. Operating under the tag line, Champions For Higher Education, Sallie Mae has gained a reputation for opening the doors of higher learning for people who might otherwise not be able to attend college.
Established in 1972, SLM Corp. began to privatize its operation in 1997, reaching full independence from the federal government in 2004. Today, the company helps more than ten million students and borrowers, servicing well over 100 billion dollars in loans.
Consumer Warning Network Speaks Out
A consumer watchdog group, Consumer Warning Network, has been taking Sallie Mae to task for outsourcing thousands of jobs overseas. Currently employing more than 12,000 people, Sallie Mae has been sending jobs to India and the Philippines even as it receives the benefit of federal support in the form of subsidized loans.
Thanks to consumer pressure, Sallie Mae has reversed course and plans now to bring as many as two thousand jobs to the United States. According to the Consumer Warning Network, the company’s change of heart came about as it seeks a federal contract worth at least $200 million a year. Given the current economic and political climate, it is unlikely that companies with offshore operations could win the work, given the “challenging” personnel and system security requirements, said Chris Greene, a spokesman for the U.S. Department of Education in response to questions from the Consumer Warning Network.
Additional Student Loans Will Need Stateside Servicing
President Obama recently proposed fundamental changes to the education system that would increase the number and volume of federal student loans that need servicing. The servicing will likely be done by the private sector, said Mike Whisler, the administrator overseeing the new education contract.
Despite record unemployment in the United States, Sallie Mae, the country’s largest student lender, routes payments, complaints and applications for these loans as well as their sensitive personal and financial information to processing centers in Bangalore and Pune, India. It also directs loan questions to Baguio in the Philippines.
Adv. — Is your family experiencing a financial shortfall this academic year? Scholarships, grants, 529 money, and part time work may not be enough. Learn about private student loans by visiting SayStudent.com, your portal for college financial assistance. We have free tools for your download and updated information about current college financing requirements.
Tags: Bangalore, Barack Obama, college education, Consumer Warning Network, Department of Education, India, Philippines, Sallie Mae, SLM Corp., Student Loans, United States
themselves established in their careers within about five years of their graduation.

No Degree? That Might Be A Problem.
August 14th, 2008 by Matthew C. Keegan | 2 Comments | Filed in CommentaryIf you're thinking about quitting college, think again. A lack of a college degree can hurt you, causing you to miss out on career advancement opportunities.
Here’s a thought: you’re in college and are frustrated with your major, even dissatisfied with your school. You’re contemplating quitting, perhaps heading out to the work world in pursuit of a career and some money. After all, Bill Gates never finished college and look where that got him.
Though entertaining thoughts of quitting college can certainly be appealing, it could leave you vulnerable. Specifically, you may end up being passed over for a promotion simply because you didn’t finish college.
Co-Workers Say They Know Someone Who Was Passed Over For A Promotion
In a recent study conducted by eLearners.com and Kelton Research, respondents were asked several questions about employment, specifically their personal knowledge of the work environment. 19% of the people surveyed revealed that they knew of at least one person who didn’t get a promotion for not having a college degree, with 13% saying that they knew of a co-worker who didn’t get promoted because their education level was less than desirous.
“The statistics from this study confirm what has widely been known, not only is a degree critical to getting a job, but it is also key to advancing in one’s career,” said Terrence Thomas, EVP Marketing Operations at EducationDynamics. “And given the current economic climate, a degree might be needed just to keep your job.”
People Surveyed Admit That A Lack Of Education Has Hurt Them
When people were asked if they were passed over for a promotion themselves, the response was a bit different, but still significant: fully 9% of those surveyed said that they themselves lost the opportunity for a better job because they were unqualified academically.
“The message is loud and clear, that in today’s competitive job market, if you don’t have the right education others will pass you by,” continued Thomas.
“We found that 22% of people who started college but didn’t finish have been denied a job, raise or a promotion. What is shocking is that workers are telling us that not having a degree is becoming a significant roadblock in their careers.”
Stay In School
Clearly, the survey reveals two important points about higher education: a degree is still valuable when seeking career advancement and, if you’re already in college, then completing your studies is the way to go.
(Source: eLearners.com)
Tip – Is a lack of money keeping you from finishing your college education? Consider Federal Pell Grants which never have to be repaid or a work study program offered through your school. Upper classmen can sometimes find work as a professor’s assistant while private student loans and Stafford loans offer ways for you to borrow money which can be paid off after you graduate.
Tags: bachelor degree, College Budgeting, college degree, college education, college scholarships, Federal Pell Grant, masters degree, private student loans, stafford loans, university