[UPDATED] Effort Intensifies to Save Sallie Mae Jobs

InsideINdianaBusines.com Report

ishers Town Council President Scott Faultless tells Inside INdiana Business the impact of the student loan overhaul proposal reaches beyond Fishers and Muncie.

A group of central Indiana officials is in Washington, D.C. today on a mission to save 2,300 jobs. Fishers Town Council President Scott Faultless is part of a contingent planning to meet with Senators Evan Bayh (D) and Richard Lugar (R) to outline the potential impact of a proposed federal overhaul of the student loan system. A plan passed by the U.S. House would give the federal government control over the loans, leaving companies like Sallie Mae out in the cold. Sallie Mae has major Indiana operations in Fishers and Muncie.

Source: Inside INdiana Business

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Faultless says he supports an alternative plan from Sallie Mae that would keep student loan servicing private, while ending federal subsidies to student lenders.

Supporters of the changes believe the cost of student loans will come down, making higher education more affordable.

Sallie Mae officials believes the government may be able to provide lower interest rates, but the private sector can provide more efficient loan servicing.

We are planning to examine the issue during this week's Inside INdiana Business Television.

Source: Inside INdiana Business