On Monday, August 14th, Sallie Mae, one of the nation’s largest student loan companies, received a $2.16 million grant from the Delaware Council on Development Finance, according to Delaware Online.
On the same day, the state of Delaware also awarded grants to two other companies, but Sallie Mae’s grant of $2.16 million was by far the largest. The money is coming from taxpayer funds and will be used to expand Sallie Mae’s presence in Delaware.
Now that they have been granted the reward, Sallie Mae plans to hire 285 workers from the Delaware offices of Barclays and HSBC. Those workers will be getting laid off from their previous companies over the course of the next two years as both Barclays and HSBC are closing their offices and moving a combined 600 jobs out of the First State.
The $2.16 million in grant money will be spread out in increments to offset the looming salaries of the new hires. Sallie Mae intends to make 120 new hires in 2018, 75 in 2019, and 83 in 2020.
Additionally, some of the money will be used to renovate a 57,000 square-foot Delaware office that Sallie Mae will be occupying. In addition to the grant money, Sallie Mae will use $6 million of its own money to assist in bringing the office up to Sallie Mae standards. The new office will primarily be used as a call center.
As of today, Sallie Mae is home to 750 Delaware workers. Rick Castellano, a spokesman for Sallie Mae, had the following to say: “We are pleased with the council’s decision and we are looking forward to adding more jobs here in Delaware. This grant will not only mean jobs and a new home for recently displaced workers, but will also bring a significant investment from Sallie Mae as we build out the new location.”
For Sallie Mae, already one of the nation’s largest student loan companies, this grant is sure to help them expand and grow even more. The student loan company is also no stranger to good deeds. Back in February, Sallie Mae awarded five student loan borrowers who won the Pays to Repay Contest by repaying their student loans in full. To win, the borrowers had to describe how repaying their student loans had a positive impact on their futures.
Author: Andrew Rombach
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