Sallie Mae Employees, Local Officials Urge Lawmakers to Protect Local Jobs

WILKES-BARRE, Pa. - (BUSINESS WIRE) - Joined by various community leaders and state and local elected officials, Sallie Mae-the nation's leading saving, planning and paying for education company-today announced the results of a community-led effort to protect local jobs in Pennsylvania and options for students. Over the past month, more than 31,000 county and state residents signed the "Protect Pennsylvania Jobs" petition, voicing their concern about legislation in Congress that jeopardizes local jobs.

The total number of petition signatures was revealed at a town hall event at Sallie Mae's Wilkes-Barre facility amidst the company's 1,000 Luzerne County employees, community leaders and local officials who participated in the petition drive. Sallie Mae has been part of the community in Wilkes-Barre for more than 20 years serving more than 30 million students and families and more than 4,000 college and universities across the country.

"The good work Sallie Mae does to support millions of students and families across the country is also felt right here in Pennsylvania," said Todd Vonderheid, President Wilkes-Barre Chamber of Business and Industry. "The company has been part of this community for more than two decades and we need them to continue to provide employment opportunities in Northeastern Pennsylvania."

Legislation passed by the U.S. House of Representatives, however, would require all federal student loans to be originated by the federal government, jeopardizing hundreds of private sector jobs in Wilkes-Barre and hampering related economic development in the state. Sallie Mae currently contributes more than $40 million annually to the local economy and has contributed millions to local charities.

With legislation now set to move to the U.S. Senate, the community-led petition asks Pennsylvania's Senators to support alternative proposals that would accomplish the President's goals of making college more affordable while also preserving quality local jobs relied on by families and communities and valuable services for students.

"We've been overwhelmed by the outpouring of support from the community," said Troy Standish, Vice President, Sallie Mae. "At a time when jobs are so scarce here and around the country, we hope that this petition delivers 31,000 more reasons to support student loan reform that will make college more affordable and protect jobs here in Wilkes-Barre."

Consistent with the President's reform proposal, the Community Proposal, an alternative plan supported by Sallie Mae and a broad list of industry players, would eliminate lender subsidies and have federal ownership of all student loans, generating $87 billion in mandatory federal budget savings to increase student aid and preserve options and services for students.

For more information on the "Protect Pennsylvania Jobs" petition campaign or to learn more about the community's alternative proposal to make college more affordable, please visit www.ProtectPennsylvaniaJobs.com.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading provider of saving, planning and paying for education programs. Through its subsidiaries, the company manages $192 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $21 billion in 529 college-savings plans, and is a major, private source of college funding contributions in America with 11 million members and more than $500 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae
Rick Castellano, 703/984-5535
703/919-0688 (cell)