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Governor Markell Announces Sallie Mae to Relocate Company Headquarters to State

Press Release

By:
Date:
Location: Dover, DE

Governor Jack Markell and Secretary Alan Levin announced today that Sallie Mae, the nation's leading provider of student loans and administrator of college savings plans, will relocate its corporate headquarters from Reston, Va to Delaware. The decision is expected to add a significant number of new jobs to Delaware's workforce over the next five years.

"Sallie Mae found in Delaware a workforce that understands their industry and is ready to get to work. When these new jobs arrive, they'll find a government invested in new job creation and committed to moving quickly to grab opportunities for growth," Markell said. "We welcome their expansion in Delaware and their decision to make us their corporate headquarters."

"We are delighted to work with Delaware's officials on this relocation," said Albert L. Lord, chief executive officer, Sallie Mae. "We appreciate the business spirit of the state, the county and DEDO."

Sallie Mae currently employs approximately 900 individuals at their Newark facility, located at 300 Continental Drive. The new headquarters will have no impact on the operations or employment at that site. Sallie Mae expects to begin to occupy a new headquarters facility March 2011 and hire additional local employees over the next five years.

"Sallie Mae's decision to relocate their corporate headquarters to Delaware recognizes that the financial services industry continues to be a powerful contributor to our state," said DEDO Secretary Alan Levin. "The headquarters will create jobs and will add tremendous benefit to Delaware in the years to come."

The Delaware Economic Development Office will recommend a Delaware Strategic Fund Grant equal to 3 percent, or a maximum of $3 million, of a potential $100 million capital investment by Sallie Mae at the new site. An additional performance-based grant may be awarded based on the number of new jobs created. These recommendations will be reviewed by the Council on Development Finance later this year. The company may qualify for the Delaware Division of Revenue's New Economy Tax Credit Program in lieu of the Delaware Strategic Fund, depending on the number and level of jobs that it ultimately creates.

Additionally, Sallie Mae has agreed to make a best effort to subcontract collection services from business providers located in Kent County, Del.

"Bringing Sallie Mae's corporate headquarters to Delaware represents another stunning achievement for the Governor and his economic development team," said U.S. Senator Tom Carper (D-Del.). "We were happy to play a supporting role in the success of this project and look forward to working with Sallie Mae as they continue to grow their business in the State of Delaware."

For more information on how to apply for a job with Sallie Mae, please visit www.salliemae.com/delaware or call 1-866-833-3847.

Additional Quotes:

U.S. Senator Ted Kaufman (D-Del.):

"It is really good news that Sallie Mae is bringing significant high-paying jobs to Delaware. Clearly jobs are the most important thing all of us can be working on right now. Congratulations to Governor Markell and his team."

U.S. Representative Mike Castle (R-Del.):

"Delaware has a tremendous amount to offer, and I am thrilled with Sallie Mae's decision to move their headquarters to our State, after already opening a new operating center in 2008. With many Delawareans looking for work, Sallie Mae's decision to expand its presence here is welcome news. Sallie Mae cares about the community and has participated in recent DE Job Fairs and Student Financial Aid Fairs. From working together in both the Financial Services and Education Committees in Congress, I know that they are a strong team who we will be proud to have in our state."

New Castle County Executive Christopher Coons (D):

"For the past several years, Sallie Mae has been a valued employer in New Castle County through their credit operations center in Newark. The County is proud to assist Sallie Mae as they locate their headquarters in Delaware, resulting in the creation of significant additional jobs in our state."

About the Delaware Economic Development Office

The Delaware Economic Development Office is an executive state agency responsible for attracting new investors and businesses to the state, promoting the expansion of existing industry, assisting small and minority-owned businesses, promoting and developing tourism and creating new and improved employment opportunities for all citizens of the State. DEDO is a Certified Economic Development Organization, accredited by the International Economic Development Council. Follow us on Twitter.

About Sallie Mae

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading saving, planning and paying for education company. Sallie Mae's saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $182 billion in education loans and serves 10 million student and parent customers. In addition, the company's Upromise program has enabled 12 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $25 billion in 529 college-savings plans. Sallie Mae offers services to a range of institutional clients, including colleges and universities, 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.


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