The student loan company Sallie Mae cut the ribbon to its second office in Delaware on Monday and committed to add nearly 300 new jobs in the First State.
“This is a big deal for our state. It’s a really big deal for this community,” said Gov. John Carney, at the ribbon-cutting ceremony. “Your decision to stay here and expand here, I think, is a vote of confidence for the workforce.”
The new office is located at 86 Christiana Road in New Castle. Sallie Mae currently employs 900 people in Delaware. Chairman and CEO Ray Quinlan said he expects to add 300 new jobs as part of the franchise’s overall growth.
“Today is an important recognition of a milestone within the company’s history, along with our expansion as we go forward. Sallie Mae was born on May 1, 2014 in its new iteration. It has expanded over 100 percent since that time. As that has occurred, of course our workforce has also expanded. This building which we’re opening officially today, represents a milestone within that expansion,” Quinlan said.
Sallie Mae started as a government-sponsored entity but went private in 2004. Then four years ago, Sallie Mae split into two separate companies — Sallie Mae and Navient Corporation. Sallie Mae manages private student loans, while Navient services government loans.
“Over the next five years, we expect to one, continue to expand our core franchise, which has worked very well for us, as well as to offer expanded services to young Americans as they move from college on to the next step in their lives. So as they announce their aspirations, we hope to be a partner with them in helping to realize those aspirations,” Quinlan said.
After the ceremony, the Sallie Mae Fund, the company’s charitable foundation, donated $50,000 to the Food Bank of Delaware.
In addition to Delaware, Sallie Mae has facilities in Utah, Indiana, Massachusetts and Virginia.