Sallie Mae will be moving its corporate headquarters from Reston, Va. to Delaware.
Aside from those working in Virginia, Sallie Mae employs approximately 900 people at its facility in Newark, Del. The new headquarters, which will not impact the operation or employment of its Newark office, is expected to open in March 2011 . As a result of the move, the student loan lender will be hiring additional local employees over the next five years.
Sallie Mae will attempt to subcontract collection services from business providers located in Kent County, Del.
The Delaware Economic Development Office (DEDO), an executive agency responsible for attracting new investors and businesses to the state, will recommend a grant equal to 3 % or a maximum of $3 million, of a potential $100 million capital investment by Sallie Mae at the new site.