Sallie Mae relocates to Delaware

The nation's largest provider of student loans will move its corporate headquarters.

Sallie Mae announced that it will leave its current location at Reston, Virginia and move across state lines to Newark, Delaware. The company already has a facility in Newark, which opened in November 2008 and primarily focuses on private student loans, credit underwriting, customer service, and loan collection.

The student loan underwriter had previously been headquartered out of offices in Washington D.C., but moved to Reston in 1996. After 40 years near the nation's capital, Sallie Mae says relocating to Delaware will combine senior company officials under one location. The move is expected to be complete by March 2011.

"This decision reflects our need to adapt to the massive changes in our business," said CEO Albert Lord.

Jack Markell, Delaware's governor, praised the move, saying it will bring more jobs to the state. "Sallie Mae found in Delaware a workforce that understands their industry and is ready to get to work." Other state officials expressed hope that the move would boost Delaware's job growth.

The state's unemployment rate is 8.8 percent, lower than the national average of 9.5 percent. Low unemployment could make Delaware an attractive destination for relocating professionals.


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