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Last updated on Friday, April 9, 2010
(UNDATED) - A state senator is dismissing warnings the federal overhaul of student loans will cost jobs at loan giant Sallie Mae.
Folded into the health-care reform law were student loan provisions transforming the student loan program into direct federal lending, and eliminating Sallie Mae and other lenders.
Sallie Mae executives have predicted the company could have to cut about 2,500 of its 8,500 workers with the demise of its direct lending business.
An announcement could come as early as next week.
Democratic Sen. Greg Taylor notes Sallie Mae is one of four companies eligible to bid on the job of handling collections on federal loans.
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