Blog

Student Loan Corp. to Cut Jobs

Jul 11, 2008

by Scholarships.com Staff

The morose state of the lending industry, recent cuts in federal loan subsidies and a loss of interest in loan securities investing have caused chaos within the student loan market over past months. According to Forbes, Student Loan Corp., a previous division of Citibank, has become the latest victim in the student loan credit crunch, announcing plans to lay off 146 of its 523 employees.

On Wednesday, the company announced that the 146 Student Loan Corp. jobs, plus an additional 28 Citibank N.A positions, would be eliminated sometime in August. The affected employees will be offered counseling, assistance in finding new work, severance packages and, for some, the chance to take advantage of job openings in other parts of the country. Business has been so poor for the company that their stock has dropped by 48% over the past 52 weeks, reported Forbes

Student Loan Corp. is just one of many companies who have been forced to either cut jobs or to exit the student loan industry altogether. Other major lenders who have either stopped or suspended offering certain student loans include Bank of America, NextStudent, Brazos, and American Education Services. Even Sallie Mae, the largest student lender in the business has been struggling to stay afloat, suspending select loan services.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 
Comments (0)

Recent Posts

Tags

ACT (20)
Advanced Placement (24)
Alumni (17)
Applications (83)
Athletics (17)
Back To School (73)
Books (66)
Campus Life (460)
Career (115)
Choosing A College (55)
College (1013)
College Admissions (245)
College And Society (314)
College And The Economy (378)
College Applications (148)
College Benefits (290)
College Budgets (216)
College Classes (448)
College Costs (495)
College Culture (604)
College Goals (387)
College Grants (53)
College In Congress (88)
College Life (575)
College Majors (222)
College News (600)
College Prep (166)
College Savings Accounts (19)
College Scholarships (159)
College Search (115)
College Students (464)
College Tips (118)
Community College (59)
Community Service (40)
Community Service Scholarships (27)
Course Enrollment (19)
Economy (122)
Education (26)
Education Study (29)
Employment (42)
Essay Scholarship (38)
FAFSA (55)
Federal Aid (99)
Finances (70)
Financial Aid (415)
Financial Aid Information (58)
Financial Aid News (57)
Financial Tips (40)
Food (44)
Food/Cooking (27)
GPA (80)
Grades (91)
Graduate School (56)
Graduate Student Scholarships (20)
Graduate Students (65)
Graduation Rates (38)
Grants (62)
Health (38)
High School (130)
High School News (73)
High School Student Scholarships (184)
High School Students (310)
Higher Education (110)
Internships (526)
Job Search (178)
Just For Fun (117)
Loan Repayment (40)
Loans (48)
Military (16)
Money Management (134)
Online College (20)
Pell Grant (28)
President Obama (24)
Private Colleges (34)
Private Loans (19)
Roommates (100)
SAT (23)
Scholarship Applications (163)
Scholarship Information (179)
Scholarship Of The Week (271)
Scholarship Search (219)
Scholarship Tips (87)
Scholarships (403)
Sports (62)
Sports Scholarships (21)
Stafford Loans (24)
Standardized Testing (46)
State Colleges (42)
State News (35)
Student Debt (84)
Student Life (512)
Student Loans (140)
Study Abroad (67)
Study Skills (215)
Teachers (94)
Technology (111)
Tips (508)
Transfer Scholarship (16)
Tuition (93)
Undergraduate Scholarships (35)
Undergraduate Students (154)
Volunteer (45)
Work And College (83)
Work Study (20)
Writing Scholarship (18)

Categories

529 Plan (2)
Back To School (360)
College And The Economy (518)
College Applications (255)
College Budgets (347)
College Classes (575)
College Costs (763)
College Culture (944)
College Grants (133)
College In Congress (132)
College Life (982)
College Majors (337)
College News (937)
College Savings Accounts (57)
College Search (397)
Coverdell (1)
FAFSA (116)
Federal Aid (132)
Fellowships (23)
Financial Aid (708)
Food/Cooking (78)
GPA (278)
Graduate School (109)
Grants (72)
High School (544)
High School News (260)
Housing (172)
Internships (573)
Just For Fun (235)
Press Releases (9)
Roommates (140)
Scholarship Applications (223)
Scholarship Of The Week (347)
Scholarships (598)
Sports (77)
Standardized Testing (59)
Student Loans (225)
Study Abroad (62)
Tips (845)
Uncategorized (8)
Virtual Intern (540)