Sallie Mae will move headquarters from Reston to Delaware
- July 2, 2010
After nearly 40 years in Northern Virginia, SLM Corp. is relocating its corporate headquarters from Reston to Delaware. The student lender, better known as Sallie Mae, said in a news release that it plans to move to a site near Newark by March 31, 2011. A few hundred of the company’s 700 headquarters jobs are expected to remain in Reston.
CEO Albert Lord said in a statement that the decision reflects the lender’s need “to adapt to the massive changes in our business. We have enjoyed nearly 40 years in the D.C. area; however the objective is to combine the senior management team in a single location.”
Sallie Mae opened a facility in Newark in November 2008. It focuses on the company’s private loan business. While federal loans had long been the core of Sallie Mae’s business, that changed following the passage of the Health Care and Education Reconciliation Act, which stops private lenders from issuing student loans guaranteed and subsidized by the federal government.