Sallie Mae continues to invest in Muncie, IN, opening its doors to the public this week to show a $5 million expansion to its call center, and to look for new workers.
Student loan defaults have dangerous consequences for the nation as well as for the defaulters. It is the taxpayers who typically have to bear a large share of the costs of student loan defaults. For the student loan borrower, a default means additional burden of interest expenses and a permanent stain on his or her credit history. There are many companies whose default-prevention efforts have succeeded in averting default on millions of student loan accounts. Sallie Mae is a good case in point.
Apart from being one of the nation’s most well known financial services companies, Sallie Mae is also known for its contributions toward preventing billions of dollars in student loan defaults. The company says that last year its employees worked with nearly two million student borrowers, who were behind their payments, counseled them, pointed out their options to them and ultimately helped them pay off their loans, preventing $41 billion in federal and private education loan defaults, thereby saving billions in taxpayers’ money.
VP of private credit collections at Sallie Mae, Dan Vipperman, praised the efficiency of its workforce, the majority of whom were the products of Ball State and Ivy Tech universities.
Sallie Mae also happens to be one of the largest private employers with more than 500 employees under its payroll. And this figure is going to surge soon, as the company is going to start a talent hunt to fill up 200 vacancies for its expanded call center operation at Muncie. The new hires will work as service and collection agents for Sallie Mae. The expanded workforce is going to serve 25 million customers and handle wide-ranging products and services including so-called “529” college savings plans.
The pay-package is incentive-based. In a news statement the company revealed that the average employee’s income potential will depend on the amount of collection. Average employees are expected to make $30,000, depending on their communications skills and convincing power.
With an attractive pay package, an array of benefits and a state-of-the-art facility, the company is likely to attract the best talents for its Muncie branch. And with a team of efficient professionals at its disposal, it will now be easier for the company to carry on with its default-preventing efforts.
Edited by Rory J. Thompson