SLM Corp., the student lender known as Sallie Mae, said Monday that it plans to create 2,000 jobs by bringing its overseas operations to the United States.
The Reston, Va., company said the move would cost it about $35 million. "This is the right thing to do," Albert Lord, its chief executive, said during a conference call.
Because of tight credit markets, Sallie Mae has been unable to access traditional funding sources. It is also dealing with a budget proposal by the Obama administration that would diminish private lenders' role in federal student loans.
Sallie Mae said it will hire call center, information technology and operations support workers over the next 18 months. It currently has more than 8,000 U.S. employees. Asked on CNBC if the company would no longer outsource jobs, Lord said, "It would be foolhardy for me to tell you that I won't ever do anything again."
Sallie Mae, which makes private and federal student loans, gets nearly a third of its income from the student loans it makes on behalf of the government.
