Barack Obama, job creator

Well, maybe not.........

Sallie Mae says a new law that cuts banks out of the federal student loan business is costing 2,500 workers their jobs.

The nation's largest student lender has told 1,200 staffers in service centers in Killeen, Texas, and Panama City, Fla., they will lose their jobs by year-end. The remaining cuts will follow in 2011, resulting in nearly a third of the company's total work force of 8,000 losing their jobs.

The company has also dramatically reduced its private loan originations as a result of tighter underwriting standards. It did not specify how much that factored into the job cuts.

Sallie Mae, which is based in Reston, Va., maintained the cuts result from changes made to the federal student loan program as part of the health care reform signed by President Barack Obama last month.

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