05/22/2010 05:12 am ET | Updated May 25, 2011

Sallie Mae Plant Faces IMMEDIATE Layoffs

Unless the U.S. Senate acts, the Sallie Mae facility in Lynn Haven [Florida] likely will start "immediate" layoffs due to health care legislation that keeps private loan providers from originating student loans, officials said Monday.

"Quite frankly, I'm very saddened," said Renee Mang, Sallie Mae senior vice president in Lynn Haven.

A reconciliation bill will be considered by the Senate this week and provides a sliver of hope that legislators will remove education reform from health care. The education reform measure is meant to save billions by allowing the federal government to handle all loans solo.

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