Student lender Sallie Mae to move headquarters from Virginia to Delaware

Sallie Mae to relocate to Delaware

DOVER, Del. — Sallie Mae, the nation’s largest student lender, has decided to move its corporate headquarters from Reston, Va., to Delaware.

State officials said Thursday that Sallie Mae, which already employs about 900 people in Newark, Del., will occupy its new headquarters in March 2011 and hire more local employees over the next five years.

Economic development officials will recommend a state grant of 3 percent of Sallie Mae’s capital investment at its new site, up to a maximum $3 million. The company also could receive a performance-based grant based on the number of new jobs it creates.

In return, Sallie Mae has agreed to try to subcontract collection services from businesses in Kent County.