Despite heated warnings to the contrary, Koxville-based companies Edfinancial and Edamerica will survive and won’t be laying off hordes of employees.
Tony Hollin, chairman and CEO of both companies, said so. It’s right there in today’s News Sentinel story.
President Obama on Tuesday signed a law that ended the Federal Family Education Loan program in favor of direct government lending.
It should be noted that Edfinancial’s headquarters did not implode and employees did not run screaming for the unemployment office when the president signed the bill.
In fact, Hollin said Edfinancial would hire people this year. Imagine that — creating jobs.
Edamerica will eliminate a few jobs, but not the massive layoffs predicted by some.
The business Hollin and others originally founded in 1988 as Edsouth, a not-for-profit lender, will continue to evolve, but it’s not going away, Hollin said.
For months Edfinancial and its allies in Washington have warned that life as we know it would end with “a government take over” of college student lending. The lobbying was hard and the rhetoric torrid.
You will be comforted to know that the sun came up this morning.