Student Loan cuts 91 positions to lower expenses

STAMFORD, Conn. - Student Loan Corp., which provides both government-sponsored and private education loans, said Friday it will cut 91 positions in a restructuring that aims to lower expenses.

The company said 69 of the positions will be at Student Loan Corp., and 22 are jobs at Citibank N.A. that directly support Student Loan Corp.

Most of the positions will be eliminated this month, the company added.

"This action is necessary to reduce expenses and drive efficiencies amid higher funding costs resulting from continued disruption in the capital markets," the company said.

The company added that it will provide human resources counseling, severance and other benefits to those losing their jobs.

The news comes as the Labor Department announced employers cut 533,000 jobs in November, the most in 34 years.

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