Indianapolis – Governor Mike Pence, Lt. Governor Eric Holcomb, Indianapolis Mayor Joe Hogsett and U.S. Rep. Susan Brooks joined executives from Sallie Mae (NASDAQ: SLM) today to cut the ribbon on its recent expansion in Indianapolis, which will create up to 278 new jobs by 2018.

“Here in the Hoosier state, we are committed to creating a pro-growth business climate, and today’s news makes it evident that Indiana is a state that works,” said Governor Pence. “Sallie Mae had a world of options to consider for this expansion, but as financial experts, the choice was clear. Indiana offers low costs, declining taxes, reduced regulations and a balanced budget, allowing job creators to invest where it matters most – in their business and in their employees. Today I’m pleased to join Sallie Mae as we welcome 278 new quality jobs to the state, and I’m confident our hardworking Hoosiers will be an integral part of the company’s continued growth.”

Sallie Mae, which is the nation’s saving, planning and paying for college company, will invest more than $15.7 million to expand its operations here, investing in both technology and talent to enhance all aspects of customer experience, from application through repayment. The new office will accommodate information technology and customer service departments, with new positions expected to offer average salaries 25 percent higher than the state’s average wage. Last year, the company moved all customer service operations for its private education loans to the United States.

As part of this growth, Sallie Mae recently renovated and equipped a three-floor, 76,000-square-foot space at 8425 Woodfield Crossing in northeast Indianapolis, relocating operations from its former office five miles away on Craig Street earlier this month. The space includes 550 workstations, five conference rooms, two training rooms, a multipurpose room, and a micro-market and breakroom for its growing team.

“This commitment of information technology and customer service jobs is a natural extension of our focus on innovation and customer experience,” said Raymond J. Quinlan, chairman and chief executive officer of Sallie Mae. “This investment completes our customer service transformation from offshore and outsourced, to onshore and insourced. We are confident that the talent pool in Indianapolis will be an asset to our growing enterprise.”

The company is also passionate about giving back to the communities where its employees live and work. As part of today’s announcement, Sallie Mae contributed $10,000 to the Hoosier Veterans Assistance Foundation of Indiana to support local veterans. The company also supports a number of local nonprofit and service organizations, including the Dave Duerson Athletic Safety Fund and Special Olympics Indiana.

Headquartered in Newark, Delaware, Sallie Mae employs more than 1,200 associates across the country, including 189 full-time employees at its Indianapolis operation, which is the company’s second-largest location. The company, which already started hiring toward its goal, has hired approximately 60 Hoosiers this year and currently has openings for customer service and IT professionals.

“Today’s announcement by Sallie Mae means new job opportunities for nearly three hundred area residents, further reinforcing what we already know: Indianapolis is the economic engine for all of central Indiana,” said Mayor Hogsett. “Together we celebrate the expansion of Sallie Mae, as well as the company’s commitment to giving back to local organizations including the Hoosier Veterans Assistance Foundation.”

As a consumer banking business, Sallie Mae is accredited by and has an A+ rating from the Better Business Bureau. The company is committed to helping make college a reality by offering financial planning tools, helping families understand and manage credit, and providing competitive private education loans for students and parents to cover any gaps in college financing. For more information, visit SallieMae.com.

The Indiana Economic Development Corporation offered Sallie Mae up to $2,375,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis supports the project in partnership with Develop Indy, a business unit of the Indy Chamber.

Last year, CNBC ranked Indiana first in the nation for cost of doing business and the Tax Foundation ranked the state No. 8 for its business tax climate rankings. Indiana’s debt ranks among the lowest in the country and the state maintains a $2 billion reserve, solidifying the Hoosier state’s triple-A bond rating. Moreover, in Indiana, each dollar earned goes further. According to the Tax Foundation, $100 is equivalent to $109 in Indiana.