President Barack Obama's budget proposal would end private-bank involvement in student-loan. He wants to funnel the savings into more grants to lower-income students.

That could bring an end to the Sallie Mae Corporation, which handles about one-third of the nation's student loans.

About 700 people work at the local Sallie Mae service center in Lynn Haven. They've been very vocal in their opposition to the administration's proposed reforms.

They say they have an alternate proposal that can achieve the president's financial goals, while saving local jobs.

Sallie Mae senior vice president Renee Mang said, "We don't need to lose any more jobs. Again, one job lost is one too many. He also mentioned this morning that he wanted to spend $100 billion on job creation. And I would say, let's start by saving the jobs that we have."

The U.S. House of Representatives has passed the student loan reform bill; the U.S. Senate has not begun its debates on the issue.