College Loan Corporation

  www.collegeloan.com
  www.collegeloan.com
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College Loan Corporation Reviews

11 Reviews
3.2
11 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Cary Katz
7 Ratings

Employee Reviews

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  1. 1 person found this helpful  

    Perspective! Once people have experience to compare, they clearly see the highest character and unique opportunity

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at College Loan Corporation full-time

    Pros

    very compliant in a world of great scrutiny, gives safe feeling of "doing right and doing well, too".
    decisive, willing to change direction as needed.
    loyalty pays off. you have to remain flexible and do what is asked of you.

    Cons

    sometimes role clarity is murky but patience is rewarded.
    hard to fully understand decisions sometimes, but the results are very good.
    very talented management team, sometimes too many talented people during slower times.

    Advice to ManagementAdvice

    communicate even more.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Great company hindered by short sighted middle management.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at College Loan Corporation full-time for more than 5 years

    Pros

    At the peak, CLC had plenty to applaud. Corporate cards, travel expense accounts, company issued phones and computers, recognition of contribution (besides Customer Service). The stock options they issued some years back were a nice boon, and then the ESOP came in and was vested immediately. i'm given to understand they are issuing annual stock to employees now. Monthly, quarterly and annual bonuses.

    Cons

    At all times, the management was questionable. They invested tons of money in the Poway facility (used to be Gateway), right after having their support staff do the move, they laid them all off. Then did another round of layoffs, and said there would be no more...then proceeded to cut even more. It was a terribly unstable environment.

    The other issue was management at the middle tier. People would get high rank that had no experience or knowledge. Learning opportunities were far and few in between. Incompetent sorts were brought in to consult ("friend of a friend") and left messes behind. Extremely risky ventures (Servicing). The manager in charge of deploying software frequently botched deployments because he wouldn't listen to the instructions, and when the company was down to like 200 people and a bunch of empty offices, it's like "we can't give you an office" for no real valid reason. Sending people to expensive training for software, then laying them off a week later. Just poor decision after poor decision.

    Lastly, bonuses were used to keep talent, rather than engaging the talent to improve and support the company. As a result, when bonuses were yanked, it caused quite a ruckus with people who had basically lived beyond their means.

    Advice to ManagementAdvice

    Cary is a good man who genuinely means well. He is a person that deserves respect. Unfortunately the people under his command simply don't know what they're doing. Most of those that had Cary's best interest at heart and those of the company are long since gone. It would mean a lot of he himself were to reach out to those people and get them engaged to help the company's direction - though the political environment has put CLC in a rough spot, there are still opportunities with the right talent.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  3.  

    Loan coordinator

    Former Employee - Loan Coordinator  in  San Diego, CA
    Former Employee - Loan Coordinator in San Diego, CA

    I worked at College Loan Corporation full-time for more than 3 years

    Pros

    Company paid very well. I was open 24/7 so you had the opportunity to work when you wanted as long as you meet your quota.

    Cons

    Management could be very cliquish and kept who they liked when they downsized and moved to Las Vegas.

    Advice to ManagementAdvice

    Treat everyone the same.

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  5. 1 person found this helpful  

    working for a dysfunctional company, without clear vision.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee  in  San Diego, CA
    Former Employee - Anonymous Employee in San Diego, CA

    I worked at College Loan Corporation

    Pros

    The company provides excellent financial industry experience.

    Cons

    not understanding the overall direction and how well the company is doing.

    Advice to ManagementAdvice

    more transparency is needed.

    Doesn't Recommend
    No opinion of CEO
  6.  

    Employee Owned Company, Invested in One Another, Family atmosphere

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee  in  Las Vegas, NV
    Current Employee - Anonymous Employee in Las Vegas, NV

    I have been working at College Loan Corporation

    Pros

    100% Employee Owned- ESOP Yearly Grants of Stock
    Great Opportunities to grow career
    Tuition Assistance
    Flexible Scheduled- Work from home
    Cutting edge Microsoft based systems- CRM, Loan Originations, SharePoint, TFS
    Family atmosphere
    Invested in each other and the community
    Toy drives
    Donations to local schools
    Company Bonuses
    Christmas Bonus from CEO

    Cons

    Smaller company
    Conservative budget
    Not funding new student loans

    Advice to ManagementAdvice

    Hold more town hall meetings, provide updates on what senior management is doing to get the company back into business.

    Recommends
    Approves of CEO
  7. 1 person found this helpful  

    CLC - the Job to avoid

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee  in  Las Vegas, NV
    Former Employee - Anonymous Employee in Las Vegas, NV

    I worked at College Loan Corporation

    Pros

    Cary Katz and the finance department seem to be knowledgeable and good to work with. Some departments are trying to make CLC a better work place.

    Cons

    Management lacks IT skill and experience
    Of Development team 75% of staff has left in past year.
    Management has no vision
    Politics of a large company when they have around 60 employees
    Reorganization occurs every few months within the same groups of people
    No communication between departments
    Inability to formalize requirements between business and application development.
    The company is running out of quality employees. You need a vision and goals for your team. The loan system is horribly buggy and hasn't been successfully tested in years.

    Advice to ManagementAdvice

    Get rid of the IT management infrastructure and get somebody who cares about I.T. to run the group. Treat the employees with more respect and recognize that I.T. employees have families and a life outside of CLC too!!
    Make sure you can run the systems when you're back in business. Hire a different CTO and VP/Director for IT - preferably people who have a clue.

    Doesn't Recommend
    No opinion of CEO
  8. 1 person found this helpful  

    Horrible Management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee  in  Las Vegas, NV
    Current Employee - Anonymous Employee in Las Vegas, NV

    I have been working at College Loan Corporation

    Pros

    Good salary compared to many places
    Some very good employees
    Allows work from home for employees
    Flexible working hours for employees

    Cons

    Management has no IT skill or experience
    Almost everyone hired in the last year has quit
    Management has no vision
    Politics of a large company when they have around 60 employees
    Reorganization occur every few months within the same groups of people
    No communication between departments

    Advice to ManagementAdvice

    The company is running out of quality employees. You need a vision and goals for your team. Your loan system is horribly buggy and hasn't been successfully tested in years. Make sure you can run the systems when you're back in business. And hire a real cto or vp for IT

    Doesn't Recommend
    Disapproves of CEO
  9. 1 person found this helpful  

    Was a good place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Software Engineer  in  San Diego, CA
    Former Employee - Software Engineer in San Diego, CA

    I worked at College Loan Corporation

    Pros

    Good work/family balance. Fair compensation. Up to date technology. Good BI Department.
    Great people to work with. Management was openly communicative. I miss working there.

    Cons

    Very difficult legislative environment. Currently (as far as I'm aware of) not getting any business due to only servicing existing accounts, and not gaining any accounts. Honestly, it is hard to think of any negatives...the accounts will be around for a very long time.

    Advice to ManagementAdvice

    I think the mgmt did as best as they could considering the situation that was presented to them when I worked there. I give them kudos for sticking through the hard times.

    Recommends
    Approves of CEO
  10. 1 person found this helpful  

    Great place to work!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee  in  San Diego, CA
    Former Employee - Anonymous Employee in San Diego, CA

    I worked at College Loan Corporation

    Pros

    CLC is a great place to work with fair pay, good benefits and great work/life balance. The culture is also extremely relaxed, but fast paced.

    Cons

    Currently, the career growth potential at CLC is limited due to the current state of the economy and the student lending industry.

    Advice to ManagementAdvice

    My advice to management is to continue focusing on your employees during this "down time" to ensure they are happy and will stick around for when things get better.

    Recommends
    Approves of CEO
  11.  

    Current a tough proposition

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee  in  San Diego, CA
    Current Employee - Anonymous Employee in San Diego, CA

    I have been working at College Loan Corporation

    Pros

    CLC has cut almost all of its bloat. There is significant access to Senior Management. The company is in a position to wait out the economic downturn, following which it has room for significant growth.

    Cons

    CLC is in trouble. Its financing has evaporated, although its asset base allows continued, long-term operation. Management decision-making is chaotic, long-term vision changes rapidly, commitment to the business model seems incomplete, and significant division exists between business areas. The majority of this company could disappear by the end of 2010.

    Advice to ManagementAdvice

    The company has developed a tremendous portfolio at low cost. Its ability to continue to compete with other market players is limited, at best. Take what you've got and do something new.

    Doesn't Recommend
    No opinion of CEO

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