For those of you who aren't clear on what Socle is, let me recap: CCI changed the name of SFS (our internal financial aid processing center) to Socle in 2013. They then hired salespeople to sell our financial aid "expertise" to other colleges. Our website only says that Corinthian Colleges is a client, not our owner. We now have several clients who have no idea that we are the same company as the one they've been reading about in The Chronicle, etc, etc. The worst part of it is that there have been articles criticizing us for unethical practices in default management, and guess what Socle is specializing in? Well, I'm hearing that at least one client has caught on and is asking questions. This could get interesting!
34 replies (most recent on top)
Anonymous 19470: Out of curiosity, have any of the clients contacted you recently with concerns? I'm assuming you're an account manager (someone here told me that "Socle worker" is TF) so you would be who they would call. These are colleges and their leaders read the Chronicle of Higher Education, Inside Higher Ed, and other academic publications. I find it very hard to believe that they are reading about DOE and CCi agreeing to a plan to dissolve the company, but not freaking out.
19470: I'll bet they're going to change their minds when the local press reports on the CCi connection. You can be sure the students' families will not be happy. I've got a few days off next week. I think I'll spend one making sure that the local tv stations, newspapers and school papers in your clients areas are made well aware of the connection. And the scandals.
Anonymous19404: They do know because I have seen the contract and answered their questions. Get over it the current Socle clients know and they are staying.
19322, Anonymous....you are a royal ass....hope you come back as a lizard in Death Valley.
Anonymous 19401: I absolutely agree that people differ in their ethical standards. For some, "ethical" means anything you can legally get away with. They (you) don't understand how there can be any consequences to their actions if there are no criminal penalties. The problem is that many people, including most of the staff, students, parents, and alumni of respectable schools like Texas A&M, demand much higher ethical standards than that. They do not want their school associated with people like you, and once they find out that you're involved in default management at A&M, there WILL be consequences. You should have been more upfront about who you really are. CCi is viewed as the worst of the worst, especially by not-for-profits. With all of the recent publicity, there's no hiding from your unsavory past.
Anonymous19345: If CCI was allowed that to do that under the law then it is legal? Unethical is in the eye of the beholder. Your ethics and mine clash but the simple fact is that the students did not pay the loans. Is a car dealer unethical if he gives you a car and a loan payment that he knows you can't pay? Of course he does because he knows that you will pay as long as you can and when you can't he will take the car back and still make more money. Illegal? nope. Unethical? By your standards yes. Same as the sub-prime home loans. Boo freaking hoo, you knew you couldn't afford it and signed it away.
Okay, calm down now. The issue isn't that students shouldn't pay back their loans. Whether they took them out from Everest or Texas A&M, I'm sure they were made well aware that they were loans that and they needed to be repaid. Students should NOT default. The loan programs have numerous repayment plans, and deferments/forbearances to help them when they run into difficulties in their lives. Maybe their first job involved relocating and cash is really tight for a while. Then take a 3-month forbearance to get on your feet. The issue is that CCi has taken the approach of aggressively forcing delinquent students to use up their forbearance and deferments so that if they default, it will be outside of the window that counts against the school. That is well documented in the article that I gave you the link to below. Instead of true counseling, the students are pushed into taking the easy way out and dealing with the consequences later. For the Socle workers, is that the technique that you are using with Texas A&M, or did you contract to do things differently? That's the issue. That's what people find unethical.
Why blame anyone else? It's the student's fault. How much more clearly can I say this? IT IS THE STUDENT'S FAULT. DO YOU HEAR ME NOW?
Anonymous19322 Then blame Texas A&M or did they do the same thing as CCI and market to people who couldn't pay the loan. Who promised to pay the loan back, Texas A&M or the student? Heck you could even blame the person who backed the loan because they thought the student would pay them back.
It's always the student's fault!
Anonymous19313; They contacted us to help find the people that are in danger of defaulting on loans that they used to go to Texas A&M. Quick question for you. If Texas A&M people are defaulting on their student loans who's fault is it? Texas A&M? CCI? Socle? The person that took out the loan? The correct answer is the person who took out the loan but you and your ilk somehow want to tie it back to CCI/Socle. So tell me once again why this is bad for Texas A&M?
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=245633140 (ownership - in case there's any doubt)
http://higheredwatch.newamerica.net/blogposts/2012/the_real_story_behind_corinthian_colleges_plummeting_default_rates-72503
(what a great group to oversee default management for Texas A&M!)
Yup they are asking quite a bit of questions considering the number of demo we have scheduled this week.
Hee hee hee, I'll bet they're asking questions! I sent our client schools a veeerrrrryyyy interesting email! I'll sleep better tonight.
Foreign means not incorporated in the state the operation is in. Foreign to California, but not foreign to the United States.
Gene S. (ex-employee) Name names or STFU
Well, I wasn't on this board last week, but thanks. I also didn't know that a Delaware company would be called "foreign." It's still to avoid paying taxes, of course.
Blah Blah Blah... I'm happier here in SOCLE than in CCI. You all are just upset because you didn't get the golden ticket into SOCLE's Life Boat.
"Foreign" in this case means it's a Delaware corporation. CCI is also a Delaware corporation. All of this information was posted last week on this board.
Wait a minute - why in the HELL does it say that Socle is listed as a foreign corporation? Please tell me that isn't right and that they are at least paying some taxes toward the billions they extract in taxpayer-funded financial aid! Damn!
Wow - TF removed her LinkedIn profile! So they're saying we're golden to the staff but watching this board? I'll bet they're scared as rabbits right now!
http://www.corporationwiki.com/California/Santa-Ana/kimberly-d-dean/108724044.aspx If this is right she's still in charge. Any of the other officers sound familiar?
Is KD still involved, or is DS in charge now? She always had a bit of a crush on him (awwwww!).
Man, if I were a client I would be royally pissed. Have they even contacted them since the doo doo hit the fan?
You guys don't understand, SOCLE is sooooo GOLDEN.
Not only has Socle been around for 7 years, but the employees appear to be double-dipping: http://www.linkedin.com/pub/tina-faulkner/12/724/126
Just a coincidence.
Business Address: 6 Hutton Centre Drive #400 Santa Ana, CA??? Sounds like the 4th floor to me!
It's crazy that any business would sign a vendor without checking vendors background. Insane how simple Google searches aren't utilized.
The Socle conversations have been hilarious! And I know who the mysterious trash-talking Socle defender is.
Where are the mighty trash-talking Socle defenders? They usually show up with lightning speed to inform us that Socle and CCI are unrelated companies and that the company's financial problems won't affect them AT ALL. And they often throw in some truly colorful language to entertain us as well.
http://higheredwatch.newamerica.net/blogposts/2012/the_real_story_behind_corinthian_colleges_plummeting_default_rates-72503
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=245633140
I don't care what the web site says, SOCLE is 100% owned and operated by CCi.