College Loan Corporation

★☆☆☆☆

About College Loan Corporation

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Finance
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CLC is a national company, based in California, so this review refers to the whole company. I graduated in May 2007, and started going through all of the consolidation junk mail to make a decision. In June, I decided to go with CLC because of the incentive they offered. I had 4 loans to consolidate, all of which were listed on the electronic form I submitted. I also utilized the option to not consolidate until November because one of my grace periods went till December. In September, I received an email from them telling me that if I didn't consolidate right away, I would lose the incentive, so I relented and authorized the consolidation in September rather than the originally agreed-upon and contracted November. Then in October I got my first statement . . . about $30,000 less than it was supposed to be. It turns out that they somehow forgot to consolidate 2 of my loans that were on the same form as the 2 they did consolidate. Of course, the 2 they didn't consolidate were the lower interest ones, so now I'm paying like 7% interest because they screwed up! So then I had to fill out another form to add the 2 they forgot, and yet they never actually admitted it was their fault. In December, I called to find out why the balance was still not correct, and they apparently never followed up on the consolidations to see that one of them was denied. After about 1-2 hours on a 3-way phone call with them and the other lender, we find out it's because CLC filled out the form incorrectly. Now it's January, and the 2 loans they forgot are still not consolidated. Once you decide to consolidate your loans, your only commitment should be to pay the consolidation off. However, I'm still left with the babysitter role, making sure that they're keeping up their end of the agreement . . . as if working 80 hours a week, planning a wedding, and doing a pharmacy residency isn't enough . . . Believe me, if I could go back and choose a different consolidation company, I'd do it in a heartbeat! DO NOT CONSOLIDATE WITH CLC!

1
★☆☆☆☆

CLC is a national company, based in California, so this review refers to the whole company. I graduated in May 2007, and started going through all of the consolidation junk mail to make a decision. In June, I decided to go with CLC because of the incentive they offered. I had 4 loans to consolidate, all of which were listed on the electronic form I submitted. I also utilized the option to not consolidate until November because one of my grace periods went till December. In September, I received an email from them telling me that if I didn't consolidate right away, I would lose the incentive, so I relented and authorized the consolidation in September rather than the originally agreed-upon and contracted November. Then in October I got my first statement . . . about $30,000 less than it was supposed to be. It turns out that they somehow forgot to consolidate 2 of my loans that were on the same form as the 2 they did consolidate. Of course, the 2 they didn't consolidate were the lower interest ones, so now I'm paying like 7% interest because they screwed up! So then I had to fill out another form to add the 2 they forgot, and yet they never actually admitted it was their fault. In December, I called to find out why the balance was still not correct, and they apparently never followed up on the consolidations to see that one of them was denied. After about 1-2 hours on a 3-way phone call with them and the other lender, we find out it's because CLC filled out the form incorrectly. Now it's January, and the 2 loans they forgot are still not consolidated. Once you decide to consolidate your loans, your only commitment should be to pay the consolidation off. However, I'm still left with the babysitter role, making sure that they're keeping up their end of the agreement . . . as if working 80 hours a week, planning a wedding, and doing a pharmacy residency isn't enough . . . Believe me, if I could go back and choose a different consolidation company, I'd do it in a heartbeat! DO NOT CONSOLIDATE WITH CLC!

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