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San Diego, CA – December 11, 2006 – College Loan Corporation, the nation"s seventh largest student loan provider, today announced that it has won the coveted 2006 Torch Award for Marketplace Ethics from the San Diego Better Business Bureau (BBB) for demonstrating ethical business practices in the marketplace.
The BBB"s annual Torch Award for Marketplace Ethics recognizes businesses that have demonstrated exemplary ethical business practices in their relationships with employees, vendors and customers. The process for applying for the Torch Award is extensive, and winners are selected by a panel of independent judges who are leaders in the local business and academic community. In the five categories based on company size, CLC won first place for companies with more than 500 employees. The Company was a Torch Award finalist in 2005.
"The Torch Awards are the way that San Diego annually rewards and celebrates ethical business practices in our marketplace," said Sheryl Charleston, San Diego BBB president and CEO. "Each honoree exemplifies that adhering to a fair and honorable marketplace gives a company a competitive advantage, and that BBB ethical standards are the hallmark of a successful, competitive company."
As a winner of the local competition, College Loan Corporation"s submission will now be considered in the international 2007 Torch Award competition. The Better Business Bureau"s International Torch Award competition is comprised of thousands of entries from businesses all over North America. Winners of the 2006 International Torch Award competition will be presented in September.
"College Loan Corporation was founded with the belief that integrity and ethical business practices would be the cornerstone of our success," said Cary Katz, chairman and CEO of College Loan Corporation. "This award is a validation of our ethical business practices and a tribute to all of our employees. We are truly honored to receive this recognition from the BBB."
The non-profit San Diego Better Business Bureau (BBB), San Diego"s largest county-wide business membership organization with more than 6,100 member companies, promotes business ethics through voluntary self-regulation, consumer and business education, and helps consumers with free pre-purchase information and consumer protection advice, including reliability reports on more than 101,000 local companies. Consumers who first inquire with the BBB before a buying decision is made currently represent approximately $4 billion per year in local purchases, according to the BBB. Before buying decisions are made, consumers are encouraged to phone the BBB"s free 24-hour Consumer Helpline at 858.496.2131 or 800.600.7050 or visit the website at www.sd.bbb.org, to obtain free information and a list of BBB member companies in a particular type of industry.
College Loan Corporation (CLC), headquartered in San Diego, is the nation"s seventh largest student loan provider, managing more than $9 billion in student loan assets. By offering innovative loan products and industry-leading customer service, the Company has helped make higher education possible for more than 700,000 students and families. More than 900 colleges and universities have designated College Loan Corporation as a preferred lender. CLC"s student loan hotline offers expert loan consultants 24 hours a day, 7 days a week at 1.800.2COLLEGE.