Socle. All of the bailouts, extensions , etc are fir Socle plain and simple. They need to keep cci in existence long enough for Socle to stand on its own two feet. They will do whatever they can to feed this baby. Once they are done squeezing blood out of you they will drop you like a red headed step child. Now unless you are one of Socles finest. You need to look for a job. And no, I am not Socle, but I support Socle. Now ask someone just how much money they have spent and continue to spend on Socle.
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Socle IS the holdup. The interested potential buyers so far (as well as ED) are balking at including Socle servicing. The proposal isn't to sell Socle, but to have the buyer contractually obligated to use Socle's service for years, just like CCi had to use Global.
Piss off. All of you.
Anonymous41054: Socle is not just a collector and not a competitor when ECMC purchases us. Think of it this way. You and I make the same type of software that predicts lotto numbers. Your results are more accurate than mine so I decide to buy your company if you sell. You decide to sell me your business including the code to the lotto prediction software. You are no longer a competitor to me and I am now making more money because I have more resources than I did before the purchase. This is how Microsoft worked in the 1990s and early 2000s. Socle is not the holdup I can guarantee that.
This statement is 100% incorrect "but unfortunately the schools that have hired SOCLE have only hired them to make the phone calls for default prevention, not for the actual FA processing." Socle has clients that are FA.
027, doesn't that make Socle and ECMC competitors? If ECMC is the interested buyer why would they have any interest in using Socle? I'm starting to think that Socle is the hold up with the sale.
41027, nice explanation. Thank you.
CCi first formed the SFS (Student Financial Services) department about 5 years ago. They wanted to set up and approve all financial aid awards in-house instead of using the Global servicer to do it for them. It worked well because SFS grew and CCi no longer had to pay an outside servicer to process financial aid. SFS was able to do everything from start to finish (getting documents to approving awards to posting the money to accounts). SFS was only able to process FA for CCi however, because they were a CCi department. In order to grow they decided to incorporate as their own brand - SOCLE Education. CCi still owns Socle, but it's an incorporated entity just like CCi owns Heald, Wyotech, etc. This gave SOCLE the legal freedom to branch out and become the FA servicer to any school in the country. SOCLE has signed a few small clients so far, but unfortunately the schools that have hired SOCLE have only hired them to make the phone calls for default prevention, not for the actual FA processing. This isn't bringing in much revenue for SOCLE yet and SOCLE still relies completely on the revenue they are getting from CCi. With CCi's financial issues, SOCLE is suffering as well. What they are hoping for is that if any brand sells, like Heald or Everest, the buyer will agree to SOCLE coming with the brand as the contracted FA servicer. This will keep the revenue flowing for SOCLE. If the buyer doesn't want SOCLE because they can do their FA processing themselves, then SOCLE is screwed, they will lose that client and their source of income.
947 wrong
Socle education is the service cci is selling to other schools. Its docuument tracking and financial aid tracking. Its the student and client portals we now use for Estimates, etc. Check out their website. We have been developing it for about two years. They sign on their first client in May.
I am from Heald. What the hell is Socle?