Important MessageCollege Loan Corporation has ceased all private student loan funding due to an abrupt cancellation of our third-party financing facilities. We are working diligently to secure new financing and apologize for any inconvenience this may have caused.
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Privacy Policy
What does CLC family of companies do with your personal information?
Facts:
Who?
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The CLC family of companies (CLC) includes the following affiliates: College Loan Corporation; Student Capital Corporation; MEDPreferred, LLC; CLC Card Services; CLC Servicing; ExitInterview.com* and SelectYourLender.com.* |
Why?
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Financial institutions choose how they share your personal information, with some limitations. Federal law gives consumers the right to restrict some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what CLC does with your personal information and what your rights are with respect to your personal information. |
What?
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The types of personal information we collect and share depend on the type of financial product you have with us. Examples of the types of information include
- Social Security Number, date of birth, physical address and email address
- Account balances and payment history
- Credit history and credit scores
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How?
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All financial institutions need to share customers’ personal information to run their everyday business — to process transactions, maintain customer accounts, report to credit bureaus and manage their business. In the chart below, we list some of the reasons financial institutions, such as CLC, can and choose to share their customers’ personal information, whether or not you can limit this sharing. When you close your account, we will continue to abide by this policy. |
Facts:
Reasons We Can Share
Your Personal Information
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Does CLC Share?
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Can You Limit This Sharing?
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For our everyday business purposes
- to process your transactions, communicate with you, maintain your account and report to credit bureaus
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Yes |
No |
For our marketing purposes
- to offer our products and services to you
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Yes |
No |
| For joint marketing with other financial companies |
Yes |
No |
For our affiliates’ everyday business purposes
- information about your transactions, experiences
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Yes |
No |
For our affiliates’ everyday business purposes
- information about your creditworthiness
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Yes |
Yes |
| For our affiliates to market to you |
Yes(See below for additional information) |
No** |
| For nonaffiliates to market to you |
No |
We don’t share |
| Unless we hear from you, we can begin sharing your information 30 days from the date of this letter. However, you can contact us at any time to limit our sharing. Please complete and mail this form, or fax it to 877.252.4228 if you want to limit sharing of information. |
Definitions:
Everyday business purposes:
The actions necessary for financial institutions to run their business and manage customer accounts, such as:
- processing loan applications, mailing and auditing services
- providing information to credit bureaus
- responding to court orders and legal investigations
- and manage their business
Affiliates:
Companies related by common ownership or control. They can be financial and nonfinancial companies. (See first table above under “Who.”)
Nonaffiliates:
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
- Nonaffiliates we share your information with can include loan originators, guarantors, disbursing agents, servicers or direct marketing companies who are working on our behalf.
Joint Marketing:
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
*Information gathered on these websites is shared only with your school unless you specifically request otherwise (“opt in”) when visiting the site.
**Affiliate marketing will not be based on creditworthiness information you have asked us not to share.
Sharing Practices
How often does CLC notify you about our practices?
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If you have received a financial product from one of the CLC family of companies, we must notify you about our sharing practices when you first take out a financial product and each year while you are our customer. |
How is my personal information protected by CLC?
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To protect your personal information from unauthorized access and use, the CLC family of companies uses security measures that comply with federal law. These measures include computer safeguards, secured files and secure buildings. |
How does CLC collect my personal information?
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Each of the CLC affiliates collects your personal information, for example, when you:
- apply for a loan with us, via the mail, telephone or online
- pay your bill
- contact us to ask questions about our other products
We also collect your personal information from other organizations, such as credit bureaus, other affiliates, your school or other organizations |
Who does CLC share my information with?
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The CLC family of companies only shares your personal information as permitted by law. For example, we may share information with:
- nonaffiliates, such as loan originators and servicers, to complete a transaction you have requested from us
- affiliates, within the CLC family, in order to offer you other products and services
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Why can't I limit all sharing?
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Federal law gives you the right to limit sharing only in these instances:
- affiliates’ everyday business purposes - information about your creditworthiness
- nonaffiliates to market to you
Since the CLC family of companies does not share your personal information with nonaffiliates for their own marketing purposes, you need not contact us to “opt out” from nonaffiliate marketing. State laws and individual companies may give you additional rights to limit sharing (Vermont and Nevada residents, see below) |
Vermont law restricts the ways we can share Vermont residents’ personal information. CLC will only share information we collect from Vermont residents when we have their permission or as required by law.
Nevada residents: the following notice is required to be made under Nevada law to all customers with a Nevada mailing address. At any time, you may request to be placed on our internal “do not call” list. You may do so by calling CLC toll-free at 888.972.6313. If you would like further information about this notice, you may contact us at: CLC Privacy Department, PO Box 509085, San Diego, CA 92150-9717 or call toll-free at 888.972.6313. For more information about the Nevada “do not call” notice requirement, you may also contact the Nevada Attorney General, Bureau of Consumer Protection, 555 E. Washington Street, Suite 3900, Las Vegas, NV 89101, phone 702.486.3132, or email: BCPINFO@ag.state.nv.us.
This notice is effective as of April 12, 2007. |
To view or download our privacy policy at any time, visit www.collegeloan.com/privacy-policy or mail your request for a new copy to: CLC Privacy Department, PO Box 509085, San Diego, CA, 92150-9717.
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OPT OUT REQUEST
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We do not require you to complete this form.You should only complete this if you choose to opt out of the type of sharing listed below. Your request will apply to everyone on your account.
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Do not share information about my creditworthiness with your affiliates for their everyday business purposes. (See reverse for additional information).
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Your name
_____________________________________________
Your address
_____________________________________________
_____________________________________________
Account number
_____________________________________________ |
Mail to:
CLC Privacy Department
PO Box 509085
San Diego, CA 92150-9717
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