Pros
Not really many pros unless silly call center type activities and favoritism are what you're looking for.
Cons
The majority of the "upper" managers are in their positions because they stuck with the company during the tough times when the government took over the student loan business and/or because of long-term relationships with the owner and his COO rather than being in their positions because of their leadership abilities. I have nothing against call center employees. However, putting call center supervisors in VP positions managing professional staff is a very bad idea. They tend to manage professionals the same way they manage 18 year old college kids who are answering phones because they do what they know and they don't know anything about professions like information technology, etc.
