ITT Technical Institute Outright lied Albany New York

When I went into the financial aid office with my son, I was told pointblank that the payments would be low ( quoted amount of approx. $250/mo.) and the interest rate would be 2% - 3%. When actually my son is paying 13% and his payments are around $500/mo. I told the financial aide officer when I first went in that I did not want to co-sign. That I wanted my son to be able to take out this loan in his name. I was told I had to co-sign. I also let her know that I myself would not be financially able to make this payment even the one quoted. Now we are in a situation where my son is having difficuly making this outrageous payment and I am receiving letters from Sallie Mae threatening me with the Credit Bureau.

Also, many many phone calls. This is ridiculous. Hearing other people having the same or similar problems tends to make me a little more irritated. Knowing this is their standard practice to lie to the students and families. What can we do?

Mom
Greenfield Center, New York
U.S.A.