• Report: #872792

Complaint Review: ITT Technical Institute/Sallie Mae Lending

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  • Submitted: Mon, April 23, 2012
  • Updated: Sat, April 28, 2012

  • Reported By: JeanDaily83 — Paradise Pennsylvania United States of America
ITT Technical Institute/Sallie Mae Lending
King Of Prussia, PA/Nationwide king of prussia, Pennsylvania United States of America

ITT Technical Institute/Sallie Mae Lending Stealing America's Future king of prussia, Pennsylvania

*Author of original report: Yes, Really

*Consumer Comment: ITT Tech considered a joke in the IT industry

*Consumer Comment: Really?

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The future of America is in the education of it's youth. The Youth is being scammed and conned into useless education that "barely" makes it through standards & loan companies that practice predatory lending. Student loan debt has currently reached $1 trillion. Millions of students are defaulting on their loans everyday and part of this can be stopped by eliminating the institutes who prey on America's future. If we want the economy to heal and our futures to be bright this issue must be stopped. I know you have thousands of emails and issues to worry about. But please listen to my story and read
thousands of others online. ITT Tech & Sallie Mae MUST be stopped before our future is over. Help me, Help the future of America

 This complaint is with this school in this particular location, as well as the entire corporation. This corporation is ruining thousands of young peoples lives. The problem with the economy is that the youth that should be building their
futures to help restore the economy and reinvest their money, cannot do so because they are in massive amounts of debt. 
These innocent individuals, including myself were tricked into thinking that ITT technical Institute would be an investment into our future. A quick education that would make our future secure. An education that would lead to great things and wonderful careers. 
However, these dreams by thousands of individuals were crushed by ITT's lies of: transferable credits, low payments and a valuable education. On top of it all, predatory lending by Sallie Mae was thrown in. Can you name any legitimate financial institution that would lend a 20 year with no prior credit history, $20,000 based on a $10/hr career at Wendys?  I cannot! This is predatory lending! 

 After graduating at this "Educational Institute" I was denied a entry level job in the field that I devoted 2 years of my life and a 3.85 GPA to. I was lucky enough to get another job at this place of employment based on my skills that I had acquired
before I even entered the "Educational Institute". After 6 months from graduating with an Associates degree for a 2 year program I received payments from Sallie Mae that were over $600/mo.  That is outrageous! Little did I know, I was
tricked into these private loans that had interest rates as high as 16% at times!!!!! If I would have been told at registration(where I was basically forced to pay $150 to register, given a math test that my dog could excel in,
and pressured to apply) that my loans would be >$600 you can imagine that I would have been out of the parking lot faster than you can say "Scam". However, they did no so such thing. They painted a beautiful picture of lovely dreams that would soon turn into my nightmares.

 After placing my loans into forbearance I decided that my Associates degree from this fine "Educational Institution" was going to get me no where and I gained no skills (3.85 GPA) I decided that I needed to choose a secure future that
would give me an excellent job and better hope than ITT. I went to school at Central Pennsylvania College, part time-year round and graduated once again with honors in 4 years, with my Bachelors of Science in Accounting.  Keep in mind that this was a y year accredited college which was only slightly more expensive than a 2 year "education" at ITT.  Once I
graduated with my bachelors, I decided I wanted to become further educated with my dual MSF/MBA which I am currently pursuing.  While I was at a the 4 year school, Sallie Mae/ITT loans were in deferment.  In September I received my
bill for Sallie Mae where my payments were >$800/mo.  
 
That is a small mortgage where I live. That is insanity. I had thoughts of leaving the country, of ending it all. Why shouldn't I? My financial future was soon to be over. I would have to get another full-time job to pay this loan by itself with all my
other expenses.  All of this for an "education" that was worthless. Out of all the things I've done in my life, I never thought that I would have to suffer this much and pay so harshly for something that I was doing to better myself and become an educated citizen of America.  The youth of America, is where the future of the country lies right?  If it weren't for my parents helping me and putting a lien on their house to consolidate the astronomical loan from my ratty 2 year "education" I would be forced to default, forced to never have a house in the future, forced to possibly end up jobless due to poor credit.

 However, I am now luck enough to be the proud owner of a $64,000 loan (36,000 in interest alone) that will require $500/mo payments over the next 15 years of my life. I will not be able to move out from my parents house unless I can get a  phenomenal job in the future with my post ITT education, and being 29.. the children that I hoped I would be having, will have to wait for awhile as well. 

 Please, I am NOT the only one. I consider myself to be one of the luckier ones that can scrape by with the help of my parents. So many other peoples lives are being ruined due to this one institution and its partner in crime Sallie Mae. I am almost 100% positive that people have taken their lives over this massive amount of debt that crushes their hopes and dreams, weighs on their shoulders every minute of every day. I know the thought crossed my mind, and I have many other
reasons not to. Thanks to the government turning its back and people stealing innocent souls and hard earned money, I will be under this weight for a long time to come. I don't mind paying for things that benefit me, for my education, my real education I recently received and am currently earning, but I have a problem with being lied to. I feel like my future has been raped. Help me stop it from happening again to other people that are not as fortunate as me, with parents that can put a lien on their house. Help me start a class action lawsuit and win back the future of America. 

 This website as well as many others have the heartbreaking stories of hundreds of people who have lost their futures due to ITT & Sallie Mae

http://sueeasy.com/class_action_detail.php?case_id=436.

This report was posted on Ripoff Report on 04/23/2012 08:27 PM and is a permanent record located here: http://www.ripoffreport.com/r/ITT-Technical-InstituteSallie-Mae-Lending/king-of-prussia-Pennsylvania-19406/ITT-Technical-InstituteSallie-Mae-Lending-Stealing-Americas-Future-king-of-prussia-Pen-872792. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Author of original report

Yes, Really

AUTHOR: JeanDaily83 - (United States of America)

In response to your reply, I was not explained how much the loans were going to be. I was told nothing of the sort. If I would have been told that they would be asking for $600/mo immediately after graduation and loans with 15 & 16% interest I obviously would not have signed up. But that's what ITT does, they trick you, hide things from you and make you feel like you're obligated to either sign the papers or lose your education.  

I was called to the financial aid office in the middle of class and told to sign the papers for the loan or I would be kicked out next quarter. I had already completed several quarters of school and am not a quitter so I felt obligated to sign the loan. I was also not explained everything, not shown any proper documents or details. Not to mention it was the middle of class and I didn't want to miss anything so I was in a rush to get back.  It's called predatory lending. Take a look around at all the other claims of people that were scammed by the EXACT same school and lending company.  

You asked why I didn't research the school? I wanted an education and I suppose I was young and naive at the time. I believed what I was told by the recruiters at the school. That's right, recruiters! They get paid for how many students they get to sign up!!  Also, when I was 20 which was 9 years ago, Google and researching things online was not what it is today. You can believe that I research everything and anything I am looking into investing in or purchasing. It wasn't like that 10 years ago.  

So was I naive and should I have asked more questions? Yes, but was I ripped off and cheated? 100% I was signed up for a loan that I was no way eligible for. Sallie Mae was even investigated for predatory lending and just accepting every student they could so they could claim the most amount of student loans and become a mega corporation. Look it up online, do YOUR research before you make claims against me. Read everyone else's story, I AM NOT THE ONLY ONE. I am trying to stop others from falling into the same future that I have. I am trying to help others, what are you doing with yourself?
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#2 Consumer Comment

ITT Tech considered a joke in the IT industry

AUTHOR: hoapres - (USA)

You are a victim of "process the suckers", "process the bodies", "get them student loan dollars" now owing thousands of dollars on a worthless piece of paper called an ITT Tech diploma.  While it won't help you, spread the word of your ITT Tech experiences to other boards such as yelp dot com.  You might also want to write to your local congressman to support legislation to discharge your private student loan in bankruptcy. 

The Feds should have cracked down a long time ago on ALL of these "for profit" trade schools A LONG TIME AGO.  The Feds were about to do so but the Congress was "bought off" by for profit trade school lobbyists.  

California is cracking down on for profit trade schools with SB 70 denying Cal grants to those schools with high student loan default rates which includes ITT Tech.

You can also view the latest quarterly report at ittesi dot com and note that student enrollment has dropped over 10% from 2011 to 2012.
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#3 Consumer Comment

Really?

AUTHOR: GQ - (United States of America)

So you blame the company for your decision to pursue an education that cost that much money.  If you had such a problem with the price of the school then why did you sign up?  Why didn't you do research and see how much state schools in your area cost compared to ITT Tech before you started?  I understand that the school is high, but you made the decision to go there knowing full well how much it cost.  With that being said, if you knew it cost that much and you would have to get a nice sized loan why wouldn't you research the facts about the loan?
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