"Here's the scam" by Anonymous

[aka name]

http://certcities.com/editorial/news/story.asp?EditorialsID=571&page=56

9/5/09: Anonymous says: Here's the scam. Most people who go to ITT Tech saw it on TV and are poor. They can't qualify for any private loans, so ITT Tech gets the Stafford Loan. Then ITT Tech assigns the rest of the tuition to a fake loan called a CARP or something - there is no private loan, but it gets reported as a loan for collection. ITT Tech sells the fake loan to NCO Financial - who in turn reports it to the Dept. of Education. This fake loan will usually go into default because it's so big. And they pile interest on it. Then NCO tells the student they can get a government backed consolidation loan - NCO sells the fake loan to the Federal government - The Feds write them a check, and the student gets stuck with a fake loan enforced by the Federal government. In other words, ITT Tech is fleecing the Federal government with fake loans and high interest. Anybody still feel like going to ITT Tech? If this happened to you, you need to report it to the FBI and the IRS Financial Crimes Unit

[doniker]

I discovered cercities 571 a few years ago and I have many posts on that thread.

Whatever.

After a year, my monthly Sallie Mae payments of $232.40 a month are really starting to mess up my budget.

My shitty $11.50 an hour job just doesn't cut it....I am a 46 year old married man with children and I am strapped for cash.

Fuck You ITT for all your false promises/

[Seven ALive]

i am going to say no because i haven't had that happen, i believe the guy means CALP not CARP.

[surmar2010]

Yeah it is CALP/Slop Loans and I’m pretty sure its right
I recently went back to ITT and dropped in the 2nd quarter. ITT has taken out what they said was a private loan. However no lender information was provided instead it was sent to a collection agency. Last week I was sent a summary of my dept from ITT and I noticed they created false charges on my account for almost exactly the same amount as the so called private loan. So I checked my enrollment agreement and that is exactly what happened they jacked up my administrative fee $200 and added bookstore charges (books we never used in class) for about $2000. Also added something called an admin fee, which is nowhere to be found on my enrollment agreement. What it looks like to me is any leftover amount from my loans they couldn't justify the made up a charge or increased other existing charges. Now get this the collection agency wants me to contact them within 30 days in case I want to dispute any charges. Which means if I prove the charges are not valid they’ll simply drop them and get off free. ITT is not a school it's all a front. Their only interest is creating loans and stealing student’s money.

[RyanMAX]

All they care about is their money machine, your student loans. It is the perfect scam of all time.

[Hazmatt405]

I am having the same problem. I decided to take a quarter off because of work and they sent my "temp credit" to collections. School doesn't have any solution but to reenroll, and "we will see" what happens with temp credit. What's the best way to deal with this? Can a lawyer help me and if so what kind of lawyer do I find? I really wish I found this site before I started school, I'm almost 40k in debt and have half a year left!

HELP!!!

[GauntletsTheFighter]

Y da hell did I miss dis 4? It's just 1 big LOL. Not only 2 me cuz I could just laugh at deez fucks, but 2 them cuz of what they doin'!