It Takes Time

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ITT's Federal Loan Scam - Help me to Prove It!

Tired of dealing with the constant problems with the finance department? This is for you.

Re: ITT's Federal Loan Scam - Help me to Prove It!

Postby Monkeymook » August 28th, 2009, 3:21 pm

Damn. I have not checked in here for a while, but I got a book in the mail called "The Student Loan Scam - The Most Oppressive Debt in U.S. History - and How We Can Fight Back". I strongly suggest that anyone pick it up at amazon.

It uncovers many of the details about the way Sallie Mae runs it's finances, and how it cheats the students that enroll with them.

The book...no, actually, just the preface, will make your asshole pucker. It's unreal what some of the students have gone through.

Many have killed themselves over these debts, several hundred have fled to other countries to escape their debt, and many have vanished off the radar.

Get the book. Check out http://www.studentloanjustice.org. I am currently producing a small video to help everyone I went to college with get involved and put an end to this shit.

I've gotten very sick of this madness very fast.
I went to ITT Technical Institute, and all I got was this lousy T-Shirt!
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Monkeymook
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Location: Philippi, WV
ITT Campus: VA - Norfolk
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Re: ITT's Federal Loan Scam - Help me to Prove It!

Postby N8dizzle69 » June 4th, 2010, 5:59 am

i had to sign the "Peaks" loan which had 14.7% interest rate in order to graduate, besides the stafford's subsidize and unsubsidized loans! it's crazy how i got ripped-off... or how WE i should say.
N8dizzle69
 
Posts: 1
Joined: June 4th, 2010, 5:50 am
ITT Campus: OR - Portland
Still attending: No

Re: ITT's Federal Loan Scam - Help me to Prove It!

Postby therealg » January 12th, 2011, 6:01 pm

My son and I went to ITT and listened to the whole spiel. To determine costs, we were told we'd need to speak to the financial department. Made an appointment, specifically stating that we ONLY were interested in learning how much it would cost to attend. Before I knew it (they're ssssssoooooo smooth - and I'm not a stupid person) we'd actually signed for loans!!! I thought the financial representative was asking the information soley for the purpose of determining how much out of pocket we'd need to pay IF my son decided to attend the school. It was at the end of the financial meeting that I realized what had happened and I vehemently stressed that we unsure he'd be attending that we'd come only seeking information to help in the decision. I was reassured that until he actually showed up for class on the first day, that there would be no monies requested on the loans (turns out there were 3 - subsidized, unsubsidized and parent plus).


Well, a couple days later, I contacted the school to say my son wouldn't be attending. Okay.... no problem.... funds won't be requested. Then, in November, we received his class schedule!! Called ITT again stating that he wasn't attending (and this time, I requested and received an email confirming that he wasn't registered for classes).

NOW..... today I find that two disbursements were made (one on the subsidized and one on the unsub), totalling almost $1,900.00. Called the school - told them this 'reeked of fraud'. Their reply? So sorry.... it's an automated system and it must have fallen through the cracks. The money was disbursed on January 5th and here's it's the 12th and they haven't returned it. How can this 'fall through the cracks', when I repeatedly called them? How many other people does this happen to? No wonder their books/stock look good - they're billing for and receiving money fraudently.

Hopefully, this will work itself out. Son is now attending the state college for a fraction of what ITT would have cost.
therealg
 
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Joined: January 12th, 2011, 4:28 pm
ITT Campus: FL - Tampa
Still attending: No

Re: ITT's Federal Loan Scam - Help me to Prove It!

Postby admin » January 12th, 2011, 8:35 pm

Don't count on it resolving itself. Go down to the school and see the financial aid admin and make sure they refund it right then and there. They can do it immediately without any waiting and should be able to provide you a signed document showing nothing paid or owed to them.
admin
Administrator
 
Posts: 614
Joined: February 6th, 2008, 11:42 pm
Location: Arizona
ITT Campus: AZ - Phoenix (Tempe)
Still attending: No

Re: ITT's Federal Loan Scam - Help me to Prove It!

Postby definitionofshapes » April 23rd, 2011, 12:51 am

As a former ITT Tech Financial Aid Administrator, I constantly saw shady practices. The students being repackaged were forced into these private loans with a high variable interest called "PEAKS". I was trained to not inform the students about these loans for fear of our "start" numbers. Once the student is repackaged, any money owed to ITT, which usually is upwards of 7k is applied towards Peaks- and to my understanding is backed by ITT. Their practices are unethical and I could go on all night with example after example of why I don't work for them any longer. I am not a disgruntled employee, I just have a conscience and a little bit of integrity left.

If anyone has any further information on PEAKS, I would definitely be interested in hearing about it.
definitionofshapes
 
Posts: 1
Joined: April 22nd, 2011, 8:47 pm
Still attending: No

Re: ITT's Federal Loan Scam - Help me to Prove It!

Postby Mattwood11486 » May 9th, 2014, 10:29 am

Have any of you actually paid back the PEAKS Private Loan? I honestly did think it was a scam once I started receiving the emails in my inbox. Their website looks so shady like one guy from ITT actually helped them build the site or something. I just disregarded it completely haven't made a single payment on it since I graduated and not once have I received a threatening phone call or letter in the mail from a lawyer. It doesn't hit your credit score either, the only thing that hit mine was the actual Sallie Mae loans the first couple of months. I have been paying back my Sallie Mae loans for awhile now though I just signed up for the IBR and pay whatever I want then it is forgiven after 25 years. I'd like to see States/government try to combat this type of crap by forgiving student loans for volunteer work, I would take that opportunity in a heartbeat. One of my biggest regrets in life has been attending ITT Tech this place is nothing but a loan mill that preys on young middle/lower class kids who just want to better themselves, should have seen it when I signed up. Anyways, I don't know if you guys notice the same thing about the PEAKS loan but my advice is if you are paying on it stop, or don't pat it at all. People might disagree with me maybe it hits their credit score or something but for me it has not.
Mattwood11486
 
Posts: 5
Joined: October 26th, 2011, 10:19 pm
ITT Campus: MO - Earth City (NW St. Louis)
Still attending: Yes

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