The complaint has been investigated and
resolved to the customer's satisfactionResolved ITT Technical Institute — temporary credit/predatory lending
resolved to the customer's satisfaction
Think twice about enrolling at ITT Tech. They will take full advantage of you any chance they get. Listen carefully. Before starting classes I sat down with one of their financial aid clerks to discuss cost breakdown. I got a clear picture of exactly how much the grants and various government loans would cover. At $486/credit hour, you are still between $2000-$5000 short of the costs of each fiscal year. So naturally, they make you apply for a private loan. When you're denied, as I was, they extend to you what they call "temporary credit." They tell you it has a 0.00% interest rate with payments beginning immediately upon graduation (no grace period.) Nine months later, I meet with the financial aid department again. They tell me they have found a new loan provider. They tell me they will roll the amount the school had agreed to lend me ($4800) and add it to the cost of the next fiscal year for a total loan equaling $12000. Keep in mind that this is just the remainder of the $35, 000 that the government won't cover (less than 2 years of education.) I get accepted. Great, right? Wrong! This loan has a 10% origination fee and an interest rate of 13.75%. Over the span of your college career (before graduation) this loan accumulates up to $7000 more than the original loan amount. Then they tell you that if you don't agree to take this loan, your schooling is over. This is just the beginning of the many private loans that ITT Tech will ask you to take. Please, consider this warning! Don't let 30% of your tuition pay for someone else's advertising and above all, don't let yourself be a victim of these predatory lenders.
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