American Intercontinental University - AIU Online - SallieMae
Financial Adviser Fraud Deception ripoff Wilkes Barre Pennsylvania

To Whom It May Concern,
Due to a conflict over a grade I recently withdrew from my enrollment to AIU-Online. I then received notice that my student loans would soon be due. I was fully aware and prepared for this. I had (3) loans; 2 Federal Stafford Loans and 1 SallieMae Signature Loan.

My Complaint: The SallieMae Loan was described to me as a low interest Government Loan which I was lucky to have qualified for at 8.25% interest. When I received my statement the interest rate was over 18% interest. I have contacted both AIU and SallieMae. Both say I signed the promissary note and must pay it. SallieMae also told me because of the current bank and state the loan is in it could rise to 22% interest.

Both Stafford loans were as described to me. I have already paid one of them off. But, the SallieMae was a complete fraud. When I read the promissary note, I did not understand it so I had the financial adviser explain it to me before I would sign it. It was explained to me as a low interest government loan at 8.25% for the disadvantage that I qualified for and was lucky to receive since I had no income and was out of work.

I have since seen different reports where colleges receive kickbacks from financial institutions to push these private loans and SallieMae is one of the biggest pushers. My $6,000 loan with SallieMae is going to cost me $20,000 maybe more.

I have tried to resolve this situation with both parties involved but it has been to no avail. AIU denies any involvment with SallieMae. Here are several questions I asked AIU that I did not receive satisfactory answers to.
1. If SallieMae is not a low interest, low income, government loan, why was I led to beleive it was by your adviser's? I would never have signed an 18% loan.
2. Since I qualified for a low interest, low income loan, how do you expect me to pay back a loan at 18% interest?

If you go to the SallieMae website and their calculator (this is what the adviser told me to do so I could get an idea of how much my payments would be.) Type in 8.25%, it gives an idea of the monthly payments. Type in 18%. The payments roughly double.

Everyone, please do not become a victim such as I and be aware of the deceptive tactics being used by AIU and SallieMae. They have an excellent scam going.

Company: American Intercontinental University - AIU Online - SallieMae
Country: USA
State: Georgia
City: Atlanta
Address: 6600 Peachtree-Dunwoody Rd
Phone: 4049656500

  <     >