Columbia U., Citibank sued for 'slavery'

NEW YORK, Dec. 17 (UPI) -- A black psychotherapist is suing New York's Columbia University and Citibank for allegedly subjecting him to "modern-day slavery" through student-loan usury.

The lawsuit, filed in New York state Supreme Court by Brian Baxter, 57, charges the Ivy League university colluded with the banking arm of financial services giant Citigroup Inc. to lure him to its "preferred lender," which then charged exorbitant student-loan interest rates that he is still paying off 10 years after graduating.

His complaint follows a nationwide probe by New York state Attorney General Andrew Cuomo that accused major colleges and lenders of cooperating at the expense of students and taxpayers.

More than 25 schools and a dozen lenders have reached settlements totaling $13.7 million; an additional $3.4 million has been paid back to students.

"It's modern-day slavery," Baxter said of the alleged collusion.

"I should not be financially enslaved for the rest of my life -- and that's what the corporate giants are trying to do," he told the New York Post.

He said he started out with a $65,000 loan but now has to pay $172,000 -- and has yet to touch the principal.

Columbia and Citibank had no immediate comment.