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. (NYSE:C) 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.