ITT Tech closing it's doors

[JustAnotherNut]

ITT Tech shutting down all campuses

INDIANAPOLIS — In the wake of devastating federal sanctions, officials from the Indiana-based ITT Educational Services Inc. announced Tuesday that all ITT Technical Institute campuses will be closing.

In late August, the U.S. Department of Education barred ITT (ESI) from enrolling new students who depend on federal aid and required the company to warn current students that its accreditation is in jeopardy. ITT also was told that it must increase its reserves from $94.4 million to $247.3 million, or 40% of federal student aid the company received in 2015.

The financial blow was too much for Carmel-based ITT to bear, so the decision was made to shutter operations, a move that will impact thousands of students and employees.

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USA TODAY

For-profit college chain ITT Tech ceases all student enrollment


"It is with profound regret that we must report that ITT Educational Services, Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service," said a statement from ITT. "With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected.

"The actions of and sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes, and we will not be offering our September quarter. We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution."

The company said its focus and priority will be using the remaining staff to help the tens of thousands of displaced students with their records and future educational options.

 

[Katzndogz]

Democrats said they wanted to end for profit schools. Here you go.

 

[JustAnotherNut]

I didn't really expect it to be a political issue, but......

 

[DarkFury]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

 

[AceRothstein]

Good. ITT was a scam.

 

[JustAnotherNut]

Good. ITT was a scam.

Yes, according to a lot of complaints & issues against it

 

[Iceweasel]

Easy government money is hard to turn down.

 

[DarkFury]

Easy government money is hard to turn down.

For 80% of the students it was welfare but for the other 20% who used it to get into college and do something it was worth it.

 

[JustAnotherNut]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

Can't find it now, but hubs had found a video this am that a former student was talking about the company that did ITT's accreditation was no longer accredible? I dunno, but it is a big school that is affecting thousands of students & faculty.
I wonder if anyone that has a degree thru them....is that degree worth the paper it's printed on?

 

[JoeMoma]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

Can't find it now, but hubs had found a video this am that a former student was talking about the company that did ITT's accreditation was no longer accredible? I dunno, but it is a big school that is affecting thousands of students & faculty.
I wonder if anyone that has a degree thru them....is that degree worth the paper it's printed on?

Probably not so much without a work history to go with the degree. I imagine it will become difficult to verify someone's resume that claims to have graduated from ITT.

 

[JustAnotherNut]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

Can't find it now, but hubs had found a video this am that a former student was talking about the company that did ITT's accreditation was no longer accredible? I dunno, but it is a big school that is affecting thousands of students & faculty.
I wonder if anyone that has a degree thru them....is that degree worth the paper it's printed on?

Probably not so much without a work history to go with the degree. I imagine it will become difficult to verify someone's resume that claims to have graduated from ITT.

and the unemployment rate goes up even further.....

 

[Picaro]

I wonder if anyone that has a degree thru them....is that degree worth the paper it's printed on?

Depends on the tech program and the job market. Silly Con Valley racketeers loved to recruit from these private schools, as the grads were usually so loaded down with debt they would take nearly anything offered to them, and most had no clue how expensive California is, especially in the Bay area, and what kind of taxes the state lays on people who actually work for a living. This got to be so bad the parking lots of many companies out there looked like homeless camps, which is what they were, so they had to start banning their own employees they paid far too little to live on from sleeping in the lots. lol

 

[Picaro]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

Can't find it now, but hubs had found a video this am that a former student was talking about the company that did ITT's accreditation was no longer accredible? I dunno, but it is a big school that is affecting thousands of students & faculty.
I wonder if anyone that has a degree thru them....is that degree worth the paper it's printed on?

Probably not so much without a work history to go with the degree. I imagine it will become difficult to verify someone's resume that claims to have graduated from ITT.

and the unemployment rate goes up even further.....

There has never been an actual labor shortage in the U.S.'s entire history, so the unemployment rate always gets higher and higher, especially with the immigration rates and illegals problem we have.

 

[Katzndogz]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

Can't find it now, but hubs had found a video this am that a former student was talking about the company that did ITT's accreditation was no longer accredible? I dunno, but it is a big school that is affecting thousands of students & faculty.
I wonder if anyone that has a degree thru them....is that degree worth the paper it's printed on?

Probably not so much without a work history to go with the degree. I imagine it will become difficult to verify someone's resume that claims to have graduated from ITT.

No it isn't. All educational facilities report to the National Student Clearinghouse.

 

[Borillar]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

I doubt anyone with a "degree" from ITT Tech is in the "elite" class. ITT Tech isn't exactly Ivy League. A 4 year degree from ITT isn't recognized by most high tech companies, although it might get you a job as a technician.

 

[Borillar]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

I doubt anyone with a "degree" from ITT Tech is in the "elite" class. ITT Tech isn't exactly Ivy League. A 4 year degree from ITT isn't recognized by most high tech companies, although it might get you a job as a technician.

On the other hand, it probably has more value than a Trump U degree.

 

[DarkFury]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

I doubt anyone with a "degree" from ITT Tech is in the "elite" class. ITT Tech isn't exactly Ivy League. A 4 year degree from ITT isn't recognized by most high tech companies, although it might get you a job as a technician.

I know a couple people who used degrees from places like those to enter a proper college.

 

[Borillar]

I didn't really expect it to be a political issue, but......

The "elite" in order to protect their class will remove the ability for anybody to join that class.

I doubt anyone with a "degree" from ITT Tech is in the "elite" class. ITT Tech isn't exactly Ivy League. A 4 year degree from ITT isn't recognized by most high tech companies, although it might get you a job as a technician.

I know a couple people who used degrees from places like those to enter a proper college.

In most cases, the credits aren't transferable. You'd probably have to challenge classes to get credits.

 

[Picaro]

I wasn't aware ITT Tech or any of the others offered 4 year programs; they weren't geared toward academic degrees in the first place, they were into two year technical training programs like diesel mechanics, CAD training, electronics, air conditioning service, that sort of thing. Some state have minimum course requirements that have to be met but they are minimal.

 

[waltky]

A lot of veterans left in the lurch...

ITT Tech Closes All Campuses, Affecting Nearly 7,000 Veterans
Sep 06, 2016 | ITT Technical Institute has shut the doors on all of its 130 locations in 38 states -- a move that affects thousands of military veterans or their dependents attending the for-profit school on the GI Bill.

The shuttering comes two weeks after the Department of Education banned the school from enrolling new students who used federal financial aid such as student loans or Pell Grants amid multiple investigations into its lending practices. Shortly thereafter, the state of California imposed a separate statewide ban affecting all new enrollments at ITT Tech, including students paying with GI Bill funds or with cash. In 2015, more than two-thirds of all ITT Tech students utilized federal student aid. The school also faced losing its accreditation based on a number of actions, including its administrative capacity, organizational integrity, financial viability and ability to serve students in a manner that complied with accepted standards.

The Carmel, Indiana-based technical institute for five decades was staple in for-profit education, with career-focused degree programs in specialties mainly centered on technical fields, such as electronics technology, nursing, criminal justice and information technology. Overall enrollment at the school was 40,015 students as of June -- a decrease of 16.4 percent from the same period a year ago, according to the company's filings. In 2015, some 12,500 vets attended the school. A total of 6,842 GI Bill recipients -- veterans or their dependents -- attend ITT Tech or planned to do so during an upcoming term, according to a recent email from Terry Jemison, a spokesperson for the VA's Veterans Benefits Administration, which oversees the educational program.

Veterans enrolled at ITT in California will no longer have tuition covered or receive a monthly housing allowance for classes, according to VA.​

Revenue at the school has been dropping in recent years amid multiple government investigations into its parent company, ITT Educational Services Inc. The company is being investigated by more than a dozen state agencies, and two federal agencies for various charges ranging from recruiting fraud to steering students to predatory in-house student loans. In 2015, the cost of obtaining a degree at an ITT Tech campus ranged from nearly $40,000 to more than $90,000. The Department of Education has said that students who were recently enrolled at ITT may have their federal student loans for ITT classes forgiven. Their federal loan debt will be wiped away, and they will have the option of restarting their education somewhere new. The department also said that students -- especially those who are close to graduating -- who wish to continue and complete their program at a different school may be able to transfer their credits.

It is important to note that transferring credits may limit the ability to have federal loans discharged. See the Department of Education's website for more details. If every eligible student applied for loan forgiveness, it would cost taxpayers more than $500 million, according to some estimates. Students who were using GI Bill benefits to attend ITT Tech may not be so lucky. Current law makes no exception for restoring GI Bill benefits paid to a school that goes out of business. So, if students were using the GI Bill to attend ITT Tech and can't transfer the credits to another school, they might be out of luck. All of the GI Bill benefits used for training at ITT Tech would be unavailable to use at another school. Congress would have to pass a law to provide financial relief to veterans affected by this closure.

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