40,000 students are not going to be attending class this fall because ITT Tech has “ceased operations” today. The Department of Education (DOE) has been after the for profit educator for years and finally succeed in putting them out of business after requiring they post a $153 million letter of credit (to back a demand for $152 million reimbursement for student loans paid) and ban them from accepting any more students with federal student loans.
On August 30th the institution announced it would not be accepting any new student for the foreseeable future, now current students are left without their degree and no way to finish it.
This is being called the largest school closure in history.
Students enrolled in the last 120 days with ITT Tech are being told their student loans are going to be forgiven by the DOE. That’s means $500 million charged to tax payers with only $90 million coming from ITT Tech’s insurance.
Must have missed off somebody at the White House.
When will the government sue and close down all the schools that offer worthless “gender studies” “womyn studies” “African American studies” undergrad and grad degrees that can only be used to teach another class of idiots?
It’s for PROFIT
it’s a Scam
ITT started in 1969. Favorable reviews from students. Higher learning with out indoctrination. We can’t have that now can we.
Does this tarnish the degrees of their graduates?
Some people are too dumb to see
Cal Tech, expand on that please.
My guess is the ITT chief negotiator was bringing up the quotas too niggardly.
Will Bleach Bit be used to erase students permanent records?
40,000 more H1B’s on their way…
All Universities and colleges are for profit. See how they profit from the huge infusion of taxpayer money on a constant basis!
Face it, our government sucks!
Shit was barely accredited to begin with.
You could wipe your ass with an ITT cert. That’s how much it’s worth.
Shaunqueefus, Freaken amazing. Who accredits colleges? Wahah, the DOE. Even more amazing ain’t it.
It’s an institution whose concern about growth and profit trumped a quality education for students.
The reason why this action took down ITT was because of choices repeatedly made by management for years that weakened the school, harmed students, and ultimately tarnished a brand that used to have value.
All colleges are not for profit.
“All colleges are not for profit”
Did you just drink something and get a brain freeze? You should venture over and read shit about pack ten college athletics. You make no sence. ITT Tech has a solid BBB rating. I just checked. You seem to be landing squarely on the lib side of this.
https://en.m.wikipedia.org/wiki/List_of_for-profit_universities_and_colleges
That’s just MORE PROOF that this capitalism stuff doesn’t work!!!
It’s time to fix this shit and fix it now. Only a pothead like Gary Johnson truly understands pure capitalism. Hell, look at his pot growing operation, purely for demand. No way he would want to make pot a right and have the govt subsidize it for everybody.
The University of Southern California (USC[a] or SC) is a private, not-for-profit, and nonsectarian research university founded in 1880 with its main campus in the city area of Los Angeles, California. As California’s oldest private research university,[8] USC has historically educated a large number of the region’s business leaders and professionals
How much does the Chancellor make a year. What’s the average take home if a professor? How much do they spend on their athletics program a year. You kid yourself.
You don’t understand what
For profit
And
Non profit mean
It is wrong that taxpayers should have to foot the bill, but I always was skeptical about the validity of that “school”.
face it, NPO’s are a joke …. as long as the profit is somehow rolled back into the entity (charity org, school, Reverend Al, etc.) for ‘furthering their cause’ it’s ok to make a profit. NPO’s have Boards of Directors, same as PO’s … it’s just a different pocket the profit goes into
… it all smells like bullshit to me … just another kick in the ass to the payers of this ‘country’
You don’t understand what
For profit
and
Non profit means
@Angelfood ~ I always thought it was ‘Applesauce’ McSpade?
Cal Tech,
That comment made me laugh hysterically. Actually I understand it much better than you. ITT paid taxes, the state or fed run colleges don’t. How’s that college boy?
Wrong non college boy
Look up the meanings on line.
https://en.m.wikipedia.org/wiki/Nonprofit_organization
Cal Tech,
Make your case. Don’t puss out college boy. I just kicked your ass and you know it. Mind you my dumb ass has supported two kids through ASU and one through Chico. Lay it out.
It’s called “Big Education”, no matter how you measure it or what ever their source of funds, they all make a profit. And for the most part it all starts with taxpayer money.
Your so dumb you don’t understand how dumb you are.
Cal Tech, Nice, Your college education comes shining thru.
How much do the “Safe Spaces” cost the tax payer at ITT?
IMO we need to strengthen community colleges.
Years ago I trained as an aircraft mechanic at a local Cal community college. They’ve since dropped the program. The trades seem to be dismissed in our society. A good mechanic, welder, or plumber can make just as much as a lot of Bachelor degree jobs.
As far as ITT is concerned: I’m in nursing school right now at a local community college. I also attend the local state university. There’s a private for profit college called Samuel Merritt nearby. The education is streamlined by a year but you pay 20 times as much. It’s a joke, and one of my current instructors attended class there, and she’s still paying it off 6 years later. She regrets it. Should it be accredited? IMO, if they teach the required skills in the required settings that’s fine. Buyer beware.
The online reviews for ITT Tech are pretty brutal with the vast majority of them complaining about ITT promising a great education while maxing out all the available student “grants” (“free” govt. money including a lot of GI Bill money) and then signing them up for loans that the students didn’t even know about (the students unwittingly signed loads of paperwork during the application process that allowed ITT to take out loans for them and charge off dubious educational expenses against the loans). The students end up tens of thousands of dollars in debt and have a “certificate” (they don’t even call it a diploma the last few years after losing accreditation) that isn’t worth the paper it’s printed on (and that’s the opinion of many of the students).
https://www.consumeraffairs.com/education/itt.html?page=2
The reviews for Devry University are practically identical, so it wouldn’t be surprising to me if the shoe drops on them next. “This might be the start of taxpayers being saddled with the massive financial problems of the student loan bubble” that has been created by the federal govt. pushing exorbitant, high interest loans to students regardless of the educational value received (many “traditional” colleges and universities offer worthless degrees financed with huge student loans as well these days). Some estimates I’ve seen of the “student loan bubble” exceed $1 trillion and are a grave threat to the economy.
http://www.thecollegefix.com/post/26010/
@Bad_Brad
I don’t think that sucker had any education. Maybe some high school. Shame.
Here’s a review of USC. Notice anything strange about it? I do.
https://colleges.niche.com/university-of-california—-los-angeles/
@USC is a non profit September 6, 2016 at 11:16 pm
> USC has historically educated a large number of the region’s business leaders and professionals
So, because there are organizations doing worse things than ITT, ITT should be given a pass? How very progressive of you.
Maybe the institutions should decide who is subsidized?
Okay, what is this fucking recent dipshit manner of spelling “sense” as “sence”? Are you that fucking retarded? (answer:yes you are) Or is this an Alt-Right thing? Sorta like saying you’re all “loosers”. Get the picture?
I wonder if the Feds have Hillsdale College in their sites?
I understand how DOE could stop student loans, but by what authority do they order the schools shut down without due process? Oh yeah, I forgot; this is post-constitutional USA.
Then there is Laureate Education Inc. ahem…