Dept. of Ed Forces Immediate Shut Down of ITT Tech – IOTW Report

Dept. of Ed Forces Immediate Shut Down of ITT Tech

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.

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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.

44 Comments on Dept. of Ed Forces Immediate Shut Down of ITT Tech

  1. 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?

  2. 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.

  3. “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.

  4. 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.

  5. 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

  6. 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’

  7. 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.

  8. 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.

  9. 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.

  10. 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/

  11. @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.

  12. 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?

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