In a statement, officials with ITT Educational Services – the parent company of ITT Technical Institutes – said they are ceasing all academic operations on ITT Tech campuses “after 50 years of continuous service”.
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“Today, we awoke to the news that ITT was closing its campuses”, Mass. Attorney General Maura Healey said Tuesday.
ITT Technical Institute said Tuesday it was immediately closing all campuses, more than 130 in all, throwing into doubt the future education of thousands of student veterans attending there.
The company has been under investigation by government authorities for allegations of fraud and deceptive marketing tactics. Last year, the school enrolled 45,000 students and reported having $850 million in revenue.
The move will impact hundreds of thousands of current students and alumni and more than 8,000 employees, according to ITT Educational Services.
The Los Angeles Times reports the shutdown will affect about 35,000 students nationwide and cost 8,000 employees their jobs. That way, all of their student loans should be discharged, if they’re now there. ITT student Philip Dean says, “When I read the email this morning, and kinda found out they’re not even going to start the next quarter, man that really laid into me”. On its website, they state that any student who was attending ITT when it announced its closure on September 6, 2016, or withdrew within a period of 120 days prior to this date, has two primary options: apply for a closed school loan discharge or transfer credits to another institution.
If you are now or were recently enrolled at ITT, you may be eligible to have your federal student loans for your program at ITT discharged. The agency said that students may be eligible for a “closed school loan discharge”.
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The federal government estimates some 355,000 ITT students across the country took up to $500 million dollars in loans.
