The for-profit ITT Technical Institute closed its schools across the country Tuesday, affecting some 3200 OH students at nine campuses across the state.
Advertisement
The company, based in Carmel, Indiana, says its move will have an impact on hundreds of thousands of students and alumni as well as more than 8,000 employees.
“This is an unprecedented occurrence and we are working with officials at ITT Tech, the U.S. Department of Education, and other higher education institutions around the state as this rapidly evolving situation develops”, said THEC Director Mike Krause.
They’ll admit and advise ITT students left in the lurch by the for-profit school’s sudden shutdown this week after it was banned from accepting federal financial aid.
– ITT Tech students found out Tuesday all 130 ITT Tech campuses shut their doors.
“We think that it is important for students to continue what they started”, Ted Mitchell, the undersecretary of education, told the Los Angeles Times. The D.O.E. said, if students were enrolled to ITT Tech in the last 120 days those students can apply to have their loans erased. ITT Tech has no one to blame but itself for its failure. In addition to the ban, federal education officials have also prohibited the school from giving pay raises to its executives.
Only students now enrolled in the school or those who withdrew in the last 120 days before it closed are eligible for loan forgiveness.
ITT Educational Services issued a statement Tuesday officially confirming the dissolution of its ITT Tech Institutes and denouncing the Department of Education’s decision to revoke its access to federal funding. Students and employees had repeatedly reported questionable recruiting and accounting practices.
Advertisement
“I also ask that your department fully inform all those affected of their option to refuse a planned teach-out and instead seek forgiveness of their outstanding federal student loans through the Closed School Discharge program”.
