The government increased its financial oversight on ITT Technical Institute as the company faced several state and federal investigations, according to a release from the U.S. Department of Education.
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Students who enrolled at ITT Tech within the last 120 days can apply to have their federal student loans erased by the Education Department.
ITT’s website is still up but has a notice across the top of the home page saying, “We are now not enrolling new students”.
“Most of the credits are the ACICS, and no other schools receive those credits, only ITT”, said Beihl.
Only students now enrolled in the school or those who withdrew in the last 120 days before it closed are eligible for loan forgiveness.
Almost 12,500 students used the GI Bill at ITT in 2015, according to data from the national advocacy group Student Veterans of America.
Almost 8,000 employees lost their jobs and 35,000 students are looking for a new college.
In response, ITT said it was forced to close its ITT Tech campuses after 50 years of educating.
The announcement came after the for-profit college was banned from enrolling new students who use federal financial aid by U.S. Department of Education.
ITT Educational Services headquarters in Carmel, Ind., is shown Tuesday, Sept. 6, 2016.
ITT’s closure followed the U.S. Department of Education’s decision to suspend federal aid to new students enrolling since ITT failed to meet its accreditor’s standards. Federal officials have scrutinized ITT for years.
Will I have to repay my student loans?
Students said when they got the notification they went to the Kirkpatrick Plaza where ITT Tech is located in Little Rock looking for answers.
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“It’s an important decision for them to make, because if they transfer their credits to another university or community college and continue on in the same program, they can’t get closed-school discharge”, she said. 35 thousand ITT students across the country took up to $500 million dollars in loans.
