The for-profit ITT Technical Institute closed its schools across the country Tuesday, affecting some 3200 OH students at nine campuses across the state. The amount of student loans that could be discharged totals about $500 million. ITT had 40,000 students as of June 30, according to the Star.
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More than 130 ITT Technical Institute campuses will be closing in 38 states. The move also will cost about 8,000 jobs. “It simply would not be responsible or in the best interest of students to allow ITT to continue enrolling new students who rely on federal student aid funds”.
They invested thousands of dollars in their education, but now students at ITT Technical Institute find their campuses closed.
“The closure of ITT Tech means the almost 7,000 student veterans using their Post-9/11 GI Bill benefits to finance their education can not complete their degree, even if they’re just a few credits short”.
“We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution”, ITT Education Services said in a statement. “I king of would assume there would be more communication”, said Scott Wooten, a student in Memphis. The department also ordered ITT to set aside almost $250 million in case the company collapsed.
“We’re the ones getting punished by this, not the shareholders for ITT Tech”, Cooley said.
ITT Tech closed due to increasing pressure and sanctions from the federal government.
ITT Technical Institute has been forced to close all of its locations effective Tuesday, September 6, including the one in Getzville.
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“I had an idea when they said they were going to ban all new students, from coming in, so I kind of had that notion”, Miller said “But I was hoping”. The school now faces fraud charges from the Securities and Exchange Commission accusing executives of lying to investors about losses from its student loan program.
