Looks like ITT Technical Institute’s slogan, “An Education For The Future,” no longer holds a future for its 40,000 students or its 8,000 employees.
ITT released a statement Tuesday that all of its schools will close immediately after approximately 50 years of promising “endless possibilities” to its students.
Last week, the school stopped accepting student enrollment because the Department of Education barred new students from using federal loans to pay for classes.
The Department of Education accuses the for-profit school of fraud and deceptive marketing tactics.
United States Secretary of Education, John B. King Jr. reached out to the affected ITT non-graduates in a blog post critisizing the schools position:
“ITT has increasingly been the subject of numerous state and federal investigations. ITT’s accreditor, the Accrediting Council for Independent Colleges and Schools determined that ITT “is not in compliance, and is unlikely to become in compliance with [ACICS] Accreditation Criteria.”
But, ITT of course is pointing its finger at the Federal Government saying it has denied the school due process.
“We believe the government’s action was inappropriate and unconstitutional, however, with the ITT Technical Institutes ceasing operations, it will now likely rest on other parties to understand these reprehensible actions and to take action to attempt to prevent this from happening again.”
ITT says it had no intentions of closing its 130 campuses, but after considering the alternatives of becoming a non-profit or a public institution, it failed.
Students with federal loan debt could have it wiped away by the Federal Government.
Students who were attending ITT, or who withdrew from the school within 120 days of its announcement on Sept. 6, have two options: apply for a closed school loan discharge or transfer earned credits to an accepting institution with a comparable program.
ITT alumni who graduated more than 120 days ago are not eligible for loan forgiveness, but if they can prove they were defrauded by the school, could be eligible for “borrow defense to repayment.”
Featured Image: Via ITT Technical Institute Facebook.
