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ITT Tech shuts down ALL its schools

ITT Tech

Following the announcement in August that ITT Education Services, Inc. (ITT) would no longer be enrolling new students, today it was announced the for-profit college was closing all campuses nationwide.

The shutdown is expected to affect the more than 30,000 students preparing to start classes.

In August the Department of Education banned enrolling new students who used federal aid following determinations made by the school’s accreditor, the Accrediting Council for Independent Colleges and Schools (ACICS) that ITT “is not in compliance, and is unlikely to become in compliance with [ACICS] Accreditation Criteria.”

ITT was also been prohibited from paying any bonuses, severances or raise to their management or directors with the government’s approval.

The subject of investigations by the Consumer Financial Protection Bureau, the SEC and over a dozen states for its marketing, recruiting and job placement numbers the future of ITT is in question.

California and Wisconsin have both blocked new enrollment at ITT campuses. According to the last quarterly earning filing in June, ITT had 137 campuses spread across 39 states.

Current and former ITT students who have graduated or dropped out may be able to get their federal loans forgiven.  The Department of Education sent an email to ITT’s enrolled students alerting them to the closure.

A special website for ITT Students has been set up to help students figure out their options.

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Posted September 6, 2016