Posted on 09/06/2016 10:13:43 AM PDT by rightwingintelligentsia
The company that operates ITT Technical Institutes said Tuesday that it was permanently closing all its campuses nationwide, blaming the recent move by the U.S. Education Department to ban the for-profit college operator from enrolling new students who use federal financial aid.
ITT Educational Services Inc. said that the shutdown will affect “tens of thousands” of students who were preparing for the start of classes this month and cost more than 8,000 employees their jobs.
“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 said in a statement.
It said it would now focus on helping its students obtain their records and pursue their educations elsewhere.
The company has operated vocational schools on more than 130 campuses in 38 states, often under the ITT Technical Institute name. Last year, it enrolled 45,000 students and reported $850 million in revenue.
But like many other for-profit college operators, ITT has faced federal and state investigations of is recruiting and accounting practices.
(Excerpt) Read more at latimes.com ...
Well isn’t that an interesting development. Vote for Hillary and ITT loans will be forgiven...”What’s that you say? That’s unfair? OK. ALL student loans will be forgiven!”
Obama already forgave loans for some other chain of tech schools that went belly-up.
“But like many other for-profit college operators, ITT has faced federal and state investigations of is recruiting and accounting practices.”
Translation: they’ve been harassed, sabotaged, and targeted because they’re competition to the state brainwashing centers.
no problem. why should anybody try to get trained for jobs that Obama’s mostly already destroyed? Just relax and go on welfare like a good sheeple....
Forgiven by whom?
The lenders, or some third party?
That’s a shame actually because it gave people a fast track into the tech industry, at a much lower cost than a college education.
Never having reviewed an applicant who was a “graduate” of ITT Tech or the University of Phoenix I’ve often wondered what value,if any,a certificate/diploma from such an institution has.
Forgive the loans——why? Were these people forced to sign for the loans at gunpoint.
This annoys the heck out of me when I see how hard my kids work to pay for college tuition for their kids-—and how hard we worked to educate our kids.
What the hell has become of the work ethic????????
.
This is horrible. The private sector (albeit govt aided) tries to make up for the void created by govt schools lack of vocational training and they go auto bailout on ITT. Has to stop!
” U.S. Education Department to ban the for-profit college operator from enrolling new students who use federal financial aid. “ -— Govt should not be doing this.
Funny I saw a recruitment add for teachers by ITT over the weekend.
Hard to really call this the private sector. It’s a scam. People make and have less money after receiving these worthless government-funded degrees than they were making before they obtained them. Worse than useless.
Can’t have people learning real trades and making a real living, now can we?...........Keep the peons stupid and in debt....................
meanwhile, some of the SillyCon Valley public colleges are chopping (or have already chopped many) career-oriented training programs
and of course the high schools abandoned most of their career-oriented training years ago!
RESULTS: even more American citizens on Welfare.... and more imported foreign laborers (SillyCon Valley is already CHOKED FULL OF THEM, but Obama/Hillary want to fly even more Communist Chinese and Indian laborers in on giant sized 767’s)
If you do some digging on ITT Tech, you’ll find horror story after horror story of students—some of whom were barely literate—compelled through high-pressure sales tactics to take out huge loans for what proved to be worthless degrees. A lot of them didn’t even finish, but were stuck with these tremendous debts anyway. ITT then employed a battery of debt collectors to harass former students and their families into repayment.
An obvious conclusion to Obama nationalizing student loans. If you don’t tow the state line, you pushed aside. I will likely never cease to be amazed that liberals think big government programs are the solution to everything when there is so much evidence showing that government influence is so destructive.
“That’s a shame actually because it gave people a fast track into the tech industry, at a much lower cost than a college education.”
But it is (well, WAS) not much lower in cost. My wife looked into ITT Technical for a degree, and it would have cost $48,000 - and that was about 6 or 7 years ago.
I worked for ITT several years ago.
The cost was several times what a public university was.
The credits would only transfer to other ITT schools.
The students were passed no matter the grades.
Drop out, the school still had your money, no refunds and you were still on the hook for the loans with no education.
The students were lied to about job placement and openings.
The entire push was for more students, no matter if they qualified or not.
I was glad to get another job.
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