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ITT closing all "campuses"
Posted on 9/6/16 at 9:12 am
Posted on 9/6/16 at 9:12 am
LINK
ITT Educational Services Inc., a for-profit educational company, will end operations at all ITT Technical Institutes, it announced Tuesday, blaming the federal government sanctions for the closures.
"The actions of and sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes, and we will not be offering our September quarter," the company said. "We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution."
A majority of the 8,000 ITT Tech employees will lose their jobs, the company said.
ITT stopped enrolling students last week, CNN reported, after the U.S. Department of Education barred students who use financial aid from enrolling.
The Department of Education said in its blog that ITT Educational Services has been the subject of state and federal investigation for not being in compliance with accreditation standards.
"Over time, ITT’s decisions have put its students and millions of dollars in taxpayer funded federal student aid at risk. In response, over the last couple of years, we at the Department of Education have increased our financial oversight over ITT and required the school to boost its cash reserves to cover potential damages to taxpayers and students," the Department of Education's blog post stated.
ITT Educational Services Inc., a for-profit educational company, will end operations at all ITT Technical Institutes, it announced Tuesday, blaming the federal government sanctions for the closures.
"The actions of and sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes, and we will not be offering our September quarter," the company said. "We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution."
A majority of the 8,000 ITT Tech employees will lose their jobs, the company said.
ITT stopped enrolling students last week, CNN reported, after the U.S. Department of Education barred students who use financial aid from enrolling.
The Department of Education said in its blog that ITT Educational Services has been the subject of state and federal investigation for not being in compliance with accreditation standards.
"Over time, ITT’s decisions have put its students and millions of dollars in taxpayer funded federal student aid at risk. In response, over the last couple of years, we at the Department of Education have increased our financial oversight over ITT and required the school to boost its cash reserves to cover potential damages to taxpayers and students," the Department of Education's blog post stated.
16
Posted on 9/6/16 at 9:16 am to LSUMJ
Chazzy McRamzee just jizzed his pants cause no more ITT tech guys are gonna take his job
Posted on 9/6/16 at 9:16 am to LSUMJ
quote:This is an odd statement bc colleges don't have to be accredited. There are many colleges in this country that are operating just fine that aren't accredited.
The Department of Education said in its blog that ITT Educational Services has been the subject of state and federal investigation for not being in compliance with accreditation standards
Posted on 9/6/16 at 9:18 am to airfernando
quote:
This is an odd statement bc colleges don't have to be accredited. There are many colleges in this country that are operating just fine that aren't accredited.
This really does sound like it was a ITT witch hunt.
I'd say the school did more good than harm, no?
Posted on 9/6/16 at 9:21 am to airfernando
quote:
This is an odd statement bc colleges don't have to be accredited. There are many colleges in this country that are operating just fine that aren't accredited.
I think the "accreditation" they are talking about is regarding the ability to receive federal grant/loan money. Not Accreditation from a higher ed certifying organization such as SAC
This post was edited on 9/6/16 at 9:23 am
Posted on 9/6/16 at 9:21 am to Kingpenm3
Apparently it has to do with government loans and low graduation rates.
Government loans were about 75-80% of their income.
Can't get government loans, can't survive.
Government loans were about 75-80% of their income.
Can't get government loans, can't survive.
Posted on 9/6/16 at 9:22 am to LSUMJ
So, no more ITT commercials?
Posted on 9/6/16 at 9:22 am to airfernando
quote:
This is an odd statement bc colleges don't have to be accredited. There are many colleges in this country that are operating just fine that aren't accredited.
I would assume that being accredited has something to do with how much government aid and funding you get but that's just my guess
Posted on 9/6/16 at 9:22 am to LSUMJ
Isn't the government limiting student loans to schools such as this?
Posted on 9/6/16 at 9:24 am to JDCPA76
quote:
Apparently it has to do with government loans and low graduation rates.
So SUNO is next right?
Posted on 9/6/16 at 9:24 am to JDCPA76
quote:
Apparently it has to do with government loans and low graduation rates
Good. Maybe the Feds can do us a favor and shut down 3 or 4 schools in Louisiana.
Posted on 9/6/16 at 9:24 am to LSUMJ
Good. If anyone in this country wants to better themselves through education they should go to community college or an actual vo-tech school. For-profit colleges are one step above title loan places when it comes to preying on people's desperation.
This post was edited on 9/6/16 at 9:25 am
Posted on 9/6/16 at 9:42 am to airfernando
It is true that accreditation isn't required. But they were taking FedGov educational loans. He who has the gold, makes the rules. And when they lost the ability to tap into that "free money", they lost any chance of survival.
I doubt that few, if any, of these "for-profit" schools (DeVry, Univ of Phoenix) would be in business if it weren't for FedGov money.
I doubt that few, if any, of these "for-profit" schools (DeVry, Univ of Phoenix) would be in business if it weren't for FedGov money.
Posted on 9/6/16 at 9:54 am to LSUMJ
Isn't the tuition and fees for ITT ridiculously high? We need high schools to start offering trade classes like they used to. Not everyone will be able to go to college, nor is everyone college material. The trade classes worked when I was in high school.
Posted on 9/6/16 at 9:58 am to Isabelle81
Saying ITT is a college is a serious stretch
Posted on 9/6/16 at 10:05 am to Quidam65
quote:
t is true that accreditation isn't required. But they were taking FedGov educational loans. He who has the gold, makes the rules. And when they lost the ability to tap into that "free money", they lost any chance of survival.
I doubt that few, if any, of these "for-profit" schools (DeVry, Univ of Phoenix) would be in business if it weren't for FedGov money.
Yep, they're all getting sued via qui tam actions on the basis they defraud the accreditation entities and violate the FCA.
This is a good thing. It sucks people are losing their jobs, but this is a painful effort that needs to happen.
Posted on 9/6/16 at 10:15 am to LSUMJ
I would love to see more community colleges and junior colleges fill the void. These smaller institutions could do a great service by expanding their computer programs and build partnerships with corporations and small businesses to create a pipeline of employment.
Posted on 9/6/16 at 10:15 am to Kingpenm3
I've know a couple of people who went the ITT route and got decent jobs from it.
No different than say Blue Cliff college or the hundreds of other for profits.
UNO just started a for profit non accredited class program.
No different than say Blue Cliff college or the hundreds of other for profits.
UNO just started a for profit non accredited class program.
Posted on 9/6/16 at 10:16 am to LSUMJ
Prayers for all the didndus that will have to find a new campus to "plan on attending in the fall".
Posted on 9/6/16 at 10:18 am to Napoleon
I have an Itt degree. I've made in excess of 100k 3 out of the last 5 years. 2 of them 160k+. The non 100k years were 90k
Education is what you make of it
Education is what you make of it
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