One of the nation’s largest for-profit colleges, ITT Technical Institute, is shutting down. The announcement came Tuesday, in the wake of major sanctions from the Department of Education.
The Louisville ITT campus on Dixie Highway is one of 130 campuses in 38 states closing its doors. Across the country that leaves more than 8,000 employees out of work and tens of thousands of students wondering what to do about tuition money they already paid.
In April, the Accrediting Council for Independent Colleges and Schools (ACICS), which overseeing for-profit schools, called into question ITT’s integrity and finances. Then in August, the Education Department said it had lost faith ITT would survive the scrutiny and banned its schools from accepting new students from using federal aid to pay for the school’s tuition. That government money paid well over half the tuition bills at ITT.
ITT has also been ordered to pay hundreds of millions of dollars to the department of education to cover student refunds in case the company closed.
If students paid with a federal loan they could be eligible to have those loans forgiven. It is unclear whether students who paid money out of their own pocket or sources like the GI Bill, will be able to get refunds.
Source: WAVE
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