ITT Tech Is Officially Closing

[DEAD7]

ITT Technical Institute is officially closing all of its campuses following federal sanctions imposed against the company. The for-profit college announced the changes in a statement: "It is with profound regret that we must report that ITT Educational Services, Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service. With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected."
ITT Tech announced it was closing all of its campuses just one week after it stopped enrolling students following a federal crackdown on for-profit colleges. ITT Tech and other higher education companies like it have been widely criticized for accepting billions of dollars in government grants and loans while failing to provide adequate job training for its students. Last year, ITT Tech received an estimated $580 million in federal money (aka taxpayer dollars), according to the Department of Education.

 

[88m3]

@DEAD7 you gonna be alright?

 

[DEAD7]

@DEAD7 you gonna be alright?

 

[无名的]

I said this in the stock thread... I deeply regret not shorting the stock. My friend taught there and was forced by the dean to give a passing grade to a student who didn't show up and did no work because corporate wouldn't be happy. I knew somewhere between 6 months and a year ago that this company was going out of business.

 

[satam55]

No big loss. You're better off going to your local Community College or Junior College instead of going to a Trade school like ITT Tech. Community Colleges/JUCOs often have the same Certs/degrees/classes as a Trade school & it's cheaper than at a trade school.

 

[JahFocus CS]

Why is big tyrannical government sanctioning a private entity?

 

[satam55]

Here's a clip from the news on the local Fox affiliate in Dallas:




The Dallas metro area has GREAT community colleges!! All of these people took HUGE Ls by going to school at ITT Tech instead of going to 1 of the local community colleges.

 

[thaKEAF]

Here's a clip from the news on the local Fox affiliate in Dallas:




The Dallas metro area has GREAT community colleges!! All of these people took HUGE Ls by going to school at ITT Tech instead of going to 1 of the local community colleges.

Damn fee bad for those women.

79-80k for a bachelors

 

[Jimi Swagger]

It's sad that all of these for profit and public universities can't float without Fed money. As a proud elitist I have already planned for my future children to attend Duke University where they don't have to worry about accreditation after they graduate and can just pass their interactive resume along to one of their friend's parents instead of attending tech career fairs and using LinkedIn.

 

[hashmander]

Why is big tyrannical government sanctioning a private entity?

they're just preventing them from getting govt welfare.

It's sad that all of these for profit and public universities can't float without Fed money. As a proud elitist I have already planned for my future children to attend Duke University where they don't have to worry about accreditation after they graduate and can just pass their interactive resume along to one of their friend's parents instead of attending tech career fairs and using LinkedIn.

i detect some sarcasm, but i don't know if you were serious about the bolded portion, but just in case: private universities rely on fed money too.

 

[Kill Dat Noize]

Why is big tyrannical government sanctioning a private entity?

ITT and the majority of the for-profit universities are scams.

 

[JahFocus CS]

ITT and the majority of the for-profit universities are scams.

The market will filter them out after a period of time.

 

[无名的]

What I'm curious about is what will happen to these "boot camps" that have popped up everywhere like General Assembly. They are even more expensive, shorter-term courses that aren't accredited, are often figuring out curriculum as they go, and require sometimes higher interest private loans.

I've taken some of these courses and it feels like a disaster waiting to happen, although that there are no federally subsidized loans means a higher barrier to entry, which might be the saving grace, as it probably won't ever be a situation where masses of students suddenly wake up with nowhere to go. It'll be a handful who probably had some ability to afford the classes and they'll know the classes were never accredited anyways.

 

[Jimi Swagger]

they're just preventing them from getting govt welfare.


i detect some sarcasm, but i don't know if you were serious about the bolded portion, but just in case: private universities rely on fed money too.

Serious as stage 4 cancer. Not all private institutions are Title IV welfare queens have have the right to be discriminatory and weed out sub-par students.
How Some Religious Colleges Avoid Rules Prohibiting Discrimination Based on Sexual Orientation

Universities like Duke use federal R&D money, different from relying FASFA Title IV students as they are a solid research institution who attract upper-middle class to wealthy students (parents) and produce quality alumni and benefactors to maintain enrollment and provide endowments unlike the welfare queens (public state universities and for profit).

 

[Regular_P]

The market will filter them out after a period of time.

50 years at a time.