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Thread: ITT technical for profit closing

  1. #1
    Senior Member Loki's Avatar
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    ITT technical for profit closing

    ITT technology is shutting the doors in all states they operate. The Education dept gave a choice, place salary, bonuses, perks, stock transfer under federal control or no more student loans.
    They balked.
    Meanwhile the top management is under indictment for manipulating accounting to deceive investors.
    Again meanwhile, many states are suing ITT for creating in house loans at 0 % interest, but failed to inform the requirement of paying off in one year, which then talked panicked students in high interest loans.

    They basically screwed the government to enrich management.
    The downfall is that all federal loans will be forgiven meaning Feds eat it.
    The choices for student are few.
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    Veteran Member bajisima's Avatar
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    Ours here in NH is staying open, but will probably lose accreditation..Sucks for the kids.

    Daniel Webster College still open after ITT schools shutdown | NH1

  4. #4
    Conservatively Liberal NiteGuy's Avatar
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    Quote Originally Posted by bajisima View Post
    Ours here in NH is staying open, but will probably lose accreditation..Sucks for the kids.

    Daniel Webster College still open after ITT schools shutdown | NH1
    Well, maybe not.

    It appears that they were under the auspices of a different accrediting agency. It's possible that they were swept up in a purchase of several colleges. If that's the case, and if they can show the CFPB and IRS that they had nothing to do with ITT Tech's Financial scams, they may be able to come out of this relatively unscathed.

    If not, it appears that a lack of proper accreditation may be the major problem. But, several college accreditation organizations in the state and region are talking to ITT about taking over the school, under one of these new organizations.

    The tough part for the students and instructors is the waiting, the not knowing. But, I think that could be resolved in the next month or two.

    I looked up DWC, and unlike ITT, where they teach pretty much one set of courses (computer tech, law enforcement, etc.) per school, DWC appears to be a diversified school with a variety of courses: Psychology, Aviation and Air Traffic Management, Accounting, Health Services, Business Administration (including an MBA program), Marketing, Aeronautical Engineering, Management Information, and Mechanical Engineering.

    ITT did not have classes in most of these areas. And unlike ITT, DWC accepted credit transfers from other schools, and other schools accepted credits earned from them. If the Feds allow another accrediting agency to take them on, and they follow the legalities of the student loan programs, I don't think they will have a problem. It will be tight, financially for awhile, no doubt, but they can survive.
    Last edited by NiteGuy; 8th September 2016 at 10:07 PM.
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    Veteran Member TNVolunteer73's Avatar
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    Oh wow I bet they are going to get those bonuses, and they are getting the standard starting salary found in Obamanomics. $0.00/hr.

  6. #6
    Veteran Member bajisima's Avatar
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    Seems veterans will be most affected by this.

    "The U.S. Department of Education has said students who attend ITT on federal aid can get their loans discharged if ITT closes. Even past students, who have graduated or dropped out, can file claims to get their federal loans forgiven. But veterans have no recourse. The Post-9/11 GI Bill gives veterans 36 months of college tuition, plus expenses, to attend the school of their choice. It makes no accommodation for students who are enrolled in a school that closes. Should ITT shutter its campuses, the veterans who were attending classes there face several bad options."

    "You could literally be four credits shy (of graduation), the school closes, and no one will accept your credits because no one wants ITT credits," said Derek Fronabarger, the director of policy for Washington, D.C.-based Student Veterans of America. "There's not a school for you to go to and no way for you to recoup your benefits. Those are the people that will be affected the most."


    Veterans have the most to lose if ITT Tech closes | MilitaryTimes
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    Conservatively Liberal NiteGuy's Avatar
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    Quote Originally Posted by TNVolunteer73 View Post
    Oh wow I bet they are going to get those bonuses, and they are getting the standard starting salary found in Obamanomics. $0.00/hr.
    You can't go one thread without making an ass of yourself, can you?

  8. #8
    Moderator HCProf's Avatar
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    ITT Tech is gone. When they started their nursing program, I consulted on the equipment they needed. The College spent a half a million dollars on the nursing labs and equipment required by the Nursing Board. They had the best nursing lab and equipment in the whole local area and spared no expense when requests were made by instructors for supplies. The Nurse graduates were snatched up by the local hospitals before they graduated and were complimented on their skills. Now, the nursing students are out of a program and the community colleges have a 2 year waiting list. All that hard work and they are finished. IMO, the DOE over reached on this one and forgot about all the successful students who the college served. ITT Tech is a college that is over 50 years old and have thousands of good graduates under their belt. 8000 staff members and faculty lost their jobs in the fall out. I enjoyed teaching there part time, I got whatever I wanted for the students and was treated very well there. My contract requirements were very strict....unlimited tutoring, expanded office hours and availability to the students....which you do not see in the community colleges. The Career Services department worked closely with the local medical facilities and job placement was 100 percent after they passed their Boards and a high percentage passed the first time. For profits, even though there are bad actors and have a sketchy reputation regarding business practices are there to provide job training for students who the public education system failed, the under prepared, the low self esteem, and students who need a lot of help to be successful. As these colleges disappear and the State and Community colleges over flow, higher education will only be for the top, well educated student and the rest will just remain uneducated. Most students who have enrolled in for profit colleges have already failed in the community colleges and State colleges....it is their last chance. ITT Tech should have transitioned over to non profit, like many are doing...then they can be just as lame as community colleges without the stringent report card. This one will create a lot more Trump supporters that is for sure...especially the ones who lost their jobs.
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  9. #9
    Senior Member Loki's Avatar
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    Nursing sounds a great field to get into.

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