Wednesday, September 7, 2016

ITT Tech Closes: Doors locked and lights off inside all ITT campuses

Doors locked and lights off inside campuses. All locations shut down by U.S. Dept. of Education.





The company, based in Carmel, Indiana, says its move will have an impact on hundreds of thousands of students and alumni as well as more than 8,000 employees.

ITT Educational Services says it was forced to take the action after the U.S. Department of Education issued sanctions Aug. 25, including a ban on enrolling new students who rely on federal financial aid.

The company says the closures are due to an investigation and sanctions by the U.S. Department of Education.

ITT Educational Services:
"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," the company stated Tuesday. "Effective today, the company has eliminated the positions of the overwhelming majority of our more than 8,000 employees."


From ED.GOV

"A Message from the Secretary of Education to ITT Students
Dear ITT student,
Today, ITT Educational Services, Inc. (ITT) announced that it is closing all of its ITT Technical Institute campuses. For most of the world, that news will be covered as a business story or a political one, but I know that for you it is deeply personal. You are probably wondering what this means for your future; how it is going to affect your finances and your ability to continue your education.
In recent years, ITT has increasingly been the subject of numerous state and federal investigations. In August, ITT’s accreditor, the Accrediting Council for Independent Colleges and Schools (ACICS) determined that ITT “is not in compliance, and is unlikely to become in compliance with [ACICS] Accreditation Criteria.” This came amid increasingly heightened financial oversight measures put in place by the Department over the past two years due to significant concerns about ITT’s administrative capacity, organizational integrity, financial viability, and ability to serve students.
The school’s decisions have put its students and millions of dollars in taxpayer-funded federal student aid at risk. Last week, the Department of Education took oversight actions to prevent ITT from continuing to add to that risk. When we made that decision, we did not take it lightly. One possible outcome of oversight actions is that a school may choose to close rather than take corrective actions, which can cause disruption and disappointment for current students. Ultimately, we made a difficult choice to pursue additional oversight in order to protect you, other students, and taxpayers from
potentially worse educational and financial damage in the future if ITT was allowed to continue operating without increased oversight and assurances to better serve students."


Related:

ITT shutting down all campuses
ITT Educational Services, Inc. to Cease Operations at all ITT Technical Institutes

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