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ITT Educational Services
Выбор редакции
13 сентября, 00:55

Options For Displaced ITT Tech Students

While many college students are returning to campus, tens of thousands of ITT Educational Services students found out this month that their school is closing its doors. In a press release last week, the for-profit college announced they would discontinue academic operations at all of its ITT Technical Institutes permanently. [...]

09 сентября, 20:18

Zacks Friday Finish Line Highlights: Mylan, ITT Tech, Nintendo, and Apple

On episode #11 of the Zacks Friday Finish Line Podcast, hosts Maddy Johnson and Ryan McQueeney discuss Mylan, ITT Tech, Nintendo, and Apple.

09 сентября, 19:16

Did Apple Drop the Ball with The iPhone 7 Launch?

On today's episode of Zacks Friday Finish Line, the hosts discussed pharma giant Mylan's latest controversy, the closing of ITT Tech, and the Apple's annual Keynote event, where the highly anticipated iPhone 7 was annou

08 сентября, 15:34

ITT Shuts Down: For-Profit Education Stocks in Trouble?

The for-profit college chain ITT Educational Services, Inc. announced the closure of all of its ITT Technical Institutes campuses. What does the closure mean for the sector?

06 сентября, 23:18

ITT Tech Goes Out Of Business Following Federal Crackdown

ITT Educational Services, Inc., a national for-profit college chain, announced on Tuesday that is has gone out of business, less than two weeks after the U.S. Department of Education banned the school from enrolling new students using federal aid.  function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); The website for the school, which was commonly known as ITT Technical Institute, says the institution had more than 138 campuses in 38 states and more than 40,000 students ― some of whom were slated to graduate this week.  All locations have been closed, the company said. The shutdown affects approximately 8,000 employees, ITT said in a statement.   The school had been the subject of several state and federal investigations, as well as lawsuits that alleged fraud, harassment as an enrollment tactic and predatory lending.  Students and faculty members have criticized the school by saying it aggressively enrolled students by making inflated promises about job prospects and the value of an ITT degree.  Michael Baston Jr., who graduated from ITT’s Milwaukee campus in 1998, said he wasn’t surprised by the announcement. Relatives had been ringing the warning bell about the school for years. “My aunt had actually tried to warn me and my mom before I went there in ‘96: It wasn’t worth the money, that if I wanted to continue on, my credits wouldn’t transfer,” he said.  Baston recalls being lured by the school’s marketing campaign, which boasted something like a 90 percent graduate placement rate. He chose it over the nearby Milwaukee Area Technical College ― even though at $18,000, the program was far more expensive than MATC.  His experience at ITT was mixed, but he praised the school’s interview training and job search programs. Baston was offered a job before graduation, but he said the skills he learned for his CAD drafting degree were obsolete in a few short years.   “When I graduated in 1998, the job in early 2000s was by then pretty much obsolete,” Baston said. “When ITT told me, ‘We’re going to give you lifetime skills,’ they didn’t.”  When ITT told me, ‘We’re going to give you lifetime skills,’ they didn’t. Former ITT student Michael Baston Jr.  Baston attended a four-year university several years after graduating from ITT.  “They didn’t even want to hear that I went to ITT,” Baston said when he enrolled at the University of Milwaukee and tried to apply those credits toward a bachelor’s degree. “I had an associate’s degree and I had to start over.” The Education Department put ITT on its “heightened cash monitoring” watchlist late last year, after the school failed to meet a financial disclosure deadline. The company had previously failed to account for millions of dollars it had received for federal student aid over the past five years.  A former dean of academic affairs from a Florida campus filed a bombshell lawsuit against ITT in January, alleging that the school would enroll anyone ― including clearly underqualified students ― for the sake of securing more federal money.  Ryan Freeman-Jones, a former ITT professor who began as an adjunct instructor and eventually became a full-time staffer and school chairman, said it was discouraging to see profit-driven practices that were often not in the interest of the students.  “There was lots of pressure to re-enroll students who had dropped out — even students who, even from an academic perspective — would be better off not returning,” he said.  The criminal justice program at his northwest Indiana campus was eventually cut because ITT was recruiting students with criminal backgrounds, Freeman-Jones said.  “They were recruiting students for a degree they wouldn’t be able to use for jobs in criminal justice because of their criminal history,” he said. “That’s when I realized it was really more about the money than the education.”  They were recruiting students for a degree they wouldn’t be able to use for jobs in criminal justice because of their criminal history. That’s when I realized it was really more about the money than the education. Ryan Freeman-Jones, a former ITT professor Freeman-Jones said he thinks the ITT experience varied by campus, and that he felt positively about the dedication of the faculty to the students. He now works in consulting, and said some of his former colleagues may have had an inkling that a shutdown was imminent when they received paychecks on Friday ― which was not a scheduled payday.  “What really hurts me is that there are people being affected by this who are innocent,” Freeman-Jones said. “They did everything they were supposed to do and they’re being impacted because a company didn’t have its ducks in a row.” The Education Department said Tuesday that some students who took out federal loans to attend ITT may be eligible to discharge their loans and have them wiped away. Students also have an option to transfer to a new school on their loans ― if they can find a school to accept the ITT credits.  The school expressed “profound regret” over the closure, and blamed the federal government’s “complete disregard” for due process.  “We believe the government’s action was inappropriate and unconstitutional, however, with the ITT Technical Institutes ceasing operations, it will now likely rest on other parties to understand these reprehensible actions and to take action to attempt to prevent this from happening again,” the statement read.  The school noted it had decided to end operations “only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution.” Baston said he was amused by the school’s stance that the federal government was doing something reprehensible. “They were scamming people, as far as I’m concerned,” he said.  This article has been updated with comment from Michael Baston Jr. and Ryan Freeman-Jones. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

Выбор редакции
06 сентября, 20:39

ITT Educational Services Closes Campuses

The move by the for-profit educational company — which cited strict new federal rules — leaves thousands of students and employees with few options.

Выбор редакции
06 сентября, 17:49

ITT Technical Institutes shut down after 50 years in operation

ITT Educational Services, one of the largest operators of for-profit technical schools, ended operations at all of its ITT Technical Institutes.

Выбор редакции
06 сентября, 17:44

ITT Technical Institutes shut down after 50 years in operation

ITT Educational Services, one of the largest operators of for-profit technical schools, ended operations at all of its ITT Technical Institutes.

06 сентября, 17:24

40,000 Students In Limbo, 8,000 Employees Fired As ITT Suddenly Shuts Down

The long-running tragic saga of ITT Education Services, which was established nearly 50 ago and operates the ITT Technical Institutes for-profit college chain, finally came to a end this morning with both a bang and a whimper, when it announced that it is shutting down effective immediately, leaving the fate of 40,000 students currently enrolled in limbo, and some 8,000 workers without a job. The company said the closure is due to an investigation and sanctions by the U.S. Department of Education. "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." As previously reported,  ITT Tech stopped enrolling new students on August 29, just a few days after it was cut off from a significant amount of federal funding by the government. ITT's collapse was catalyzed when the Department of Education effectively killed the company two weeks ago, when it told the company on August 25 that it couldn’t enroll new students who use federal financial aid. The school accused federal officials of forcing the closure and denying it due process. The company has been the subject of state and federal probes for various reasons, including its recruitment tactics, lending practices and job placement figures. Among the measures imposed, ITT was been ordered to pay $152 million to the department within 30 days to cover student refunds and other liabilities in case the company closes. The chain, based in Indiana, is still paying another $44 million demanded by the department in June for the same reason. In order to have access to federal student loans, schools need to be accredited by a government-recognized accrediting agency. ITT Educational Services was found to be out of compliance with its accreditor’s standards twice this year, according to the Department of Education. Needless to say, for-profit schools tend to rely heavily on federal student aid. The Accrediting Council for Independent Colleges and Schools recently asked the company for proof of why its accreditation should not be withdrawn or suspended. ITT's death, while sudden, should not come as a surprise: enrollment has been slipping for a while. In July, the company reported its new student enrollment dropped almost 22% from the same period the year before. Meanwhile, the roughly 40,000 students currently enrolled now find themselves in limbo: when a school closes its doors, it can leave its students stuck without a degree and massive student loans. ITT"s collapse is reminiscent of Corinthian Colleges, which filed for Chapter 11 bankruptcy protection in May of 2015 in the wake of alleged predatory lending practices and accusations of inflated job placement numbers, leaving about 16,000 students stuck without a degree, and thousands more with huge debts. Some students were eventually able to receive debt relief. Cited by PIX11, the Department of Education has said that ITT Educational Services’ students could be eligible for a closed school loan discharge, however that process may take years to complete, meanwhile the prospect of earning a college diploma, even if from a novelty school, has evaporated.  Enrollment in for-profit schools increased in the years following the recession when job growth was weak and people were looking to hone their skills or switch to more in-demand careers. * * * The full statement released by ITT is below: ITT Educational Services, Inc. to Cease Operations at all ITT Technical Institutes Following Federal Actions "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. 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. We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution. Effective today, the company has eliminated the positions of the overwhelming majority of our more than 8,000 employees. Our focus and priority with our remaining staff is on helping the tens of thousands of unexpectedly displaced students with their records and future educational options. This action of our federal regulator to increase our surety requirement to 40 percent of our Title IV federal funding and place our schools under "Heightened Cash Monitoring Level 2," forced us to conclude that we can no longer continue to operate our ITT Tech campuses and provide our students with the quality education they expect and deserve.  For more than half a century, ITT Tech has helped hundreds of thousands of non-traditional and underserved students improve their lives through career-focused technical education. Thousands of employers have relied on our institutions for skilled workers in high-demand fields. We have been a mainstay in more than 130 communities that we served nationwide, as well as an engine of economic activity and a positive innovator in the higher-education sector. This federal action will also disrupt the lives of thousands of hardworking ITT Tech employees and their families. More than 8,000 ITT Tech employees are now without a job – employees who exhibited the utmost dedication in serving our students.  We have always carefully managed expenses to align with our enrollments. We had no intention prior to the receipt of the most recent sanctions of closing down despite the challenging regulatory environment that now threatens all proprietary higher education. We have also always worked tirelessly to ensure compliance with all applicable laws and regulations, and to uphold our ethic of continuous improvement. When we have received inquiries from regulators, we have always been responsive and cooperative. Despite our ongoing service to this nation's employers, local communities and underserved students, these federal actions will result in the closure of the ITT Technical Institutes without any opportunity to pursue our right to due process. These unwarranted actions, taken without proving a single allegation, are a "lawless execution," as noted by a recent editorial in The Wall Street Journal. We were not provided with a hearing or an appeal. Alternatives that we strongly believe would have better served students, employees, and taxpayers were rejected. The damage done to our students and employees, as well as to our shareholders and the American taxpayers, is irrevocable. We believe the government's action was inappropriate and unconstitutional, however, with the ITT Technical Institutes ceasing operations, it will now likely rest on other parties to understand these reprehensible actions and to take action to attempt to prevent this from happening again."

06 сентября, 15:59

ITT Tech shutdown could cost taxpayers nearly $500M

ITT Tech, one of the nation's largest chains of for-profit colleges, announced Tuesday that it is shutting down - exactly 12 days after the Education Department banned the company from enrolling new students using federal student aid. "The actions of and sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes," said the parent company, ITT Educational Services, in a statement, adding that it had "exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution."The Indiana-based company said that the Education Department's actions were "inappropriate and unconstitutional."The closure displaces more than 40,000 students who currently attend the school. More than 8,000 ITT Tech employees are now without a job, according to the company. For years, ITT Tech has been the target of lawsuits and government investigations. The collapse of the college could put taxpayers on the hook for millions of dollars. Current students now become eligible for the Education Department to wipe out their federal student loans through a "closed school" discharge. As of Aug. 31, current students (and recent drop-outs, who are also eligible) owed approximately $485 million in federal student loans, according to a department official. ITT Tech's collapse comes a year after a set of Education Department restrictions on another troubled for-profit, Corinthian Colleges, pushed that company into bankruptcy.

Выбор редакции
29 августа, 16:09

ITT Educational Faces the Wrath of Department of Education

The U.S. Department of Education (ED) finally took absolute actions against ITT Educational Services, Inc. (ESI) by banning the enrollment of new students who depend on federal financial aid.

Выбор редакции
26 августа, 16:15

ITT Educational Services' stock resumes trade, plunges 49% premarket after D. of Ed ruling Thursday

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25 августа, 21:38

ITT Educational Services's stock plunged 35% prior to volatility trading halt

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Выбор редакции
25 августа, 21:36

ITT Educational Services no longer allowed to enroll new students with federal aid--Dept. of Ed

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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23 августа, 16:55

Will Capella Sales Benefit from Non-Degree Programs in 2016?

On Aug 22, 2016, we issued an updated research report on Capella Education Company (CPLA).

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22 августа, 15:23

DeVry Education Group (DV) Catches Eye: Stock Jumps 16.8%

DeVry Education Group Inc. (DV) almost 17% in the last trading session.