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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.
[...] Whatever you choose to do, do not give up on your education. Higher education remains the clearest path to economic opportunity and security. Restarting or continuing your education at a high-quality, reputable institution may feel like a setback today, but odds are it will pay off in the long run. There are people and tools – like our College Scorecard – out there to help you pick a program that gives you a real shot at success.
I am proud of your hard work and dedication, and we will do all we can to continue to provide information to you on your options.
Sincerely,
John B. King Jr., U.S. Secretary of Education
Source: Department of Education
(Score: 2) by PizzaRollPlinkett on Wednesday September 07 2016, @11:13AM
Well, no surprise here, ITT has made a lot of money by taking government scholarship dollars (especially military) and loan dollars over the years, and basically became dependent on the government. If you take their money, you play by their rules. The government called the shots, and decided that was enough of their leeching, and destroyed them. If you give up control over everything to someone else, they can do what they want with you. But I imagine a whole lot of executives made a whole lot of money off of this scheme before it got shut down, and I imagine none of them will ever pay back a penny.
(E-mail me if you want a pizza roll!)
(Score: 0) by Anonymous Coward on Wednesday September 07 2016, @02:18PM
If "calling the shots" means "don't commit fraud and actually provide an education", then yes, blame the government. Beyond that, there are no "shots" the Big Evil Government levies.