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ITT Tech shutting down (1 Viewer)

AnonymousBob

AnonymousBob

Footballguy
Blames the government:

“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.”

https://www.google.com/amp/www.latimes.com/business/la-fi-itt-tech-20160906-snap-story,amp.html

 
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AnonymousBob said:
Blames the government:

“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.”

https://www.google.com/amp/www.latimes.com/business/la-fi-itt-tech-20160906-snap-story,amp.html
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For better or worse, the government essentially shut them down with the increase in their surety requirement.  I can't imagine they didn't know that when they demanded an extra $150MM on less than two weeks notice.

 
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That's okay, Southern New Hampshire University is prepared to take its place on the late night commercial mantle.

 
Angela Browne-Kemmerling, who attended a nursing program at ITT’s Hilliard campus outside Columbus, Ohio, for example, was two semesters away from completion and $40,000 in debt when she pulled out in April 2015. Already disenchanted with the absence of promised weekend clinics, the use of YouTube videos to teach catheter insertions and the repeated failure of her classmates to pass the required nursing exams, she said she was further disturbed by reports of state and federal fraud investigations.

“I got more concerned about going on with more debt, and seeing that everyone graduating was not passing their boards,” said Ms. Browne-Kemmerling, a 39-year-old mother of five.

She said she was unable to pick up where she left off because no other program would accept her credits and she was close to maxing out her loans. “I couldn’t go somewhere and start over,” she said. “I’m just stuck where I am.”
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http://www.nytimes.com/2016/08/29/business/crackdown-on-for-profit-colleges-may-free-students-and-trap-taxpayers.html?_r=0

 
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cstu said:
http://www.nytimes.com/2016/08/29/business/crackdown-on-for-profit-colleges-may-free-students-and-trap-taxpayers.html?_r=0
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I don't know what to tell you.

I know one friend who went to ITT and has a career as an ATT phone tech now. He's a very happy guy with a family and a home because of his certifications. I know another guy who did work in video gaming in NYC. Another friend of mine was planning to go there for IT certification and get out of bartending business.

 
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SaintsInDome2006 said:
- What in the hell?

I guess we know why Laureate was paying Bill Clinton $20 million now, worth it.
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Laureate, which had $4.5 billion of revenue in the 12 months ending in June and operating losses since at least 2010, had $4.7 billion of debt, according to its Oct. 2 IPO filing. Sarah Lubman, a spokeswoman for Laureate, said the company couldn’t comment because of the IPO. Spokesmen for investors KKR and Point72 declined to comment.

While only about 5 percent of Laureate’s total enrollment is in the U.S., and about 10 percent of its total revenue comes from federal student loans and grants, the company acknowledged the scorecard in its IPO filing.
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So about $450 million in annual revenue from federal student loans.  $20 million is cheap to keep that going. 

In their defense, their default rate is not terrible:

Walden’s default rate of 6.8 percent as of September for students who graduated or dropped out three years earlier is considerably lower than the national average for all schools of 11.8 percent and 15.8 percent among for-profit schools.
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http://www.bloomberg.com/politics/articles/2015-11-04/laureate-loan-repayment-rate-shows-u-s-debt-burden-as-ipo-looms

 
SaintsInDome2006 said:
I don't know what to tell you.

I know one friend who went to ITT and has a career as an ATT phone tech now. He's a very happy guy with a family and a home because of his certifications. I know another guy who did work in video gaming in NYC. Another friend of mine was planning to go there for IT certification and get out of bartending business.
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I don't doubt that ITT and other private colleges do provide some good training, but a 22% default rate is unacceptable for a college receiving federal student loan money.

 
I graduated from a small New Hampshire school, Daniel Webster College, that was bought out by ITT years after I graduated. I felt the connection to ITT was not a good thing, even if it provided a needed financial shot in the arm. I hope current students are not going to get porked over too badly.

 
Went there for a secondary Associate's Degree and couldn't believe how terrible the program was. Instructors would pass you as long as you showed up (sleeping all class/lab was allowed). 

Basically had to teach myself the labs due to a terrible curriculum. Been working IT for a utility company for 6 years thanks to certs and demolishing an interview fresh after graduation.

Some fellow grads still work in the food industry- I have no idea how they pay their school loans.

Fingers crossed this insane amount of federal loan debt will somehow shrink from the $900 a month or be forgiven altogether. 

 
I've been against these for-profit "colleges" since forever. Shameful what they do and the government is a sucker as usual. 

But hey, the "University" of Phoenix endorses the Cardinal's stadium so they must be legit!

 
Most for profit higher ed companies are nothing but student debt mills.

The student debt "crisis" is substantially due to these places. They are all scams until proven otherwise.

 
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