On September 6, 2016, ITT Tech closed its doors for good. Students were left wondering what would happen to their credits and degrees.
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ITT Technical Institute was a for-profit technical institute with more than 130 locations across the United States. The company offered associate’s and bachelor’s degrees in various areas of study, including business, graphic design, and engineering.
In 2016, ITT Tech was facing mounting financial difficulties and was placed on probation by its accrediting agency. The company then announced it would be closing all of its campuses nationwide. This left thousands of students without a school to attend just weeks before the start of the fall semester.
The ITT Tech Closure
On September 6, 2016, ITT Tech closed its doors for good. This came as a shock to students, staff, and faculty. Many people were left wondering what would happen next. The closure of ITT Tech left many people scrambling to find a new school.
The Events Leading Up to the Closure
The events leading up to the closure of ITT Tech were many and varied, but can be broadly divided into two categories: financial and regulatory.
Beginning in about 2010, ITT Tech began to experience financial difficulties. The company had a heavy debt load, and was increasingly relying on federal student aid to keep its doors open. In 2011, the Department of Education put ITT Tech on notice that it was at risk of losing its access to federal aid.
Meanwhile, the company was also facing increased scrutiny from state and federal regulators. In 2014, the Department of Justice launched an investigation into ITT Tech’s recruitment practices. The following year, the Department of Education fined the company $30 million for misleading students and inflating job placement statistics.
In 2016, things finally came to a head. The Department of Education banned ITT Tech from enrolling new students who relied on federal aid, effectively cutting off its lifeblood. Facing an uncertain future, ITT Tech decided to shut down all of its campuses for good.
The Aftermath of the Closure
The announcement of the closure of ITT Tech came as a shock to many people. For-profit colleges had been coming under increasing scrutiny in recent years, but ITT Tech had been one of the largest and most well-known names in the industry. When the news broke that the school was shutting down, students who were attending classes at ITT Tech campuses around the country were left scrambling to figure out what to do next.
The closure of ITT Tech was a major blow to the for-profit college industry. The school had been one of the largest players in the industry, and its demise left many other schools scrambling to fill the void. For-profit colleges have come under increasing scrutiny in recent years, and the closure of ITT Tech is likely to add more fuel to the fire.
Other for-profit colleges are facing similar challenges, and it remains to be seen how many of them will be able to survive in the current climate. The for-profit college industry is going through a major transition, and it is unclear what the future holds for these schools.
In September of 2016, ITT Tech announced that they would be closing all of their campuses across the United States. This came as a shock to many students and staff, as the school had been in operation for over 50 years. The closure was a result of many financial difficulties that the school was facing, and it left many people wondering what would happen next.
While the school is no longer in operation, there are still many resources available for students who were affected by the closure. The Department of Education has set up a process whereby students can apply for federal loans to be forgiven, and there are also many private organizations that are offering assistance. If you were affected by the closure of ITT Tech, there are still options available to you.