Welp, it finally happened.
Another for-profit college has gone bust, leaving tens of thousands of students in the lurch.
ITT Educational Services announced on Tuesday that it is shutting down its more than 100 ITT Technical Institute campuses immediately, accusing the federal government of unfairly stripping it of eligibility for student aid.
It’s an abrupt move that will impact 35,000 students who are currently taking classes on campuses and online throughout the United States. Many of them are now left without a degree and saddled with student debt.
ITT said it also eliminated the jobs of the “overwhelming majority” of more than 8,000 employees on Tuesday.
Last week, the Department of Education barred the school from allowing any new students to use federal loans to pay for ITT — and the school promptly stopped new enrollment.
This action did not affect Daniel Webster College, a school in New Hampshire owned…
View original post 231 more words