Students who used federal loans to attend ITT Technical Institute as far back as 2005 will automatically get that debt canceled.
The Biden administration is approving 18,000 loan forgiveness claims from former students of ITT Technical Institute.
On Tuesday, September 6th 2016, ITT Technical Institute closed its doors forever. Like the students, faculty and staff alike had no warning from the school beforehand -- we were all planning our Fall quarter like nothing was different -- but somehow it wasn't a surprise.
The closure leaves 35,000 students without an educational path forward.
The school closed its more than 138 campuses around the U.S., effective immediately.
This morning, one of the nation's biggest for-profit colleges, ITT Tech, announced that it has permanently shut down its academic operations and fired the "overwhelming majority" of its more than 8,000 employees.
The Department requires letters of credit where it has concerns about a company's capacity to pay refunds and other debts. ITT's filing yesterday says the Department wrote to ITT on July 6 agreeing to allow ITT to increase its letter of credit on essentially an installment plan.