ITT Tech Closing
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Thread: ITT Tech Closing

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    Bubber's Avatar
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    ITT Tech Closing

    ITT Technical Institute to Close After Government Cut Off New Funding - WSJ

    I've known some people that have gone to ITT Tech, they say that they may never get their student loans paid off. I feel for the 8,000 people that lost jobs over this and it is unfortunate for them, but hopefully this will push students into not for profit schools.

    (It wasn't my intention, but if this is deemed to be political in nature, please move it)
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    Quote Originally Posted by Bubber View Post
    ITT Technical Institute to Close After Government Cut Off New Funding - WSJ

    I've known some people that have gone to ITT Tech, they say that they may never get their student loans paid off. I feel for the 8,000 people that lost jobs over this and it is unfortunate for them, but hopefully this will push students into not for profit schools.

    (It wasn't my intention, but if this is deemed to be political in nature, please move it)
    The ITT print and TV commercials have long had a detailed footnote, which was lengthy and difficult to see, which mentioned how often, none of the ITT courses credits would be accepted or allowed by other educational institutions and that it was the students responsibility to check into this issue instead of assuming transfers of courses completed would be available and accepted by other institutions.

    Depending upon the originator of the student loans, the type of loans, the closing of a "educational facility" can be grounds for debt forgiveness. But people really have to be careful because many methods of debt forgiveness can trigger the amount being forgiven as ordinary income to the person who received the benefit of the debt forgiveness.

    There are also some provisions allowing the student loan debt to be "cancelled" when a school goes out of business but that is usually limited to those students currently enrolled or having completed their education within 120 days of the school closing. But again, the type of loan, it's method of collateral and it's terms will be important in determining if there is "student debt relief" for the ITT students.

    Sad reality is that most of those who are out of ITT for 3 months or more will likely be stuck with the loan repayment obligations.
    DRobinson and Bubber like this.

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    Quote Originally Posted by Bubber View Post
    ITT Technical Institute to Close After Government Cut Off New Funding - WSJ

    I've known some people that have gone to ITT Tech, they say that they may never get their student loans paid off. I feel for the 8,000 people that lost jobs over this and it is unfortunate for them, but hopefully this will push students into not for profit schools.

    (It wasn't my intention, but if this is deemed to be political in nature, please move it)

    That explains why I haven't seen any TV ads lately for them. Used to see them all the time for the Greenfield (Milwaukee) location.
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