On this page you’ll find information associated with the recent oversight and compliance actions imposed against ITT Educational Services and therefore the subsequent closure of ITT Technical Institutes. Featured below is information on how former ITT students can continue their education, apply for closed school loan discharges, retrieve student records, and more.
On Sept. 6, 2016, officials representing ITT Educational Services Inc., the parent company of ITT Technical Institute and Webster College, notified the Department of Education (ED) and therefore the postsecondary education oversight bodies within the 38 states where they need operating locations that they intended to cease online and classroom-based instruction and operations at the 136 ITT Technical Institute locations across the country. On Sept. 16, 2016, ITT filed a Voluntary Petition for Chapter 7 Bankruptcy within the us Bankruptcy Court for the Southern District of Indiana and subsequently ceased all company operations. As a result, all ITT Technical Institutes have lost their eligibility to receive federal student aid funds from ED.
If you attended an ITT school that closed while you were attending or soon after you withdrew, and you probably did not complete your program of study, you’ll be eligible for a closed school discharge. A closed school discharge may be a one hundred pc discharge of the federal Direct Loans, Federal Family Education Loan (FFEL) Program loans, or Federal Perkins Loans you took bent attend the closed school and a reimbursement of amounts you’ve got already paid to the govt .
What you should know about closure of ITT Technical Institutes and Loan Forgiveness in 2021
TT Technical Institute was founded in 1969. As one of the largest educational institutes in the USA, ITT Tech Institutes were closed on September 2016. After the investigations, it became clear for everybody that university defrauded and misled the students. If you are a victim of ITT Technical Institutes, the good news is you may be eligible for ITT Tech loan forgiveness in 2019. The investigations started in 2004, showed that ITT Tech used fraudulent actions against students. For instance, it used high-pressure recruiting tactics, counterfeited paper documents, and lied about the quality of education. All these deceitful actions dragged the institute to its closure. There are various ways to get ITT Tech loan forgiveness.
But first, let’s investigate the reasons behind the closure of ITT Technical Institutes.
Reasons behind the closure of ITT Technical Institutes
ITT Technical Institutes closed its doors permanently. Over 130 campuses in various states of the US, and after approximately 50 years of operation on technical education, the closure of the institutes was a shock for everybody.
ITT Technical Institutes closed its doors after the sanctions. The shutdown of the school had a direct impact on students, as well as the school stuff. The students of ITT Technical Institutes have the chance of getting rid of their student loans.
The great news for the students of ITT Technical Institute who attended from 2006 to 2016 is that there is a chance to get student loan forgiveness. A federal bankruptcy settlement was $600 million for approximately 750,000 students. Students who paid for-profit chain will also get $3 million refunds according to the agreement.
This bankruptcy settlement is perfect for the students to get ITT Tech loan forgiveness.
ITT Tech Student Loan Forgiveness Options
If you are one of the students of ITT Technical Institutes who is looking for student loan forgiveness, the good news is you have the opportunity to get rid of them. After ITT Tech announced its closure, former students have got the options below to eliminate their ITT Tech student loans:
Closed School Loan Discharge
Borrower Defense to Repayment Discharge
Transferring earned credits
In the next section of our article, we will look through the requirements, application process and more for each program available.
Closed School Loan Discharge program
If your school, ITT Tech closed its doors while you were attending or shortly after you withdrew, and you didn’t complete the study program, you have the opportunity to get ITT Tech loan forgiveness through Closed School Loan Discharge program. This program offers 100% forgiveness to the students for their federal direct loans. With the Closed School Loan Discharge program, you can even get a reimbursement for the amount you paid for the service ITT Tech student loans.
Let’s now identify the eligibility requirements and the application process to the program in 2019.
After the closure of ITT Technical Institutes, the students have a high chance of getting ITT Tech loan forgiveness. As the school is settled on many counterfeit actions against the students and the federal state, it was inevitable to prevent the shutdown.
If you are a victim of ITT Tech fraudulent actions, you may get the discharge via Closed School Loan Discharge program or Borrower Defense to Repayment Discharge for your student loans. You may want to continue your studies on your study program. As we already mentioned above, there is an option for this as transferring your credits to another school to a relevant academic program. Take your notes on the application process and the eligibility requirements for each program and get ITT Tech loan forgiveness for your student loans.