ITT College To Cease All Student Enrollment Because of the Title IV Funding Change!

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ITT College To Cease All Student Enrollment Because of the Title IV Funding Change!

Post by Guest on Tue Aug 30, 2016 4:04 pm

For-profit college chain ITT Tech ceases all student enrollment
    
USA TODAY  James Briggs 1 hr ago
The move, prominently announced on ITT's website, goes beyond the U.S. Department of Education's decision last week to ban ITT from enrolling new students who depended on federal loans to pay for classes. Although the majority of ITT's students receive federal aid, the for-profit college chain could have continued accepting new students outside of the government's Title IV program.

ITT Educational Services Inc., based in Carmel, Ind., did not respond to a request for comment. Company executives have yet to publicly respond to the Education Department's moves aside from a Securities and Exchange Commission filing in which ITT said it was "evaluating these additional sanctions and requirements, as well as all options available to it."

Trace Urdan, a Credit Suisse analyst who follows ITT, said the company's decision to stop accepting new students doesn't necessarily offer any clues about ITT's next move. "The market for students that enroll without Title IV is essentially non-existent," Urdan wrote in an email. "The expense of processing applications only to have them cancel once they learn (they are) Title IV ineligible is not worthwhile."

ITT's future has been in question since the Education Department announced its sanctions amid an Obama administration crackdown on for-profit colleges. The SEC, Consumer Financial Protection Bureau and more than a dozen states are investigating ITT over its financial performance, marketing, recruiting and job placement numbers.

In addition to the Education Department's sanctions, two states had moved to block students from enrolling at ITT. California banned new enrollment at ITT's 15 campuses there and Wisconsin blocked enrollment at the company's two campuses in that state. ITT had 137 campuses across 39 states at the end of June, according to its most recent quarterly earnings filing.

Several analysts have said that federal sanctions, especially a new requirement that ITT increase its reserves from $94.4 million to $247.3 million, will probably force the company to close.

ITT has more than 40,000 students who remain eligible for federal aid. Should ITT close, the Education Department has suggested it will forgive the federal loans of existing students.  Former ITT students who have graduated or dropped out also might be able to get their loans discharged, the Education Department has said.

ITT's stock price continued to plunge Monday, dropping 19% to 44 cents per share. ITT shares traded at more than $2 before the Education Department's announcement Thursday.
http://www.msn.com/en-us/money/companies/for-profit-college-chain-itt-tech-ceases-all-student-enrollment/ar-AAifn4P?OCID=ansmsnnews11
I'll admit ...this missed my radar and has me totally flummoxed; why would we {my government} want to stop funding people that want this specific type of education instead of going to a 4 year college and having to take other courses that do not impact the careers/future that they want to go into Evil or Very Mad 
I personally know a lot of returning young Veterans that used this type of privatized College Degree to jump start their careers after the military --- WTF? 
This just doesn't make any rational sense to me? Quill - Ben ...have you been keeping track of this issue?

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Re: ITT College To Cease All Student Enrollment Because of the Title IV Funding Change!

Post by veya_victaous on Tue Aug 30, 2016 11:31 pm

cause most of the colleges are scammers that give out a diploma not worth the paper it is printed on.

all they do is propagate under trained unqualified subpar 'professionals' to cause future problems since they were never trained properly in the first place.

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Re: ITT College To Cease All Student Enrollment Because of the Title IV Funding Change!

Post by Guest on Wed Aug 31, 2016 12:06 am

veya_victaous wrote:cause most of the colleges are scammers that give out a diploma not worth the paper it is printed on.

all they do is propagate under trained unqualified subpar 'professionals' to cause future problems since they were never trained properly in the first place.

Yipper, I guess the same 'Privatized Colleges' out west in larger cities are some serious sorry arsed operated fakery places to go; take your money and even the professors don't show up - don't give a shit and it's pretty much a huge RIP OFF. 
We have 3 ITT College Campuses here in Kansas; I've know more then 20 people that have attended since the 80's to just the last graduation period in June and they've been very pleased with their education - professors and the careers that they have and the big corporations that came looking for them once they'd neared their graduation point.

I supposed it's all subjective; here in rural America we don't have a lot of huge electronic - high tech - software colleges like they have out in California but we do have Sprint - telephone and Air Industry in Wichita and all of those subsidiary contractors under that corporation.

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