Students in Indiana and across the nation have been left in debt and dismay after ITT Technical Institute closed all of its locations nationwide on September 6. ITT Educational Services, the school’s parent company, places blame with recent sanctions placed on the company by the U.S. Department of Education.
ITT Educational Services sent an email to all enrolled students that informed students why the school was closing its doors.
“We are not in full compliance with our accrediting agency, the Accrediting Council for Independent Colleges and Schools (ACICS). Our current accreditation remains in place, but the Department of Education has requested a $250 million cash deposit or a letter of credit. They have also discontinued our ability to receive federal student loan funds and federal Pell grants.”
The move comes as a complete shock to Fort Wayne resident Cori Hicks, whose future is now uncertain.
“I was in the last term of required classes to repeat my nursing degree,” Hicks said. “Now I’m left with debt and no degree. I talked to different colleges, and they all said my credits would not transfer. I don’t know what I am going to do.”
Hicks’s story almost mirrors that of Niel Smith of Indianapolis.
“I had less than a year to go to complete my degree in IT,” Smith said. “I have $30,000 in student debt with absolutely nothing to show for it. Most schools won’t transfer credits from ITT.”
ITT is the latest of for-profit schools to shutter its doors in recent years. Corinthian closed the last of its Everest College and Herald College locations in mid-2015.