edCircuit:
Just one week after the U.S. Department of Education banned ITT Technical Institute from admitting and enrolling new students; the for-profit giant officially announced that all school campuses would be shut down permanently. With 130 U.S. locations, the impact will be huge on their 45,000+ students.
Closed school loan discharges are expected to reach nearly $500 million – only a fifth of which will be covered by ITT’s collateral. The remaining four-fifths will be the responsibility of the taxpayers.