ITT Technical Institute Shutting Down After Financial Aid Ban
As of today, Tuesday September 6th, all ITT Technical Institute campuses are shut down.
Also, effective immediately, about 8,000 employees will lose their jobs. The shutdown comes after the U.S. Department of Education banned ITT from allowing students who receive federal aid to enroll in the school.
According to a statement from ITT's parent company:
“We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a nonprofit or public institution.”
The Wall Street Journal says the institution is under investigation by federal and state governments for "questionable recruiting tactics" and the way they have been handling their funds. The company was making most of its money through federal grants and loans.
ITT Tech has been in business for over 50 years and has about 43,000 students spread across more than 130 campuses. Five of those campuses are in Michigan and all of the locations are now closed (Grand Rapids, Canton, Troy, Dearborn and Flint).