In a message to ITT Technical Institute students, the Secretary of Education addresses concerns about what they should do next now that the institution is permanently closed.
The letter states that in August, ITT's accreditor, the Accrediting Council for Independent Colleges and Schools (ACICS) determined that ITT "is not in compliance, and is unlikely to become in compliance with [ACICS] Accreditation Criteria." This came at a time when ITT's financial status was of concern.
The Secretary of Education, John King, Jr., wrote that the school's decisions put its students and millions of dollars of taxpayer funded federal student aid at risk, prompting the Department of Education to take actions to prevent the institution from continuing to add to that risk.
The Department of Education wrote the following options to students to choose from at this point in time:
- If you are currently or were recently enrolled at ITT, you may be eligible to have your federal student loans for your program at ITT discharged. You federal loan debt will be wiped away and you will have the option of restarting your education somewhere new. We will post and update information about how to receive a discharge at the ITT announcements page.
- If you wish to continue and complete your program at a different school - especially if you are close to graduating - you may be able to transfer your credits. It is important to note that transferring your credits may limit your ability to have your federal loans discharged. Closed school discharge may be an option if you enroll in a different program that does not accept your ITT credits.
King says the Department's Office of Federal Student Aid is ready to provide resources and information and will be updating students as more information comes.
"Whatever you choose to do, do not give up on your education," said King. "Higher education remains the clearest path to economic opportunity and security. Restarting or continuing your education at a high-quality, reputable institution may feel like a setback today, but odds are it will pay off in the long run."
King also added that College Scorecard may be a useful too for students as they try and pick a new program.