Education Business

ITT Educational scrutiny spreads to college’s lenders

August 7, 2014
Bloomberg News
For-profit college ITT Educational Services Inc., already under pressure from the U.S. Education Department, is facing stricter terms from lenders that could put its operations at risk.
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ITT cash crunch has analysts raising spectre of bankruptcy

August 5, 2014
J.K. Wall
Carmel-based ITT Educational Services no longer has a margin of error, as it tries to dig out from a scuttled real estate deal, tightened rules from lenders and the feds, and its CEO's pending resignation.
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ITT Educational CEO signals resignation amid stock freefall, federal scrutiny

August 4, 2014
Mason King, J.K. Wall
Carmel-based ITT Educational Services Inc. announced late Monday afternoon that CEO Kevin Modany planned to resign within six months. The struggling for-profit education firm has drawn scrutiny from government officials for its marketing and lending practices.
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ITT Educational shares reeling after deal falls through

August 4, 2014
Bloomberg News
The real estate deal would have brought as much as $119.1 million for the struggling, Carmel-based education firm.
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For-profit colleges tap GI Bill loophole for business

July 30, 2014
Bloomberg News
The so-called “90/10 rule” limits a for-profit college to getting no more than 90 percent of its revenue from the government. However, veterans’ and military tuition programs are excluded from the cap, and the colleges have aggressively recruited from the military.
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For-profit educator closing 12 campuses in 11 states

July 8, 2014
Associated Press
Corinthian Colleges Inc., which competes against Carmel-based ITT Educational Services Inc., said Tuesday that a campus in Indiana is on its closure list.
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ITT Educational says access to student-loan funds in danger

July 2, 2014
 Bloomberg News and IBJ Staff
Carmel-based ITT Educational Services Inc. said the U.S. Education Department may limit its access to student-loan funds because the company is unable to provide audited financial statements.
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IPS, Mind Trust choose school-turnaround fellows

June 26, 2014
J.K. Wall
The fellows will work to develop new approaches for struggling IPS schools, including concepts that focus on entrepreneurship and the Montessori method.
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For-profit education company warns it may have to shut down

June 20, 2014
Associated Press
Corinthian Colleges is a competitor of Carmel-based ITT Educational Services Inc. Firms in that field have seen enrollment drop amid heightened government scrutiny.
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UPDATE: ITT's stock tumbles after report of loan losses

May 22, 2014
J.K. Wall
ITT Educational Services Inc. stock plunged more than 31 percent Thursday after it announced that it spent an extra $43.7 million in the first quarter to cover mounting losses on private student-loan programs.
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Small school systems dispute consolidation report

April 12, 2014
Associated Press
School officials across Indiana are taking issue with a report by Ball State researchers that suggests mergers of smaller districts are inevitable.
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Feds revise for-profit college rules after court block

March 14, 2014
Bloomberg News
ITT Educational stock fell Friday after the Obama administration said it has revised its regulatory package for for-profit colleges, rewriting a proposal that the education industry blocked in court almost two years ago.
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ITT delays financial statements amid student-loan probe

March 4, 2014
Bloomberg News
Carmel-based ITT Educational Inc. said it’s unable to file its 2013 annual report because of a federal investigation into its accounting practices.
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Feds sue ITT Educational over loan practices

February 26, 2014
 Bloomberg News and IBJ Staff
ITT Educational Services Inc. is being sued by the U.S. Consumer Financial Protection Bureau over allegations the for-profit college chain engaged in predatory lending by pushing students into loans likely to end in default.
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UIndy plans $50M in expansion projects

February 21, 2014
J.K. Wall
The bulk of the money, to be spent over five years, will go to a 134,000-square-foot health sciences center, which will provide training space for the university's nursing, physical therapy and other health care students.
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ITT shares in freefall as student-loan losses mount

January 30, 2014
J.K. Wall
ITT Educational Services took it on the chin in the fourth quarter as big payments stemming from a 2009 student-loan arrangement forced an $11.6 million loss. Adding to the woes is another probe by the federal government.
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ITT stock sinks as for-profit colleges face more probes

January 29, 2014
Bloomberg News
For-profit colleges, bruised by years of investigations and rule-making, may face additional financial pressure from a new wave of state probes by attorneys general and the U.S. Consumer Financial Protection Bureau.
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States investigating ITT, other for-profit education firms

January 27, 2014
Associated Press
For-profit education companies are facing public criticism and regulatory scrutiny over high drop-out rates, graduates' poor job prospects and the high debt levels of its students.
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ITT, Corinthian face consumer bureau probe over lending

November 24, 2013
Bloomberg News
The U.S. Consumer Financial Protection Bureau is investigating at least two for-profit colleges, including ITT Educational Services Inc., over potentially abusive practices in marketing and originating student loans.
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ITT tops expectations despite falloff in profit, revenue

October 24, 2013
 IBJ Staff
ITT Educational Services Inc. said new-student enrollment rose 5.2 percent in the third quarter, to 20,307. However, total student enrollment was down 7 percent from a year ago, to 60,997.
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Former Star reporter to head new education website

October 15, 2013
 IBJ Staff
Chalkbeat Indiana will focus on Indianapolis Public Schools, the Indiana General Assembly and the State Board of Education. Editor Scott Elliott took the reins on Monday.
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Outrage-laden ITT ruling tossed aside by appellate courtRestricted Content

August 10, 2013
Greg Andrews
The outrage that seemed to leap from an order that Judge Tonya Walton Pratt issued last year was entirely missing from a new appeals court ruling  reversing her dismissal and the attorneys’ sanctions.
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Shares rise after ITT halts 3-year swoon in new students

July 25, 2013
J.K. Wall
The Carmel-based operator of for-profit colleges signed up 16,883 new students in the quarter ended June 30, a 7.5-percent increase from the same period last year.
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IPS taps Ferebee as district's next superintendent

July 1, 2013
J.K. Wall
The IPS board has chosen Lewis Ferebee from North Carolina to replace Eugene White, who led IPS for nearly eight years. The 39-year-old Ferebee has been chief of staff in the Durham Public Schools district, roughly the same size as IPS.
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Sallie Mae expects split to have 'limited' effect in Indiana

May 30, 2013
 IBJ Staff and Bloomberg News
The student lender wants to separate its education loan management and consumer bank businesses into two publicly traded entities. The firm is a major employer in Indiana, with more than 2,600 employees at offices in Indianapolis, Fishers and Muncie.
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  1. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

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