Education Finance

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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Ballard proposes $50M preschool program as part of crime initiative

July 30, 2014
J.K. Wall
Mayor Greg Ballard on Wednesday proposed a 5-year program to pay for preschool for 4-year-olds from low-income families. He also floated hiring another 280 police officers. The cost to the average household would be $86 per year.
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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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Sallie Mae spinoff Navient tries not to shrinkRestricted Content

July 12, 2014
J.K. Wall
Navient Corp., which employs 2,300 in its Fishers, Indianapolis and Muncie offices, is in the running for a big contract with the U.S. Department of Education even as the student-loan-servicing company faces criticism after admitting it overcharged military service members by millions of dollars.
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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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IU students get more information, borrow less

July 3, 2014
Bloomberg News
A simple letter from Indiana University led its students to reduce borrowing by far more than the national average last academic year. Federal undergraduate Stafford loan disbursements at the university dropped 11 percent, or $31 million.
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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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New state incentives to keep quality students lack funding

June 23, 2014
Paige Clark, The Statehouse File
A plan to keep top-performing students home in Indiana after they graduate from college passed the General Assembly unanimously earlier this year, but it could face trouble as lawmakers decide how to fund it.
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New law paves way for more adult high schools

June 20, 2014
Alec Gray, The Statehouse File
To get approved, a school must have programming that differs from a regular high school, has flexible scheduling, provides the majority of the instruction in the classroom, and offers dual credit or industry certifications.
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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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Purdue trustees OK tuition freeze for 3rd year

May 16, 2014
Associated Press
The trustees' approval means students who entered Purdue University in the fall of 2012 will never see an increase in tuition.
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Sallie Mae, Justice Department in $60M settlement

May 13, 2014
Associated Press
Student lender Sallie Mae has reached a $60 million settlement with the Justice Department to resolve allegations that it charged members of the military excessive interest rates on their student loans, the federal government announced Tuesday.
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U.S. student-loan debt adds to growing wealth gap

March 27, 2014
Associated Press
Roughly 37 million people in the U.S. are saddled with $1 trillion in student debt, a factor contributing to the widening of the gap between rich and everyone else in the country.
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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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Plan would help pay loans for some Indiana teachers

March 11, 2014
Associated Press
The legislation would provide loan reimbursements of up to $9,000 for some of those teaching science, technology, engineering or math.
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Feds' ITT lawsuit built on reports from mystery shoppers

March 8, 2014
J.K. Wall
The shoppers, who were hired by the Carmel-based operator of for-profit colleges, generated the bulk of the material cited in the Consumer Financial Protection Bureau’s complaint.
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Chamber recommends IPS explore selling real estate

February 24, 2014
J.K. Wall
Indianapolis Public Schools should immediately consider selling five of its buildings and work with IndyGo to transport students, according to a study by the Indianapolis Chamber of Commerce.
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Lockheed Martin grants $6M to program of local ed group

February 18, 2014
The funds will boost an initiative by Project Lead the Way Inc. to expand science- and math-related curriculums in U.S. urban school districts.
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State joins plan to help students graduate with less debt

February 11, 2014
Erika Brock, The Statehouse File
Gov. Mike Pence announced Monday that Indiana is one of three states selected to lead a national initiative aimed at ensuring more college students graduate on time and with less debt.
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Pence gives $9.7 million in grants for STEM programs

January 23, 2014
Ben Vandivier, The Statehouse File
The grants went to 10 organizations working to help support teacher recruitment and training in the areas of science, technology, engineering and math.
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Purdue president seeks tuition freeze for 3rd year

January 14, 2014
Associated Press
Mitch Daniels said he plans to call on Purde trustees to extend the two-year tuition freeze for one more year as part of a push to make the university more attractive and affordable for families.
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Education board won't change schools' grades

October 2, 2013
Associated Press
Indiana's State Board of Education declined Wednesday to change the grades for a handful of schools following a review of changes the former public schools superintendent made last year to the grading formula.
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Debt collectors brawling in courtRestricted Content

August 24, 2013
Dan Human
Todd Wolfe, the 41-year-old founder of Deca Financial Services in Fishers, is at the center of a legal feud with Educational Credit Management Corp., an Oakdale, Minn., not-for-profit that insures $35 billion in federal student loans.
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Operators of takeover schools worry about funding

June 30, 2013
Associated Press
Private companies that were hired to run five Indiana schools taken over by the state for poor performance say they might not be able to continue because of funding concerns.
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  1. I never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

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