ITT Educational Services

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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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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Credit unions back to normal following unusual 2012 highRestricted Content

May 17, 2014
Chris O'Malley
Net income growth among nine big credit unions serving the metro area moderated in 2013 after record earnings for the industry locally and largely across the nation in 2012.
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With heat on company, ITT's CEO Modany swings backRestricted Content

May 10, 2014
J.K. Wall
But in an interview with IBJ, ITT Educational Services CEO Kevin Modany asserted that for-profit colleges are a good deal, that they produce better results than community colleges, and that they are critical for the state and nation to close the skills gap among workers.
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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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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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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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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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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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ITT Educational branches into charter schoolsRestricted Content

June 15, 2013
J.K. Wall
The for-profit educator won approval last month to start a charter school for 11th- and 12th-graders inside one of its ITT Technical Institutes in Indianapolis.
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Shares of Angie's List, ITT skyrocket after reports

April 26, 2013
 IBJ Staff and Associated Press
In the heart of a mediocre earnings season for public companies, Indianapolis-based firms Angie's List and ITT Educational Services on Thursday shot to the top of the stock ticker.
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Sinking enrollment still a drag on ITT Educational

April 25, 2013
 IBJ Staff
Profit and revenue fell dramatically in the first quarter as students continued to steer away from the Carmel company, one of the country's largest for-profit colleges.
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