VA unable to reinstate GI Bill benefits for ITT students
Indiana Gov. Mike Pence wants the U.S. Department of Veterans Affairs to reinstate GI Benefits for students who enrolled in ITT Technical Institute, but that may not be legally possible.
ITT Educational Services
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What’s next for ITT students and their half-billion dollars in debt?
The closure of ITT’s 136 campuses threatens to throw some 29,000 indebted students off their educational tracks, and to saddle taxpayers with nearly a half-billion dollars in losses.
ITT Educational employees file lawsuit over sudden terminations
Two employees who were terminated Tuesday as part of mass layoff by ITT Educational Services have filed a lawsuit claiming the Carmel-based firm violated federal law by failing to provide 60-days notice. The suit seeks class-action status for as many as 8,000 employees.
ITT Tech won’t say whether it will file for bankruptcy protection
The company will begin the process of liquidating, which will include selling off its Carmel headquarters and other real estate.
ITT shares plunge 64 percent in wake of federal mandates
Shares in ITT Educational Services Inc. went into a freefall Friday, one day after the U.S. Department of Education banned the company from enrolling new students who receive federal aid. Analysts said ITT isn’t likely to survive the decision.
UPDATE: Feds ban ITT Educational from enrolling students on federal aid
The decision is a potential death blow to Carmel-based ITT, which derives most of its revenue from federal loans and grants. Its stock was halted Thursday after shares fell 35 percent.
Group delays decision on ITT Educational’s accreditation
Carmel-based for-profit college operator ITT Educational Services Inc. has received a brief reprieve from its accreditor, which has delayed making a decision that could potentially devastate the embattled company.
Embattled ITT winds down nursing program at 3 Indiana campuses
The state warned the institution about low passing rates earlier this year and asked for a “plan of correction”—the first step that could lead to a loss of state accreditation.
For-profit college watchdog fighting to stay alive
The Accrediting Council for Independent Colleges and Schools, a group that oversees about 900 campuses, is under scrutiny for lax oversight of its schools.
Education department seeks to shut down ITT Educational’s accreditor
Without the Accrediting Council for Independent Colleges & Schools, Carmel-based ITT Educational, one of the largest publicly traded for-profit colleges in the country, could lose access to federal funding for student loans.
ITT Educational terminates chief legal officer
ITT Educational Services, the embattled Carmel-based operator of for-profit colleges, has fired its chief administrative and legal officer after less than two years on the job.
ITT shares sink after feds order educator to bolster finances
The Department of Education on Monday sent a letter to CEO Kevin Modany, asking the school to show that it has more than $123.6 million available to refund students in the event ITT shuts down unexpectedly.
Shrinking enrollment hurts ITT Educational results
Carmel-based ITT Educational Services Inc. on Friday reported a smaller quarterly profit and shrinking revenue amid dwindling student enrollment at its ITT Technical Institute campuses.
Feds hit ITT Educational with more restrictions
The Obama administration on Monday placed additional restrictions on how ITT Educational Services Inc. uses federal student loans, moving the Carmel-based operator of for-profit colleges one step closer to losing access to federal funds.
ITT’s CEO staying, CFO leaving after disappointing quarter
Kevin Modany will continue to lead the Carmel-based for-profit educator until the year’s end. But Chief Financial Officer Dan Fitzpatrick is expected to be replaced within days.
ITT shares surge again after another profit surprise
Shares of ITT Educational Services Inc. shot up by as much as 60 percent Friday morning after the company reported that its first-quarter profit had nearly tripled from a year ago.
ITT Educational shares soar after surprisingly strong profit
Shares of ITT Educational Services nearly doubled in value Friday morning after the company reported a 2014 profit more than three times higher than analysts expected and said its CEO would stay on for another three months.
UPDATE: SEC hits ITT Educational, execs with fraud charges
ITT Educational CEO Kevin Modany and Chief Financial Officer Daniel Fitzpatrick allegedly “engineered a campaign of deception and half-truths” to hide from investors the extent of losses ITT was suffering from student loan programs, the SEC said Tuesday morning.
Corinthian students steered to other schools under investigation
Corinthian Colleges students, whose schools closed this week amid fraud allegations, are being steered by the U.S. Education Department to other for-profit chains also under investigation for similar misbehavior, including Carmel-based ITT Educational.
For-profit college operator Corinthian calls it quits
Corinthian Colleges Inc.—which once competed with the country’s biggest for-profit education companies, including Carmel-based ITT Educational Services—shut down its remaining 28 schools Monday, essentially completing the biggest collapse in U.S. higher education.