Feds’ ITT lawsuit built on reports from mystery shoppers
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.
Student loans
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Bill to help some teachers repay loans advances
Certain students who go on to teach science, math or special education in Indiana could get up to $9,000 to pay off loans if a legislative proposal becomes law.
State joins plan to help students graduate with less debt
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.
Study: IU, Purdue rank best in return on investment
Big budgets used to rule in college rankings. But that could be changing. A new report from the Indiana Commission for Higher Education is the latest effort among several nationally to score universities on their bang for the buck.
Debt collectors brawling in court
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.
Sallie Mae expects split to have ‘limited’ effect in Indiana
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.
Ivy Tech to go after student debtors’ tax refunds
Students who owe Ivy Tech Community College money will have their tax refunds diverted to cover the debt under a new policy the statewide college system is implementing.
Analysts: ITT’s woes are likely to worsen
Investors have dumped the already-depressed shares of ITT Educational Services Inc. after the operator of for-profit colleges shelled out $46 million for bad private student loans it had backed to help students pay the portion of its pricey tuition that federal loans won’t cover. With fewer ITT graduates able to find jobs, the default rates on these loans has spiked.
ITT agrees to pay Sallie Mae $46M to settle suit
Wall Street reacted unfavorably to the settlement Monday, as ITT shares fell as much as 22 percent, to $15 a share. Shares traded for more than $66 about 10 months ago.
New student-loan effort adding to ITT backlash
For-profit school operator ITT Educational Services Inc. told investors late last month that it had worked out a tentative deal with an outside party that would provide $100 million in loans to its students.
Indiana politicians reassess role of higher ed as economy lags
After accepting the post of Purdue University president, Gov. Mitch Daniels finds himself at the heart of the debate over the value of a traditional college degree versus its cost and the needs of employers who simply want skilled workers.
Student-loan debt-collection agencies garner criticism
Lucrative incentives paid to federal student-loan collectors are sparking criticism that not-for-profit loan-guaranty agencies are reaping a bonanza from the troubles of former students. USA Funds, the largest guaranty agency, is based in Indianapolis.
U.S. student-loan default rates jump sharply
The national two-year default rate rose to 8.8 percent last year, from 7 percent in fiscal 2008, according to the Department of Education. Driving the increase was an especially sharp increase among students who borrow from the government to attend for-profit colleges.
Fundraising starts slowly for Indiana student loan program
The slow economy is hurting progress on an endowment that would help pro bono lawyers repay debt.
ITT Educational’s stock price leaps as feds ease crackdown
The Obama administration gave for-profit colleges more time to comply with rules that will cut off federal aid to institutions whose students struggle the most to repay their government loans.
Enrollment, profit fall at ITT Educational
The Carmel-based operator of for-profit colleges earned $85.4 million in the three months ended March 31, a 2.4-percent decline from the same quarter a year ago.
For-profit colleges make costly loans, report says
Companies including ITT Educational Services Inc., DeVry Inc and Career Education Corp. are making loans with “high costs” and “predatory terms,” the group said.
UPDATE: ITT Educational profit gives shares a boost
Shares of ITT Educational Services Inc. rose the most in a year Thursday after the for-profit educator reported a fourth-quarter profit that beat analysts’ estimates.
ITT Educational OKs bonuses to keep managers in place
Carmel-based ITT Educational Services Inc.’s management team will get special cash bonuses if they remain with the company until the end of June, ITT disclosed in a regulatory filing last week.
Sallie Mae restructuring affects Indiana jobs
Student-loan giant lays off about 70 people in Fishers as part of national reshuffling.