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.
Student loans
Articles
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.
Sallie Mae consolidation bringing 350 jobs to Indiana
Student-loan giant Sallie Mae will consolidate operations in Indiana as part of a company-wide restructuring, creating about 350 jobs at its existing facilities in Fishers and Muncie.
Lending overhaul could be trouble for ITT
New student-lending rules proposed by the Obama administration could wipe out as much as two-thirds of profits at Carmel-based
ITT Educational Services Inc., some analysts believe.
Proposal: Link federal aid to performance of ITT, peers
The Obama administration released a proposal that would tighten for-profit colleges’ access to federal student aid,
threatening an industry that received $26.5 billion in U.S. funds last year. Carmel-based ITT Educational Services
is among those potentially affected.
Sallie Mae’s job cuts spare Indiana, at least for now
Sallie Mae says a new law that cuts banks out of the federal student-loan business is costing 2,500 workers their jobs in
Florida and Texas, but the cuts won’t hit Indiana in 2010.
ITT Educational altered test scores, ex-employee’s suit says
Former director says he saw employees give passing scores to students who had failed entrance exams, raise their grades and
alter their attendance records so they would continue to receive U.S. financial aid.
Approval of college-aid overhaul to shake Sallie Mae
The legislation, piggybacked to the health care bill that passed Congress Sunday night, could also mean major job
losses for Sallie Mae, which employs about 2,400 people in Indiana, including 1,700 in Fishers.
Obama reforms not necessarily dire for Sallie Mae in Indiana
The plan to nationalize the federal student loan program threatens to force Sallie Mae
to hack its network of 26 offices down to five. Yet the company’s Indiana operations have several advantages that could
help weather the cuts.
Sallie Mae rallies over jobs in Fishers
Sallie Mae CEO Al Lord visited the company’s Fishers office this morning in his latest effort to get the word out that his
business and his employees’ jobs are threatened by a government proposal.