ITT Tech Facing Fraud Charges, Closes all Campus Locations

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ITT Tech is currently facing fraud charges from the Securities and Exchange Commission regarding student loans and has closed all its campus locations, leaving nearly 8,000 employees without jobs. The 50 year old institution ran more than 130 campuses across the country and had 40,000 students enrolled in business, nursing and health sciences, electronics and information technology courses.

Last year, the for profit institution generated $850 million in revenue and a big chunk of that came from federal student loans- $580 million to be exact. Federal Financial Aid was ITT’s main source of revenue and the U.S. Department of Education banned the school from enrolling new students who rely on federal financial aid. Read more on this story…

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