WASHINGTON – The U.S. Department of Education announced that it will cancel all remaining federal student loans that borrowers received to attend ITT Technical Institute between 2005 through its closure in 2016. The decision will result in 208,000 borrowers receiving $3.9 billion in full loan discharges. The ongoing investigation into ITT Tech has already led to the approval of $1.9 billion in debt cancellations for 130,000 students. This was due to findings that ITT engaged in widespread misrepresentations related to the ability of students to get a job or transfer credits, and lying about the accreditation of ITT’s associate degree in nursing. Separately, the Department announced an expanded window for borrowers who attended but did not graduate from ITT to receive closed school discharges.
“ITT defrauded hundreds of thousands of students, as we identified when I was the director of the Consumer Financial Protection Bureau,” said Federal Student Aid Chief Richard Cordray.
Mon - Fri: 06:00 AM - 10:00 AM
