ITT Technical Institute Shutting Down All Campuses
- Thread starter Rasan
- Start date
the irs cartel even steals social security checks 
that's more Journalism. creative writing is different. the opportunities aren't there like that. but a state university has no problem selling you that dream.
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Rasan and Rasan
But is it the state university selling you that dream or is it the widespread belief that having a degree will automatically grant you a job in your desired field that you studied 4 - 6 years for? At the end of the day, its not guaranteed you will get a job if you have a degree. It's all about work experience and who you know. at times the school you go to does help. I currently am a student at University of Phoenix, but my major is Communications. My opinion is its your resume, work experience and who you know, imo. Unless you are going to an ivy league school, or you enter a field with high demand, good luck.
When I applied for UOPX, the counselor didnt sell me a dream at all. In fact, they actually ask you a series of questions to see if you have any hope of landing a job in your desired major.
When I applied for UOPX, the counselor didnt sell me a dream at all. In fact, they actually ask you a series of questions to see if you have any hope of landing a job in your desired major.
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yeah you know that, but majority of society still believes college equals something better. i just think if one's gonna look down at ITT Tech, you gotta look down on traditional colleges offering music, writing, religion, and other shit that you need to create your own lane in. there's tons of shit that you dont need a college degree in to be successful, or even get a job in that field, but universities want you to believe otherwise and offer you those relative programs, certificates, degrees.
i kept readin and hearing ITT Tech uses government money, and i think thats bullshit, and it didn't make sense. but they only recieve government funding in the way of student loans. which is not the same thing, at all, and i don't have an issue with that. im sure some programs that ITT Tech offered were maybe pointless as far as being important to landing a job, but im sure some of their programs were the same thing as a college program.
i don't care that they're a for-profit company taking government loans that ignorant citizens take out. the UC program is not a "for-profit" company, but that's only a matter of what your business entity says. you still got motherfuckers in the UC system making millions a year. people profit, just maybe not a corporate entity.
i kept readin and hearing ITT Tech uses government money, and i think thats bullshit, and it didn't make sense. but they only recieve government funding in the way of student loans. which is not the same thing, at all, and i don't have an issue with that. im sure some programs that ITT Tech offered were maybe pointless as far as being important to landing a job, but im sure some of their programs were the same thing as a college program.
i don't care that they're a for-profit company taking government loans that ignorant citizens take out. the UC program is not a "for-profit" company, but that's only a matter of what your business entity says. you still got motherfuckers in the UC system making millions a year. people profit, just maybe not a corporate entity.
They need to shut down for-profit online schools next...they may be the bigger scam in all this school tuition shit.
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DJ Coma and DJ Coma
Damn my ITT Tech Associates in Electronics only got me a $105,912/yr job in Arizona..... I am such a failure... I am so jealous of 206 and his fancy education in Communism, I bet he is living the high life 
I am so tired of being laughed at for my "worthless" piece of paper by everybody /sarcasm
http://www.google.com/url?sa=t&rct=...reicO8ddffrCmijqQ&bvm=bv.132479545,bs.1,d.cGc
I am so tired of being laughed at for my "worthless" piece of paper by everybody /sarcasm
http://www.google.com/url?sa=t&rct=...reicO8ddffrCmijqQ&bvm=bv.132479545,bs.1,d.cGc
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Cheaptimes and Cheaptimes
Bridgepoint to refund $23.5 million to students - The San Diego Union-Tribune
For-profit college chain Bridgepoint Education must refund and forgive $23.5 million in private loans made to students for misrepresenting the amount of their monthly installment payments.
The federal Consumer Financial Protection Bureau said Monday that the San Diego company, which operates online colleges Ashford University and the University of the Rockies, also will pay an $8 million fine.
"Bridgepoint deceived its students into taking out loans that cost more than advertised, and so we are ordering full relief of all loans made by the school," said Bureau Director Richard Cordray in a statement. "Together with our state partners, we will continue to be vigilant in rooting out illegal practices facing student borrowers in the for-profit space."
The fine was expected. In recent months, Bridgepoint has set aside $16.2 million to cover costs of the bureau settlement and a parallel probe by the California Attorney General.
The company, with nearly $346 million in cash and no long-term debt, has the balance sheet strength to absorb the fine, according to analysts.
But Bridgepoint and other for-profit colleges have been under the regulatory microscope in recent years. In July, the company disclosed that the Justice Department is investigating whether Bridgepoint violated the "90/10 rule," which forbids for-profit colleges from getting more than 90 percent of their revenue from federally backed student loans.
Monday’s action involved private loans that the company made to students, not federally backed financial aid. It covers 1,277 students who received loans from 2009 to 2015.
Bridgepoint did not respond to requests for comment. In a statement, the company said it did nothing wrong and provided all appropriate disclosures to students.
The company said the allegations claimed some of its representatives told students verbally that loans could be repaid in installments in as little as $25 a month, when the actual monthly payments were higher.
Bridgepoint said it chose to settle the case in order to move forward. "This agreement simply allows us to return our full attention and undivided focus to our students and their success," said Chief Executive Andrew Clark in a statement.
The for-profit education sector has been under siege from federal regulators concerned about high drop out and loan defaults rates. Last week, ITT Technical Institute shut down more than 130 locations in 38 states, including two in San Diego County, after the Department of Education cut off access to federal financial aid for new students.
ITT Tech shuts down
ITT Technical Institute is shutting down more than 130 campuses nationwide after enrolling 45,000 students last year.
That follows last year’s bankruptcy of Corinthian Colleges, another for-profit education company that ran afoul of the Department of Education.
Under the settlement, Bridgepoint will refund all loan payments made by students, which total $5 million. It also will forgive $18.5 million in outstanding loans.
The company will offer students a financial aid shopping tool to help them understand what they are paying for school, graduation and loan default rates, potential salaries for their professions and post-graduation budgeting.
As with many for-profit colleges, Bridgepoint’s Ashford University has seen enrollment dip in recent years, falling from around 90,000 students five years ago to 48,895 students at the end of the second quarter.
Part of the fall-off stems from less aggressive marketing practices by the company. Ashford’s accreditation agency required it to improve drop-out rates. As a result, the company is trying to better screen prospective students to make sure they are ready for college level classes.
In addition, the for-profit college industry has suffered from increased competition from non-profit schools offering online degrees. And analysts say fewer adults are enrolling in online colleges since 2011.
News of the fine was announced before markets closed. Bridgepoint’s shares ended the day down 7 cents at $7.07 on the New York Stock Exchange.
For-profit college chain Bridgepoint Education must refund and forgive $23.5 million in private loans made to students for misrepresenting the amount of their monthly installment payments.
The federal Consumer Financial Protection Bureau said Monday that the San Diego company, which operates online colleges Ashford University and the University of the Rockies, also will pay an $8 million fine.
"Bridgepoint deceived its students into taking out loans that cost more than advertised, and so we are ordering full relief of all loans made by the school," said Bureau Director Richard Cordray in a statement. "Together with our state partners, we will continue to be vigilant in rooting out illegal practices facing student borrowers in the for-profit space."
The fine was expected. In recent months, Bridgepoint has set aside $16.2 million to cover costs of the bureau settlement and a parallel probe by the California Attorney General.
The company, with nearly $346 million in cash and no long-term debt, has the balance sheet strength to absorb the fine, according to analysts.
But Bridgepoint and other for-profit colleges have been under the regulatory microscope in recent years. In July, the company disclosed that the Justice Department is investigating whether Bridgepoint violated the "90/10 rule," which forbids for-profit colleges from getting more than 90 percent of their revenue from federally backed student loans.
Monday’s action involved private loans that the company made to students, not federally backed financial aid. It covers 1,277 students who received loans from 2009 to 2015.
Bridgepoint did not respond to requests for comment. In a statement, the company said it did nothing wrong and provided all appropriate disclosures to students.
The company said the allegations claimed some of its representatives told students verbally that loans could be repaid in installments in as little as $25 a month, when the actual monthly payments were higher.
Bridgepoint said it chose to settle the case in order to move forward. "This agreement simply allows us to return our full attention and undivided focus to our students and their success," said Chief Executive Andrew Clark in a statement.
The for-profit education sector has been under siege from federal regulators concerned about high drop out and loan defaults rates. Last week, ITT Technical Institute shut down more than 130 locations in 38 states, including two in San Diego County, after the Department of Education cut off access to federal financial aid for new students.
ITT Tech shuts down
ITT Technical Institute is shutting down more than 130 campuses nationwide after enrolling 45,000 students last year.
That follows last year’s bankruptcy of Corinthian Colleges, another for-profit education company that ran afoul of the Department of Education.
Under the settlement, Bridgepoint will refund all loan payments made by students, which total $5 million. It also will forgive $18.5 million in outstanding loans.
The company will offer students a financial aid shopping tool to help them understand what they are paying for school, graduation and loan default rates, potential salaries for their professions and post-graduation budgeting.
As with many for-profit colleges, Bridgepoint’s Ashford University has seen enrollment dip in recent years, falling from around 90,000 students five years ago to 48,895 students at the end of the second quarter.
Part of the fall-off stems from less aggressive marketing practices by the company. Ashford’s accreditation agency required it to improve drop-out rates. As a result, the company is trying to better screen prospective students to make sure they are ready for college level classes.
In addition, the for-profit college industry has suffered from increased competition from non-profit schools offering online degrees. And analysts say fewer adults are enrolling in online colleges since 2011.
News of the fine was announced before markets closed. Bridgepoint’s shares ended the day down 7 cents at $7.07 on the New York Stock Exchange.
Damn my ITT Tech Associates in Electronics only got me a $105,912/yr job in Arizona..... I am such a failure... I am so jealous of 206 and his fancy education in Communism, I bet he is living the high life
I am so tired of being laughed at for my "worthless" piece of paper by everybody /sarcasm
http://www.google.com/url?sa=t&rct=...reicO8ddffrCmijqQ&bvm=bv.132479545,bs.1,d.cGc
I am so tired of being laughed at for my "worthless" piece of paper by everybody /sarcasm
http://www.google.com/url?sa=t&rct=...reicO8ddffrCmijqQ&bvm=bv.132479545,bs.1,d.cGc
If you think ITT tech was perfectly legitimate and didn't have fucked up practices I don't know what to tell you since there is mountains of evidence stacked against them. You also seem to miss the biggest point about ITT tech getting all their revenue from the Government which is the biggest factor of them landing in hot water with the government. If you made $105k immediately after finishing ITT tech and you went strictly off their program and didn't have to teach yourself to be up with the times, than that's unusual and pretty amazing, you must have had amazing but vastly underpaid teachers. Good job comrade
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Meet the company picking up the pieces (and students) of Career Point and ITT Tech in San Antonio
The closure of three for-profit vocational schools operating in San Antonio this year has been a business opportunity for a competitor in the market that was dealing with declining enrollment at its own educational company.
That would be National American University Holdings Inc. (Nasdaq: NAUH), based in South Dakota, which has enrolled more than 600 former students from Brown Mackie College, ITT Technical Institute, Westwood College and Wright Career College, the company told its investors recently.
And now, pending regulatory approval, hundreds of students who had been attending the recently closed Career Point College in San Antonio could join them.
Lawrence Earle, CEO at Career Point College, signed an agreement with the CEO of National American University, Ronald Shape, on Oct. 31 that would offer existing Career Point students a path to finish degrees either inside the former Wonderland of Americas Mall location, at the National American University campus in Austin or online.
Shape, reached via email, confirmed that the two institutions were communicating but said that there are still some hurdles to jump.
"Multiple regulatory agencies must first review and approve the terms of a teach-out agreement and certain conditions must be met before a teach-out can begin," Shape said.
Career Point can't enroll new students, so National American University acquired up to 1,400 students from the deal — and no more. The for-profit school is slated to temporarily retain Career Point College employees to accommodate the students that stay.
Financial terms of the deal were not disclosed. National American University estimated that it costs about $150 to recruit one student, so the deal has a potential value of $210,000 — but that wouldn't pay the debts Career Point racked up.
Former students of Career Point are eligible to have their entire loan debt forgiven by the U.S. Department of Education — if the credits earned are forfeited.
ITT Tech filed for Chapter 7 bankruptcy, while Career Point College filed for Chapter 11 — which means it could reorganize as a company. It was not immediately clear whether Career Point intends to continue its operations or if National American University would open a San Antonio campus.
Most of the school's student population of roughly 10,000 are enrolled in online courses.
National American University reported a decrease in company revenue during third quarter 2016 from $24.6 million in 2015 to $21 million as of Sept 30.
Likewise, the executive compensation for the vocational school has dropped significantly. Former President Jerry Gallentine, who is now a board member, earned $1.1 million, while Ronald Shape made $990,361 in 2010.
In 2014, Shape made $798,307 in compensation, and in 2015 that dropped to $657,267, according to records on file with the U.S. Securities and Exchange Commission. As a member of the board of directors, Gallentine earned $149,570 in 2015.
The company's default rate for students increased from 21 percent in 2012 to 23 percent in 2013, according to the most recent data from the U.S. Department of Education. In response, the school hired a new third-party loan collection agency.
National American University Holdings’ stock was trading at about $1.95 as of midday on Nov. 4, down from its 52-week peak of $2.19 in April.
Neither Lawrence Earle nor his attorney responded to requests for comment for this story.
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On another note, Kent State University has accepted ITT credits before and offers online degrees as well, bet they aren't the only University to accept credits from ITT, depends what program you were enrolled in and syllabus equivalency.
The closure of three for-profit vocational schools operating in San Antonio this year has been a business opportunity for a competitor in the market that was dealing with declining enrollment at its own educational company.
That would be National American University Holdings Inc. (Nasdaq: NAUH), based in South Dakota, which has enrolled more than 600 former students from Brown Mackie College, ITT Technical Institute, Westwood College and Wright Career College, the company told its investors recently.
And now, pending regulatory approval, hundreds of students who had been attending the recently closed Career Point College in San Antonio could join them.
Lawrence Earle, CEO at Career Point College, signed an agreement with the CEO of National American University, Ronald Shape, on Oct. 31 that would offer existing Career Point students a path to finish degrees either inside the former Wonderland of Americas Mall location, at the National American University campus in Austin or online.
Shape, reached via email, confirmed that the two institutions were communicating but said that there are still some hurdles to jump.
"Multiple regulatory agencies must first review and approve the terms of a teach-out agreement and certain conditions must be met before a teach-out can begin," Shape said.
Career Point can't enroll new students, so National American University acquired up to 1,400 students from the deal — and no more. The for-profit school is slated to temporarily retain Career Point College employees to accommodate the students that stay.
Financial terms of the deal were not disclosed. National American University estimated that it costs about $150 to recruit one student, so the deal has a potential value of $210,000 — but that wouldn't pay the debts Career Point racked up.
Former students of Career Point are eligible to have their entire loan debt forgiven by the U.S. Department of Education — if the credits earned are forfeited.
ITT Tech filed for Chapter 7 bankruptcy, while Career Point College filed for Chapter 11 — which means it could reorganize as a company. It was not immediately clear whether Career Point intends to continue its operations or if National American University would open a San Antonio campus.
Most of the school's student population of roughly 10,000 are enrolled in online courses.
National American University reported a decrease in company revenue during third quarter 2016 from $24.6 million in 2015 to $21 million as of Sept 30.
Likewise, the executive compensation for the vocational school has dropped significantly. Former President Jerry Gallentine, who is now a board member, earned $1.1 million, while Ronald Shape made $990,361 in 2010.
In 2014, Shape made $798,307 in compensation, and in 2015 that dropped to $657,267, according to records on file with the U.S. Securities and Exchange Commission. As a member of the board of directors, Gallentine earned $149,570 in 2015.
The company's default rate for students increased from 21 percent in 2012 to 23 percent in 2013, according to the most recent data from the U.S. Department of Education. In response, the school hired a new third-party loan collection agency.
National American University Holdings’ stock was trading at about $1.95 as of midday on Nov. 4, down from its 52-week peak of $2.19 in April.
Neither Lawrence Earle nor his attorney responded to requests for comment for this story.
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On another note, Kent State University has accepted ITT credits before and offers online degrees as well, bet they aren't the only University to accept credits from ITT, depends what program you were enrolled in and syllabus equivalency.