After the U.S. Department of Education stopped all financial aide to ITT Technical Institute students, and barred the executives from giving themselves raises, the infomercial driven school is closing.
Via the LA Times:
Education Secretary John King said the government was taking action to protect students and taxpayers following "troubling" findings about the company. Earlier in the month, a group that accredits ITT found that the chain failed to meet several basic standards and was unlikely to comply in the future.
ITT blasted the federal moves. "We believe the government's action was inappropriate and unconstitutional," the company said Tuesday. "We were not provided with a hearing or an appeal. Alternatives that we strongly believe would have better served students, employees and taxpayers were rejected. The damage done to our students and employees, as well as to our shareholders and the American taxpayers, is irrevocable."
The day after the Education Department's decision, California imposed further restrictions on the company: Citing concerns about ITT's financial viability, the state Department of Consumer Affairs' Bureau for Private Postsecondary Education issued an emergency decision banning ITT from accepting new students at its 15 California locations. The state also planned to seek to revoke ITT's approval to operate in California.
I hope you put off enrolling til tomorrow.
