ITT closed its doors last month, leaving thousands of students in a very difficult situation. Credits obtained at ITT typically will not transfer to other institutions, meaning students may be unable to finish their educations. Many of these former students have tens of thousands of dollars in both private and federal student loans. More than 100 have gone on a student loan strike to protest their loans. According to the former students, they plan to stop making payments on their federal and private student loans to bring attention to the practices of for-profit colleges. The group claims the Department of Education failed to prevent ITT Tech from defrauding students. Former ITT Tech students have discussed their plight with the press. In an article published by Bloomberg, a former Navy Reservist shared how he accumulated $120,000 in loans while attending ITT Tech. He claims recruiters at ITT Tech lured him in…
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ITT Technical Institute is shutting its doors only weeks after the Department of Education banned the for-profit college from enrolling students who are using federal loans. This leaves 35,000 current students with few options to finish their education, as some credits obtained at ITT may not transfer to other institutions. However, there is a path to loan forgiveness for some of these students. Current students or those who left ITT Tech within 120 days of the shutdown may have federal loans forgiven. This is known as the ‘closed school discharge’. Are You Eligible for a Closed School Discharge? Closed-school discharges erase all remaining debts with no tax penalty from the IRS. The following criteria must be met for before students can receive closed-school discharges. Students must have federal loans. This includes Direct Loans, Federal Family Education Loan Program (FFEL) loans or Federal Perkins Loans. You must be enrolled in classes…
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