After more than 50 years of operation, ITT Tech will permanently shut down. The closure is the result of increased regulation and sanctions from the U.S. Department of Education.
ITT Tech offered students an alternative to the traditional college track. As a for-profit institution, the school provided specializing training in targeted fields. Last year alone, it had over 45,000 students and $850 million in revenue.
However, in recent years, questions arose about the institution’s credibility, recruitment and accounting methods.
In August, the U.S. Department of Education took action, instituting a ban on ITT Tech. It prevented them from enrolling new students who relied on federal aid to pay for their education with them.
ITT Educational Services, Inc. issued a press release on their website that blamed the government for the closure and the impact on students.
“We believe the government’s action was inappropriate and unconstitutional,” the statement said. “However, with the ITT Technical Institutes ceasing operations, it will now likely rest on other parties to understand these reprehensible actions and to take action to prevent this from happening again.”