INDIANAPOLIS, Ind. – College chain ITT Technical Institute has ceased new student enrollment after the federal government banned the school from accepting any more students with federal aid.
The serious federal action is a huge blow for the school since ITT Tech makes most of its money from that aid. Some say the school may not survive the ban.
It comes as the government cracks down on for-profit schools that aren’t meeting accreditation standards. ITT Tech has been under investigation by the federal government for its accounting practices.
“How much money they’re paying their top executives? Whether or not their organization is being run with integrity? Whether they’re financially viable? Whether they’ll be able to continue to serve students into the future?” explained Stephanie Wilson with the Indiana Commission for Higher Education.
ICHE is on stand by ready to help students if the school closes.
“It’s important for these students not to be discouraged,” said Wilson. “Just because ITT may be having issues right now, it doesn’t mean that they should give up their hopes and aspirations for a college degree.”
If you are among the 3,000 students enrolled in the six ITT Tech Indiana, you can switch to a different school, but your credits may not transfer. However, students may be able to apply to have their loan forgiven by the government if ITT Tech closes. You can learn more about that here.
CBS4 News requested a comment from ITT Tech’s home office in Carmel, but did not receive one.