ITT Tech has closed. Here's a short summary from the Wall Street Journal:
A federal crackdown on for-profit colleges is cutting off a lifeline to the once high-flying industry as the second major school operator in recent years closed Tuesday, potentially leaving taxpayers on the hook for hundreds of millions of dollars in student loans.
ITT Technical Institute, among the nation’s largest for-profit college chains by revenue, abruptly closed more than 130 campuses, forcing more than 40,000 students at campuses in 38 states to begin looking for another school after the government banned it from enrolling new students receiving federal aid. It follows last summer’s liquidation of Corinthian Colleges Inc.
The for-profit college industry has shriveled in recent years, with enrollments of the largest chains plummeting by more than half in the past five years. The pullback came as the government clamped down on aggressive recruiting practices and stricter policies intended to ensure that schools are preparing students for gainful employment.The marketing for the school was always something that warned me away from it. I'm pretty sympathetic to its students, who will probably have a difficult time transferring to another institution. But, thanks to YouTube, we'll always have its commercials, and its brutal depiction of the job market.
(How many universities, incidentally, could survive without access to federal student loans? Something tells me the number is small.)