ITT Technical Institute closes
ITT Technical Institute announced today that it will close all of its academic operations after the U.S. Department of Education issued sanctions against the institute.
“It is with profound regret that we must report that ITT Educational Services Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service,” the Indiana-based company said in a statement. “With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected.”
The company immediately eliminated 8,000 positions. The remaining staff members will help “tens of thousands of unexpectedly displaced students,” the company said.
The federal regulator decided to increase ITT’s surety requirement to 40 percent of its Title IV federal funding and place its schools under “Heightened Cash Monitoring Level 2,” the company said.
ITT Technical Institute-Youngstown Campus is located at 1030 N. Meridian Road.