“It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” said U.S. Secretary of Education Miguel Cardona said in a statement.
Some 208,000 borrowers who attended the for-profit school from Jan. 1, 2005 through its closure in September 2016 will have $3.9 billion in loans dismissed. The dismissals cover people who have notand won’t require any additional action for former students.
“The evidence shows that for years, ITT’s leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause.”amid investigations by multiple federal agencies over its recruiting and job placement claims. There were three ITT locations in Alabama - one in Madison, one in Mobile, and one in Bessemer.
At its height, ITT was one of the largest for-profit college chains in the country, with 130 campuses across 38 states. The Alabama schools served about 1,600 students.READ MORE:
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