What happened with the ITT Technical Institute?
itt technical institute closed down in early september, leaving more than 35,000 students without a school, and leaving thousands of employees without a job. Following the closure, the company filed for chapter 7 bankruptcy in indiana. Itt tech blamed the closure on new requirements imposed by the u. s. department of education. In august, the agency barred itt tech from enrolling new students using federal financial aid. Itt tech relied heavily on federal financial aid for its funding.Founded in 1969 and growing to 130 campuses in 38 states of the United States, ITT Tech was one of the largest for-profit educators in the US before it closed in 2016.Founded in 1969 and growing to 130 campuses in 38 states of the United States, ITT Tech was one of the largest for-profit educators in the US before it closed in 2016.The collapse of ITT, one of the nation’s largest for-profit educational chains, may have seemed sudden, coming less than two weeks after the Education Department — citing financial instability and the likely loss of accreditation — barred the parent company from enrolling new students using federal funds.