For-p;rofit educational company banned from future student aid funds...

[orange]

http://www.klove.com/news/2016/08/25/itt-tech-banned-from-taking-new-students-with-federal-aid/

ITT Technical Institutes has been banned from taking on new students using federal loan monies under allegations that it misrepresents it's effectiveness and routinely drives student into debt loads they cannot afford to pay and default.

ITT Tech is one of the largest for-profit educational companies in the United States and the effects of this ban are very large, ultimately threatening to put the company out of business.

Students currently on financial aid are not effected but the effects of the ban should be evident quickly.

This action stems from several lawsuits against ITT, some of which have already been found in favor of students and millions of dollars in aid funds effectively had to be returned/excused and totaling in the millions of dollars.

 

[laatsch55]

The student loan program is now run by the government, hard to believe a part of it woud be touched by scandal...

 

[orange]

FAFSA is part of the US Department Of Education. While it's not the only source of funding you could get, many opt for it and other financial institutions are likely to follow the lead of the government because it would look like a liability to them so it should get much harder to get a loan from a bank too.

The real deal about this is that a lot of people seek vocational training in electrical engineering and electronics repair (remember NRI)? Same thing now for medical assistants (nursing).

And it isn't that these sources of training are necessarily bad, it's the tactics used and the fact that, at least at my town's community college, the same kind of training has been available at a reasonable price and the programs are well regarded...

Even our previous police chief took his criminal justice courses at our college. I know, I went to school with him.

 

[orange]

We can now change the title to 60 year old for profit schools lose student aid, CLOSE.

http://www.msn.com/en-us/money/comp...-AAiySMt?OCID=ansmsnmoney11&OCID=ansmsnnews11

 

[R1200S]

Educational debt is out of control and you can blame a BIG part of this on ALL our elected officials, decreasing funding for public education.
Vocational schools and community colleges ROCK ! ! !

There's a book I try to buy for all my nieces and nephews to read while they're in high school. Title is THE MILLIONAIRE NEXT DOOR.
This is a small paperback that you can read in about 20 minutes. Basically talks about the auto repair shop owner, dry cleaner, etc. and how they become millionaires (or close) by managing their money AND DEBT wisely. A good read for anyone. Cheap too!

 

[orange]

It isn't cool if you are a scam mill for student loan monies like they were tho.

In the end, community college was a useless joke for me.