$1.1 Billion To Be Returned To Former ITT Tech Students

Orland Park IL

26 August, 2021

6:27 PM

Description

WASHINGTON, DC—The U.S. Department of Education announced it will forgive another $1.1 billion of loan debt for former students of ITT Technical Institute. ITT Tech had Illinois campuses in Arlington Heights, Oak Brook, Orland Park, and Springfield, according to the Associated Press. Since January, the Department of Education has approved $9.5 billion in loan discharges for former ITT Tech students. This affects more than 563,000 people who borrowed money to attend the institute, which closed in late 2016. "For years, ITT hid its true financial state from borrowers while luring many of them into taking out private loans with misleading and unaffordable terms that may have caused borrowers to leave school," said U.S. Secretary of Education Miguel Cardona in a news release. "Today's action continues the Department's efforts to improve and use its targeted loan relief authorities to deliver meaningful help to student borrowers. At the same time, the continued cost of addressing the wrongdoing of ITT and other predatory institutions yet again highlights the need for stronger and faster accountability throughout the federal financial aid system."