The ITT Technical Institute runs more than 130 schools in the United States which accommodate 45,000 students. It was recently announced that the institution would be closed down soon. The institution has also stopped enrolling new students. To spare the future of the students, the education department forced a quick shutdown. On cutting down the federal student aid, the ITT Technical Institute failed to survive. The huge profit oriented ITT Technical Institute was brought down in a matter of few weeks. The education department also enabled the parent company of ITT Technical Institute to post a credit amount. This credit amount served as a buffer for students.
The department of education had a justification for its action in its own terms. This is definitely not a case where government has meddled with the market. As the ITT Technical Institute received a substantial amount of student loans and Pell grants, it was seamlessly reasonable for the education department to attach its clauses. The ITT Technical Institute also exhibited many threatening signs in terms of poor education quality, grade inflation, forceful recruiting strategy, high dropout rates and squat loan repayment rates. These signs significantly depicted a poor institution that warranted for a quick closure. The ITT Technical Institute failed to live up to its mark.
In the meantime, Maura Healey, the Attorney General of Massachusetts has sued the school for apparently deceiving students in the name of job placements. This lawsuit would grant loan forgiveness to a number of students based on the grounds of swindle. Having existed since the year 1969, the ITT Technical Institute has not gained positive virtues. Too much of money to the ITT Technical Institute through grants and aids went down in flames soon. The accountability of the college improves when it is left in private hands. The ITT Technical Institute disaster is a big learning to all from different fronts.