ITT Tech Education Services announced yesterday it was shutting it's door across the country. Forty-thousand students are no longer students. Eight thousand employees are now without jobs.
The shut down came after the federal government banned the for profit school from enrolling new students who rely on federal financial aid and required it to put up $247 million dollars in case the school went out of business.
When ITT Tech announced it was closing it blamed these government actions.
This is the second for profit college to go out of business. In April 2015, Corinthian Colleges also closed, and in May 2015 it filed for chapter 11 bankruptcy.
So what happened to ITT Tech? Who's to blame to the closing?
What can the students do about their loans - can the government wipe them out?
Guests:
- Richard Vedder, director of the Center for College Affordability and Productivity
- David Halperin, writes about higher education for Republic Report
