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ITT Tech shuts down all campuses; thousands of students, employees in limbo

sookster said:
I just wanted to say my former brother in law, who was a fantastic guy, graduated from ITT Tech in electrical engineering. He worked some temp jobs, but landed a job as a QC supervisor. It paid really well. He worked hard, got a good job, and provided for him and my sister.

I don't think this is so clear cut. That is what I am saying.
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There are exceptions to every rule. I'm happy for your friend, and I'm sure there are others with similar experiences.

The trouble is that most who took that road came up with the short end of the stick. The school made what might be considered obscene profits, and the tax payers are left on the hook for non-performing loans.
 
You have to feel really bad for everyone who was enrolled with ITT.
The students were trying to better themselves and now are caught in this
giant mess. Hopefully arrangements can quickly be made so they can continue their
education.
 
Thoreau72 said:
There are exceptions to every rule. I'm happy for your friend, and I'm sure there are others with similar experiences.

The trouble is that most who took that road came up with the short end of the stick. The school made what might be considered obscene profits, and the tax payers are left on the hook for non-performing loans.
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Their profit margin was 2.74% last year, 2.4% in 2014 and -2.52% in 2013. While there are those who consider any profit to be obscene, was that your intention?

Any business that exists because the the government is footing the bill isn't a viable business to me.
 
AliHajiSheik said:
Their profit margin was 2.74% last year, 2.4% in 2014 and -2.52% in 2013. While there are those who consider any profit to be obscene, was that your intention?

Any business that exists because the the government is footing the bill isn't a viable business to me.
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Maybe those numbers are true and accurate, but "smoke & mirrors" are most commonly used in accounting exercises, so I'm skeptical of the numbers. What they might lose in direct operations of school may be greatly compensated by what they gain in usurious loans guaranteed by Uncle Sam.
 
Thoreau72 said:
Maybe those numbers are true and accurate, but "smoke & mirrors" are most commonly used in accounting exercises, so I'm skeptical of the numbers. What they might lose in direct operations of school may be greatly compensated by what they gain in usurious loans guaranteed by Uncle Sam.
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Have you ever read a 10-k filing from any company? I just read theirs and they were a mess. It wasn't just one single event that put them out of business but a long series of them mostly at the state level which should have raised red flags years ago. They were serving a market that the federal government wanted supported. From page 13, their student census was 79% male and 59% non-caucasian.

In the complaints included in the 10-k, I don't see any complaints about the interest rates being charged students. What do you see that causes you to declare them usurious?
 
It did not take long for some Public technical college to see the possibilities,
ITT Help
 
SMTA said:
Why?

Tell us why they had yo get involved in the first place.

Now is the time to share your knowledge of this subject.

Why is the government involved and why should they get out.

Please enlighten us.
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How about you tell us why they had yo get involved.
 
Seems like a classic example of what happens when govt subsidizes something. Its distorts the free market. ITT would have failed long ago with govt taking money from the taxpayers to give 'free' education to failing businesses.
 
Common Sense 1 said:
You have to feel really bad for everyone who was enrolled with ITT.
The students were trying to better themselves and now are caught in this
giant mess. Hopefully arrangements can quickly be made so they can continue their
education.
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I think they learned valuable lessons. Dont trust the govt, dont trust business. Do your homework, and spend your money wisely.
 
Beaudreaux said:
Community colleges are subsidized by the government at the local, state, and federal level. Private tech school students used to be able to apply for federal loans and grants to help pay their tuition. I've never been a fan of private tech schools, but some do seem to have a good reputation. IMHO, this problem is being created by the government to shut down their competition from the private sector. I may be completely wrong, but that's what I think based what I've seen happening with student funding as well as government/college board certifications being pulled from private tech schools.
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I have never been a fan of so-called for-profit colleges, either, especially the higher-profile ones. There are some that are openly just tech schools that are ok, though.

In this case, I don't think it's the government wanting to eliminate competition. Or, if it is, this still needed to be done anyway as too many of these schools are seriously questionable in quality and purpose.
 
AliHajiSheik said:
Have you ever read a 10-k filing from any company? I just read theirs and they were a mess. It wasn't just one single event that put them out of business but a long series of them mostly at the state level which should have raised red flags years ago. They were serving a market that the federal government wanted supported. From page 13, their student census was 79% male and 59% non-caucasian.

In the complaints included in the 10-k, I don't see any complaints about the interest rates being charged students. What do you see that causes you to declare them usurious?
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Maybe usurious was the wrong word.

More than a year ago there was a story about this in one of the several snail mail magazines I read, I think The Atlantic. Possibly Mother Jones.

This mess has been brewing for some time, so I'm not surprised to read this bit of news. For profit colleges have been abusing or ignoring several good business practices for quite some time.
 
apdst said:
How about you tell us why they had yo get involved.
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I asked you to share your knowledge.

Obviously you know nothing about this subject.

Your dodge and failure are happily noted.
 
Thoreau72 said:
Maybe usurious was the wrong word.

More than a year ago there was a story about this in one of the several snail mail magazines I read, I think The Atlantic. Possibly Mother Jones.

This mess has been brewing for some time, so I'm not surprised to read this bit of news. For profit colleges have been abusing or ignoring several good business practices for quite some time.
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What do you expect when they are handed customers? Humans are by nature selfish and will take advantage. Students take advantage of tax payers to get free money for school. Schools take advantage of govt subsidies. This is why you need either big govt to micromanage everything (which theyll screw up anyway), or better yet, free markets to cause such businesses to fail.
 
jonny5 said:
What do you expect when they are handed customers? Humans are by nature selfish and will take advantage. Students take advantage of tax payers to get free money for school. Schools take advantage of govt subsidies. This is why you need either big govt to micromanage everything (which theyll screw up anyway), or better yet, free markets to cause such businesses to fail.
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You're right, and I agree--when the rules are written by special interests, those special interests will indeed take advantage of government laws written in their favor. A very old story among humans.
 
Thoreau72 said:
You're right, and I agree--when the rules are written by special interests, those special interests will indeed take advantage of government laws written in their favor. A very old story among humans.
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The rules are written by politicians. If they are being influenced by special interests, people should stop electing them.
 
If a school doesn't have accreditation such that its credits/units can transfer to almost any other school, then don't go to that school. There are exceptions, such as private (but really expensive) schools for registered nurses, because such schools are recognized by the relevant state bodies and the pay and job opportunities for RNs is still pretty damn good.

But for the most part, if a state college of any kind won't accept transfer of the units, it's probably a good idea to go to your local JUCO instead. It's far cheaper, more reliable, and for the most part, the units will transfer to any four-year school.
 
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