Displaced ITT Tech Students Still Have Options
In 2016, ITT Technical Institute announced that it would be permanently closing its doors. This private school had previously provided vocational training for its students, but this sudden change left about 40,000 of its enrollees high and dry. Instead of finishing their training programs, these unfortunates are left with debt, expenses, and little direction. Efforts by the US Department of Education have opened two options for ITT Tech students stranded by the school’s closure.
Transferring Your Credits
Some of the credits you have earned are transferable. Just because your school has failed as a business doesn’t mean that the work you have completed doesn’t matter. You still learned some things while you were in class, and ITT Tech already had articulation agreements with several other learning institutes. This is the easiest path to get you back on you path towards graduation.
The Department of Education is also working with the officials at ITT Tech to organize transfer credits so that they are compatible with local community colleges. The exact rules and regulations for this will vary depending on the state and individual students. If you are interested in enrolling in a community college, you will need to speak with an academic advisor to get a clearer picture of what to expect.
Access to records will eventually become an issue. For now, students can still obtain their grades and transcripts through the online student portal, but this may not always be the case. In other similar instances of school closures, state agencies have hosted the records after the institutions have ceased to exist. It is likely that a similar arrangement will be made to support the records of your credits.
Apply for A Federal Loan Discharge
Perhaps you are frustrated and ready to rid yourself of the whole mess. In some instances, students can take advantage of the federal loan discharge program. This is an option for those whose schools have closed before the completion of their programs. Eligible students will have their loans forgiven, and any payments that were made will be refunded.
This option only exists for federal loans. It is not possible to recover money borrowed through private lenders. Cash payments made from the student’s own personal savings are also ineligible for this refund. Students who have spent out of their own resources will need to negotiate with ITT Tech’s officials and the other lenders they have borrowed from.
Those who take advantage of this loan discharge will not be required to cite the funds as income. In normal circumstances, discharged debt is a form of income that must be reported on an annual income tax filing. There is a drawback to taking this option. You must forfeit any credits you have earned. It is a way to get out of debt, but you may not retain credit for classes you have not paid for.
While unfortunate, ITT Technical Institute has placed the blame for their decision with the Department of Education. Citing overbearing regulations and sanctions for recruiting and financial aid practices, the school has opted to simply shut down. Students are left to manage the outcome of ITT Technical Institute’s decision regardless of who is to blame. Student must bear more fothan the financial costs. They have spent their time and effort working towards a career goal. Long term plans have been disrupted, and those who have already graduated are left with an unsupported diploma on their resumes.
Make sure that you get into contact with a career advisor at more than one institute before making a decision. Your best options for moving forward may to enroll in transferable online courses in the meantime. You should avoid rushing in any direction particular direction until you are certain. Gather the facts, and evaluate your options carefully.