Will ITT Tech loans be forgiven?

Will ITT Tech loans be forgiven?

The Education Department announced Thursday it will forgive student debt for more than 100,000 borrowers who attended colleges in the now-defunct ITT Technical Institute chain but left before graduating. About 43% of those borrowers are in default on their student loans, the department said.

Are ITT Tech degrees still valid?

Yes you are! If the program you studied at the new school is considered to be completely different from whatever you were studying at ITT (that probably means you couldn’t have transferred any related credits from ITT to the new school), then you’ll be able to get your ITT loans discharged.

Should I put ITT Tech on my resume?

Leave ITT on your resume, but sell yourself based on your experience, not so much on your degree.

Can you go to jail for student loans?

Can You Go to Jail for Not Paying Student Loan Debt? You can’t be arrested or sentenced to time behind bars for not paying student loan debt because student loans are considered “civil” debts. This type of debt includes credit card debt and medical bills, and can’t result in an arrest or jail sentence.

What does ITT Tech stand for?

The letters ITT originally stood for International Telephone and Telegraph, the company that owned the schools before 1994. After ITT Tech became publicly traded in 1994, the ITT Corporation gradually divested from the school, selling its last remaining shares in 1999.

Is the ITT Technical Institute still in existence?

At that time, ITT Tech said that existing students could still finish their studies. ITT Tech also said that they would continue to operate until the last of its enrolled students either graduate or drop out. However, on September 6, 2016, ITT Technical Institute announced that it was shutting down all of its campuses, effective immediately.

Are there student loans for ITT Technical Institute?

In 2018, a settlement to a class-action lawsuit was tentatively reached to wipe out student loans for attendees from 2006 to 2016. Students who attended ITT Tech may be able to have their debt forgiven by applying to the United States Department of Education for borrower defense to repayment.

What was the outcome of the ITT Tech lawsuit?

But many students were left with millions of dollars in student loans for a school they no longer attend. Last year, ITT Tech settled a lawsuit with the Consumer Financial Protection Bureau (CFPB), ensuring that 35,000 former students will have their student loans erased.

When did the CFPB settle with ITT Tech?

In June 2019, CFPB reached a settlement with ITT Tech that discharged about $168 million in private student loans. In August 2019, CFPB reached an additional settlement, including a judgment against ITT for $60 million and an injunction that prohibited ITT from offering student loans ever again.