ITT Tech Student Loan Forgiveness The CFPB efforts are focused on the 33 million people working in “public service” jobs. Federal student loan forgiveness programs are aimed toward those working within the following fields – soldiers , teachers, emergency service personnel, social workers and other qualified non-profit workers.
Because these jobs aren’t high salaried positions, the govt offers the forgiveness so as to stay them employed in their position. The forgiveness programs beat time which can eventually find yourself in forgiving an honest portion of the worker’s student loan debt troubles. The debtor will need to pay in to their loan for variety of years to qualify for forgiveness.
Many borrowers within the public service field don’t realize these forgiveness programs. The education set forth by the CFPB will help reduce the debt for borrowers who remain in their public service jobs. Currently, there are many federal student loan debt relief services that are educating and assisting borrowers to seek out relief with their loans. Too many of those workers are leaving their jobs to seek out better paying jobs.
CFPB is in hopes that along side helping current public workers with their debt that spreading information about loan forgiveness programs will entice new students to travel to high school publicly service fields.
The reason behind the closure of ITT
The closure of ITT institutions is the result of increased regulation and sanctions from the U.S. Department of Education. ITT Tech has decided to terminate its operation. It was after the decision from the Department of Education to ban the for-profit vocational college from enlisting new students who relied on federal aid to pay for their education with them.
The news was a shock as the company had been in operation for more than 50 years since 1969 and before ITT Tech was permanently shut down. Until today, ITT Tech operated on over 130 campuses in 38 states. As a result, all ITT Technical Institutes lost their qualification to receive federal student aid funds from the Education Department.
However, questions continued to arise about the institution’s enrolling and accounting practices as well as its financial viability.
ITT Educational Services, Inc. published a press release on their website that blamed the government for the closure and the impact on students.
ITT Tech offered students an option to the traditional college course. As a for-profit organization, the school provided specialized training in targeted fields of study. In 2015 alone, it had over 45,000 students and $850 million in revenue.