The Education Department (ED) is discharging $1.1 billion for 115,000 defrauded former students of the for-profit ITT Technical Institute (ITT) after a new review of existing regulations.
ITT Technical Institute filed for bankruptcy in 2016 and shut down all campuses, affecting 149 locations and roughly 40,000 students, amid lawsuits and investigations over alleged predatory lending practices.
“For years, ITT hid its true financial state from borrowers while luring many of them into taking…
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