The for-profit ITT Technical Institute closed its schools across the country Tuesday, affecting some 3,200 Ohio students at nine campuses across the state. To assist those students, the federal government is offering two options.
ITT students with federal loans can apply to have the debt wiped clean. Or, as U.S. Sen. Sherrod Brown explains, they can transfer their credits to continue their education at another college.
"I hope Ohio’s ITT students will look into this option and continue their education. But I caution students to look closely at their credits to make sure they fully understand which ITT credits transfer and which do not," Brown said.
The U.S. Department of Education says it is working with community colleges and the Higher Learning Commission – an accreditation agency -- to try to give schools flexibility in accepting transfer credits.
The federal government estimates some 355,000 ITT students across the country took up to $500 million dollars in loans. ITT has put up $90 million in surety funds that could be used to cover some of the student debt-relief option.
