ITT Technical Institute (often shortened to ITT Tech or ITTTI) is a for-profit technical institute with over 130 campuses in 38 states of the United States. ITT Tech is owned and operated by ITT Educational Services, Inc. (NYSE: ESI), a publicly traded company headquartered in Carmel, Indiana. ITT Educational Services, Inc. (ESI) was spun off by ITT Corporation through an initial public offering (IPO) in 1994, with parent company ITT as an 83% shareholder. ITT Tech licenses the "ITT" name from ITT Corporation, which originates from the latter company's original name "International Telephone & Telegraph".
The company was founded in 1946 as Educational Services, Inc. and has been headquartered in Carmel, Indiana, since 1969. From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of ITT Corporation (as "ITT/ESI"). By 1999, ITT Corp. (which had merged with Starwood Hotels & Resorts Worldwide the year before) divested itself completely of ITT Tech's shares but the schools still use the "ITT" name under license. It operates over 130 ITT Technical Institutes in 37 states, which primarily provide career-focused degree programs to approximately 80,000 students.
ITT Tech offers AAS, bachelor's BAS, and master's (business-only, online) degrees. ITT Tech is nationally accredited by the Accrediting Council for Independent Colleges and Schools. It may be impossible to transfer credits from ITT to a traditional university; per the ITT Web site, "it is unlikely that any credits earned at an ITT Technical Institute will be transferable to or accepted by any institution other than an ITT Technical Institute."
ITT's brick-and-mortar offerings include multiple locations in 35 states including Florida, Virginia and  Idaho.
ITT Technical Institute charges among the highest tuition in the industry. It also has the industry's highest rate of loans that go into default within two-years of attendance.
A two-year associate degree at ITT Tech (which requires 96 credit hours, 12 credits per quarter, 3 classes every quarter, and 4 credits per class) costs approximately $47,328 and that cost comes out to $493.00 per credit hour.
Out of concern that students at ITT Tech and other for-profit Technical Institutes are taking on unsustainable levels of debt, the Department of Education implemented new regulations that restricts students at for-profit Technical Institutes from taking out more debt than their future employment prospects would justify.
Additionally, because of its business and academic practices, ITT Tech has been in the news a few times. Most of the situations reported on are summarized below.
- In August 1998, 15 former students alleged misrepresentation, fraud and concealment by ITT arising out of their recruitment and education at ITT campuses. In September 1998, ITT settled all of the claims.
- On February 25, 2004, federal agents raided the company's headquarters and ten of its campuses. The investigation negatively affected the company's stock and triggered several class action lawsuits by investors.
- In October 2005, ITT agreed to pay $730,000 to settle a lawsuit with California in which employees alleged that it inflated students’ grade point averages so they qualified for more financial aid from the State of California.
- An investigation by WGBA-TV found evidence of widespread grade inflation. In one instance, a student got 100% on a computer forensics assignment by emailing the professor a noodle recipe. The station believes this to be a way to increase federal student aid funding.
- In early March 2011 WTMJ-TV (NBC4, Milwaukee, Wisconsin) ran an investigation finding teachers lying on attendance records so they could get cash bonuses paid by ITT Tech. ITT Tech uses an attendance policy as part of a requirement to get financial aid to show student progress.
- ^ "Corporate Governance - Management & Directors". ITT Education Services. http://www.ittesi.com/phoenix.zhtml?c=94519&p=irol-govboard. Retrieved 2010-04-16.
- ^ "Eugene Feichtner: Executive Profile & Biography". BusinessWeek. http://investing.businessweek.com/research/stocks/people/person.asp?personId=9363920&ticker=ESI:US. Retrieved 2010-04-16.
- ^ "About Us". ITT Technical Institute. http://www.itt-tech.edu/about.cfm. Retrieved 2010-04-16.
- ^ "ITT Tech Campusus". ITT Tech. http://www.itt-tech.edu/campus/. Retrieved 20 June 2012.
- ^ ITT Educational Services, Inc. Announces the Opening of its First College in West Virginia Expanding the Company's Reach into 37 States MarketWatch, November 14, 2008
- ^ "FAQ." ITT Technical Institute. Retrieved on November 23, 2011. "Our principal executive offices are located at: ITT Educational Services, Inc. 13000 North Meridian Street, Carmel, Indiana 46032 "
- ^ "ITT Educational Services, Inc. Company History". Funding Universe. 2008-07-09. http://www.fundinguniverse.com/company-histories/ITT-Educational-Services-Inc-Company-History.html. Retrieved 2008-12-16.
- ^ ITT Tech website
- ^ "ACICS Accredited Institutions" (PDF). Accrediting Council of Independent Colleges and Schools. 2008-08-05. http://acics.org/accredited/documents/accreditedinstitutions8.6.08_000.pdf. Retrieved 2008-08-26.
- ^ ITT Technical Institute FAQ
- ^ "Clever Is as Clever Does", Barron's, Saturday, April 14, 2012
- ^ "In Hard Times, Lured Into Trade School and Debt", New York Times, March 13, 2010
- ^ ITT Educational Services, Inc · 424B4 · On 1/27/99
- ^ Feds serve warrants at ITT Tech campuses, CNN
- ^ Federal Probe Targets ITT Tech, CertCities March 2, 2004
- ^ ITT's CEO Expects Lengthy Federal Investigation, Stock Slips, Channel Web Network, Feb. 26, 2004, Mark Jewell
- ^ ITT, Calif. Settle False Claims Lawsuit, Inside Higher Education, Oct. 18, 2005, Doug Lederman
- ^ NBC26 Special Report: Easy A's, WGBA-TV, Accessed 2/17/11
- ^ I-Team: Teachers Told to Lie?, WTMJ-TV, Accessed 3/3/11