ITT Technical Institute

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ITT Technical Institute
MottoEducation for the Future
Established1969
TypePrivate, For-Profit (NYSEESI)
PresidentEugene W. Feichtner[1][2]
Students80,000+[3]
LocationCarmel, Indiana, United States
Campus Locations3 in Alabama; 4 in Arizona; 1 in Arkansas; 15 in California; 2 in Colorado; 12 in Florida; 4 in Georgia; 1 in Idaho; 4 in in Illinois; 6 in Indiana; 2 in Iowa; 2 in Kansas; 2 in Kentucky; 2 in Louisiana; 2 in Maryland; 2 in Massachusetts; 8 in Michigan; 3 in Minnesota; 1 in Mississippi; 4 in Missouri; 1 in Nebraska; 2 in Nevada; 1 in New Jersey; 1 in New Mexico; 3 in New York; 5 in North Carolina; 10 in Ohio; 2 in Oklahoma; 2 in Oregon; 7 in Pennsylvania; 4 in South Carolina; 5 in Tennessee; 10 in Texas; 1 in Utah; 6 in Virginia; 3 in Washington; 1 in West Virginia; 4 in Wisconsin[4]
AffiliationsITT Educational Services, Inc. (1994-Present)
ITT Corporation (1965-1994)
Websitehttp://www.itt-tech.edu
 
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ITT Technical Institute
MottoEducation for the Future
Established1969
TypePrivate, For-Profit (NYSEESI)
PresidentEugene W. Feichtner[1][2]
Students80,000+[3]
LocationCarmel, Indiana, United States
Campus Locations3 in Alabama; 4 in Arizona; 1 in Arkansas; 15 in California; 2 in Colorado; 12 in Florida; 4 in Georgia; 1 in Idaho; 4 in in Illinois; 6 in Indiana; 2 in Iowa; 2 in Kansas; 2 in Kentucky; 2 in Louisiana; 2 in Maryland; 2 in Massachusetts; 8 in Michigan; 3 in Minnesota; 1 in Mississippi; 4 in Missouri; 1 in Nebraska; 2 in Nevada; 1 in New Jersey; 1 in New Mexico; 3 in New York; 5 in North Carolina; 10 in Ohio; 2 in Oklahoma; 2 in Oregon; 7 in Pennsylvania; 4 in South Carolina; 5 in Tennessee; 10 in Texas; 1 in Utah; 6 in Virginia; 3 in Washington; 1 in West Virginia; 4 in Wisconsin[4]
AffiliationsITT Educational Services, Inc. (1994-Present)
ITT Corporation (1965-1994)
Websitehttp://www.itt-tech.edu
ITT Tech Canton, Michigan campus

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.[5] ITT Tech is owned and operated by ITT Educational Services, Inc. (NYSEESI), a publicly traded company headquartered in Carmel, Indiana.[6] 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.[7] ITT Tech licenses the "ITT" name from ITT Corporation, which originates from the latter company's original name "International Telephone & Telegraph".

Contents

Company history

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.[8] It operates over 130 ITT Technical Institutes in 37 states, which primarily provide career-focused degree programs to approximately 80,000 students.

Academic services

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.[9] 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."[10]

Campuses

ITT's brick-and-mortar offerings include multiple locations in 35 states including Florida, Virginia and [1] Idaho.

Controversies

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.[11]

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.[when?]

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.[12]

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.

Notes

  1. ^ "Corporate Governance - Management & Directors". ITT Education Services. http://www.ittesi.com/phoenix.zhtml?c=94519&p=irol-govboard. Retrieved 2010-04-16. 
  2. ^ "Eugene Feichtner: Executive Profile & Biography". BusinessWeek. http://investing.businessweek.com/research/stocks/people/person.asp?personId=9363920&ticker=ESI:US. Retrieved 2010-04-16. 
  3. ^ "About Us". ITT Technical Institute. http://www.itt-tech.edu/about.cfm. Retrieved 2010-04-16. 
  4. ^ "ITT Tech Campusus". ITT Tech. http://www.itt-tech.edu/campus/. Retrieved 20 June 2012. 
  5. ^ 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
  6. ^ "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 "
  7. ^ "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. 
  8. ^ ITT Tech website
  9. ^ "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. 
  10. ^ ITT Technical Institute FAQ
  11. ^ "Clever Is as Clever Does", Barron's, Saturday, April 14, 2012
  12. ^ "In Hard Times, Lured Into Trade School and Debt", New York Times, March 13, 2010
  13. ^ ITT Educational Services, Inc · 424B4 · On 1/27/99
  14. ^ Feds serve warrants at ITT Tech campuses, CNN
  15. ^ Federal Probe Targets ITT Tech, CertCities March 2, 2004
  16. ^ ITT's CEO Expects Lengthy Federal Investigation, Stock Slips, Channel Web Network, Feb. 26, 2004, Mark Jewell
  17. ^ ITT, Calif. Settle False Claims Lawsuit, Inside Higher Education, Oct. 18, 2005, Doug Lederman
  18. ^ NBC26 Special Report: Easy A's, WGBA-TV, Accessed 2/17/11
  19. ^ I-Team: Teachers Told to Lie?, WTMJ-TV, Accessed 3/3/11

External links