ITT Technical Institute

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ITT Technical Institute
ITT TI logo.PNG
MottoEducation for the Future
Established1969
TypeFor-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 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. (1994-2014)
ITT Corporation (1965-1994)
Websitehttp://www.itt-tech.edu
 
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ITT Technical Institute
ITT TI logo.PNG
MottoEducation for the Future
Established1969
TypeFor-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 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. (1994-2014)
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".

ITT announced in a federal tax filing that the Consumer Financial Protection Bureau (CFPB) has informed them that the CFPB's enforcement office may urge legal action. In its statement, ITT said that the consumer bureau had notified it about the potential legal action on Dec. 23, 2013. The agency's notice said its enforcement staff plans to allege that the company violated the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Truth in Lending Act, and other financial regulations, and that the staff "expects to recommend seeking remedies and penalties to the fullest extent of the law."[8][9][10]

On February 26, 2014, the CPFB sued ITT alleging they used high-pressure tactics to coerce students into high-interest private loans that were likely to end in default.[11]

According to ITT Tech literature, credits earned at ITT Tech are unlikely to transfer to other colleges [12]

Company history[edit]

The ITT Tech 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 145 ITT Technical Institutes in 38 states, which primarily provide career-focused degree programs to approximately 60,000 students.

Students and employees have written critically about the school's high tuition and low academic standards.[13]

On February 26, 2014, Consumer Financial Protection Bureau says it is suing ITT because of loans the college chain knew would default.[14]

Academic services[edit]

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."[15]

Campuses[edit]

ITT's brick-and-mortar offerings include multiple locations in 35 states.

Controversies[edit]

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.[16]

For the 2012 academic year, a typical two-year associate degree with on-campus instruction requires 96 credit hours and costs almost $500 per hour ($48,000 total).[17]

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 restrict students at for-profit Technical Institutes from taking out more debt than their future employment prospects would justify.[18]

Specific Incidents[edit]

References[edit]

  1. ^ "Corporate Governance - Management & Directors". ITT Education Services. Retrieved 2010-04-16. 
  2. ^ "Eugene Feichtner: Executive Profile & Biography". BusinessWeek. Retrieved 2010-04-16. 
  3. ^ "About Us". ITT Technical Institute. Retrieved 2010-04-16. 
  4. ^ "ITT Tech Campusus". ITT Tech. 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. Retrieved 2008-12-16. 
  8. ^ "Consumer Agency May Pursue Legal Action Against For-Profit College". Inside Higher Ed. 2013-12-27. Retrieved 2014-02-27. 
  9. ^ http://www.nytimes.com/2014/01/19/business/inspecting-a-student-loan-spigot.html?smid=fb-share&_r=0
  10. ^ "Screw U: How For-Profit Colleges Rip You Off". Mother Jones. Retrieved 2014-02-27. 
  11. ^ Lopez, Ricardo. "Regulator accuses ITT for-profit college chain of predatory lending". latimes.com. Retrieved 2014-02-27. 
  12. ^ http://www.itt-tech.edu/credits.pdf
  13. ^ "MyITTexperience". MyITTexperience. Retrieved 2014-02-27. 
  14. ^ "U.S. sues college chain ITT over loans". USA Today. February 26, 2014. Retrieved February 27, 2014. 
  15. ^ ITT Technical Institute FAQ
  16. ^ "Clever Is as Clever Does", Barron's, Saturday, April 14, 2012
  17. ^ "ITT Educational Services, Inc. Gainful Employment 2013/2014 Total Cost of Attendance Table". ITT Tech. Retrieved 2014-02-27. 
  18. ^ "In Hard Times, Lured Into Trade School and Debt", New York Times, March 13, 2010
  19. ^ ITT Educational Services, Inc · 424B4 · On 1/27/99
  20. ^ Feds serve warrants at ITT Tech campuses, CNN
  21. ^ Federal Probe Targets ITT Tech, CertCities March 2, 2004
  22. ^ ITT's CEO Expects Lengthy Federal Investigation, Stock Slips, Channel Web Network, Feb. 26, 2004, Mark Jewell
  23. ^ ITT, Calif. Settle False Claims Lawsuit, Inside Higher Education, Oct. 18, 2005, Doug Lederman
  24. ^ NBC26 Special Report: Easy A's, WGBA-TV, Accessed 2/17/11[dead link]
  25. ^ I-Team: Teachers Told to Lie?, WTMJ-TV, Accessed 3/3/11

External links[edit]