In late August, the U.S. Department of Education barred ITT (ESI) from enrolling new students who depend on federal aid and required the company to warn current students that its accreditation is in jeopardy. ITT also was told that it must increase its reserves from $94.4 million to $247.3 million, or 40% of federal student aid the company received in 2015.
The financial blow was too much for Carmel-based ITT to bear, so the decision was made to shutter operations, a move that will impact thousands of students and employees.
The federal government is cracking down on the investor-owned career schools' primary source of cash flow by making this important move.
As a side note, the school that granted my ASN degree is a shady investor-owned entity with accreditation from the ACICS. I am so glad I was able to 'launder' the credits I earned from this school by earning a CCNE-accredited BSN degree from a regionally accredited school.
I would rather see a school that starts out with 100 and graduates 20 quality graduates than a school that graduates 100 just to get as much tuition money as possible and have those graduates come to this site wondering why they haven't passed NCLEX after 5 attempts.
How is that any better??? In your ideal school 80% of students pay money and get nothing... ITT was doing that to. The for profits commonly had 30-50% of their students fail to complete the program.
I'd rather see a school that selects 100 QUALIFIED applicants, graduates 95+% of them from a GREAT PROGRAM, and then 95+% of those pass NCLEX on their first try.
Sad. Read about this in my local newspaper. I graduated from Youngstown College of Business and Professional Drafting (now ITT) in 1984 when I was 19 years old. Even back then they were "shady." Found this out related to misquoted tuition amounts. I am surprised that ITT has lasted so long. To all nursing students...please only apply to a reputable community college or university.
TheCommuter, BSN, RN
102 Articles; 27,612 Posts
As a side note, the school that granted my ASN degree is a shady investor-owned entity with accreditation from the ACICS. I am so glad I was able to 'launder' the credits I earned from this school by earning a CCNE-accredited BSN degree from a regionally accredited school.