LAKELAND (863area.com) – ITT Technical Institute is closing ALL of its campuses nationwide, including numerous campuses in Fort Lauderdale, Fort Myers, Hialeah, Jacksonville, Lake Mary, Pensacola, Tallahassee, Tampa and West Palm Beach.
According to Bloomberg, ITT Educational Services Inc. is closing more than 130 of their technical school campuses, which will leave as many as 40,000 students stranded. Current students will be able to cancel any federal student debt they incurred for their education if they decide against transferring their credits elsewhere.
In a statement released Tuesday, ITT Educational Services. Inc. accused the Department of Education for the downfall of their ITT Technical Institutes. According to the statement, the federal government demanded the company produce an additional $153 million in collateral to cover possible losses.
Unable to do so, the company closed all operations and terminated the majority of its more than 8,000 employees.
“It is with profound regret that we must report that ITT Educational Services, Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service,” read the statement. “With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected.”