The for-profit college ITT Technical Institute announced its plans to stop operating Friday, Sept. 16.
ITT has branches in Madison, Bessemer, and Mobile, reportedly serving approximately 1,600 students across Alabama.
Alabama Attorney General Luther Strange is offering information about resources available to assist Alabama students of ITT, which suddenly announced its closure in the face of regulatory actions by the U.S. Department of Education.
According to the U.S. Department of Education, students have two general options: to apply for closed school loan forgiveness, or to seek to transfer credits to another educational institution.
Students may apply for discharge of their federal loans if the school closed while they were enrolled, or if they had been enrolled within 120 days prior to closing. They are urged not to pay for loan consolidation or forgiveness that the Department of Education provides for free.
If a student subsequently completes a comparable program at another school through benefit from one’s training at ITT, the loan may be repayable. Details of eligibility and the process for application are available online from the U.S. Department of Education.
In some instances, students may be able to transfer credits to a new institution, but that depends upon whether the new school decides to accept ITT coursework. The U.S. Department of Education is working with postsecondary programs across the country to process records so that future eligibility for financial aid may be determined, and to facilitate information for students about other available programs for their consideration.
For those with further questions and concerns, a series of webinars with detailed information is being offered by the U.S. Department of Education throughout September. Registration is available at the department website.