ITT Tech shutting down all campuses nationwide

INDIANAPOLIS — In the wake of devastating federal sanctions, officials from the Indiana-based ITT Educational Services Inc. announced Tuesday that all ITT Technical Institute campuses will be closing. 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. -- More...