Moving On After the ITT Tech Shutdown: 7 Things Students Need to Know
"Don’t let your sleepless nights go to waste."
With the sudden closure of ITT Technical Institute, tens of thousands of students are left in the dark about their future, wondering if their time spent at the for-profit school was a waste. Many are worried about how this will impact all the hard work they have put towards earning their degree, and if they will have anything to show for all their work and tuition paid. We've put together a list of the most common and difficult questions ITT Tech students many have about their degree, hoping to provide some answers as to how to move forward after this educational crisis.
1) What happens to my hard earned credits?
Not all schools will accept your transfer credits. Transferring credits to another institution may be difficult for ITT Tech students. Even before ITT Tech closed down, the company said on its frequently asked questions page, "It is unlikely that any credits earned at the school will be transferable to or accepted by any institution other than an ITT Technical Institute." This is due to the fact that most for-profit colleges are accredited nationally, not regionally, so credits don't typically transfer from one school to another, as Academe reported in 2011. But don’t lose all hope just yet, ITT Tech has articulation agreements with several schools that may provide you with an opportunity to complete your program of study at a different school. Students can also reach out to schools that offer a similar degree to find out if they will accept any of their previous course work. For example, the California Institute of Advanced Management (CIAM), a non-profit graduate school, accepts transfer credits from ITT’s MBA program, up to 50% towards our MBA program.
2) Will my credits expire?
In short, no. The credits you have earn will always count towards your degree, unless 1) you request a closed school loan discharge where your loans are forgiven, but you lose all records of your work, or 2) your earned credits are for course work in an obsolete technical field.
3) What do I do about my student debt?
Students who were enrolled at ITT Tech on Tuesday or withdrew from ITT Tech after May 9 have essentially two options, as outlined on the Education Department's Federal Student Aid website: 1) request a closed school federal loan discharge, or 2) attempt to transfer their class credits to another school. Students who have been enrolled in the last 120 days at one of the 130 ITT Tech campuses are now eligible for a federal student loan discharge. Those who receive a closed school discharge have no further obligation to repay their Direct Loans, Federal Family Education Loan (FFEL) Program loans (which include Stafford and PLUS loans), or Perkins Loans. However, there are a few caveats to this option:
This only applies to students who attended the schools up until they closed or withdrew in the 120 days prior to the closure.
Not all federal funding is covered by the discharge. Any Pell grant received for programs at ITT will continue to count against your maximum eligibility.
This option does not apply to private student loans, these loans are privately administered by a lender.
If you choose to apply for loan forgiveness, download the Closed School Loan Discharge Application sent to you by your servicer or complete this Closed School Loan Discharge Application and return it to your loan servicer.
4) What do I need to do to complete my degree?
Students looking to complete their degree should find a school that will accept the highest amount of your ITT tech credits, this will save you time and money towards the completion of your degree. However, students who transfer will not be eligible for a closed school loan discharge, transfer students will continue to be obligated to repay their ITT loan debts.
5) How much more will it cost me to complete my degree?
Varies. Depending on your degree, the amount of credits transferable, and the cost of the school you are transferring into, the cost can range from a few hundred more to tens of thousands more. Below is a example graph detailing the tuition cost when transferring into CIAM’s MBA program with various amounts of applicable transfer credits.
6) Should I pick an ITT recommended school to transfer, or consider another?
ITT's website includes a list of articulation agreements with schools that accept its credits towards certain degrees. The list consists of other for-profit schools that accept ITT credits but many of those, such as the nation's largest for-profit school the University of Phoenix, have been under fire for the same practices as ITT. Students must consider this option carefully, as transferring to another for-profit school may not be the best option in the long run.
7) Where should I go to complete my MBA?
All business degrees should be rooted in the real business world, theories and lectures from a textbook written half a century ago just won't cut it in today's volatile and globalized world. The ITT Tech shutdown is a real world example of business operation failure. A degree as specialized as a graduate level Masters in Business Administration should offer specialized education rooted in real world business. CIAM, a non-profit graduate school, offers an MBA program that educates through online and hybrid formats utilizing real consulting projects in each course, focusing on real world business experience, building a portfolio of accomplishments, and not just pumping out another degree.
ITT Tech students are facing a challenging time ahead. Despite all these challenges and hardships, students must not lose hope. Education Secretary John King wrote in a blog post on Tuesday, 9/06/2016 that students shouldn't be discouraged. "Whatever you choose to do, do not give up on your education," he said. "Higher education remains the clearest path to economic opportunity and security. Restarting or continuing your education at a high-quality, reputable institution may feel like a setback today, but odds are it will pay off in the long run."
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