$1.1B in loan forgiveness approved for former ITT Tech students
The U.S. Department of Education announced Thursday it will provide $1.1 billion in loan forgiveness to more borrowers who attended the now-shuttered ITT Technical Institute.
The national for-profit college chain closed all of its campuses in 2016, including two in North Las Vegas and Henderson.
The Education Department’s action will allow an additional 115,000 borrowers — who didn’t complete their degree or credential and left the school on or before March 31, 2008 — to receive assistance, the department said in a news release.
An estimated 43 percent of those borrowers are in default on their loans, it said.
In total since January, the department has approved $9.5 billion in assistance impacting more than 563,000 borrowers.
The new action extends help to borrows “whose attendance at ITT overlapped with a period during which the institution engaged in widespread misrepresentations about the true state of its financial health and misled students into taking out unaffordable private loans that were allegedly portrayed as grant aid,” the department said.
Contact Julie Wootton-Greener at jgreener@reviewjournal.com or 702-387-2921. Follow @julieswootton on Twitter.