When ITT Tech announced the doors of all of its more than 130 campuses nationwide would close, leaving over 35,000 students and 8,000 employees out in the cold, it sent a shock through the for-profit community.
The decision itself was not surprising to most. In recent weeks, the U.S. Department of Education has raised the holding company’s credit monitoring requirements, moved to shut down its accrediting body and, most recently, declared the institution ineligible to admit students who are accepting financial aid.
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