ITT Technical Institute announced Monday that it has stopped enrolling all new students, a blow to the for-profit school.
The change—announced Monday on the school’s website—follows the U.S. Department of Education’s decision last week to ban ITT from enrolling new students who receive federal aid, an effort aimed at protecting students and taxpayers, the department said. The action comes amid a larger crackdown on for-profit schools by the Obama administration. Most ITT students receive federal aid, the Indianapolis Star reported.
“In case the school’s actions cause it to close, we’re increasing the amount of cash reserves it must send us and we’re ending its installment payment plan for the amount previously required,” the Department of Education wrote in a blog post. “Finally, we’re slowing down when ITT receives student aid from the government to ensure that ITT is handling its finances properly.”
ITT has more than 130 campuses across the country, where more than 40,000 students are enrolled, according to its website.
- Mickey Guyton Is TIME's 2022 Breakthrough Artist of the Year
- The 10 Best Nonfiction Books of 2022
- Column: What Elon Musk Gets Wrong About Free Speech
- The Forgotten Story of One of the First U.S. Soldiers Killed Overseas After Pearl Harbor
- Why You're More Likely to Get Sick in the Winter, According to New Research
- Column: What the Protests Tell Us About China's Future
- 18 Last-Minute Gifts for Everyone on Your List
- Despite World Cup Heartbreak, the Future Looks Bright for Men's Soccer in the U.S.