ITT Tech closure — Next steps

Are you a former ITT Tech student trying to plan your next steps? You’re not alone. Thousands of former students have questions about the status of their student loans and the future of their education.

As you consider what to do next, here’s some helpful information from the Department of Education (ED) about two options available to ITT students: getting your federal student loans discharged, or trying to transfer your ITT Tech credits to another school.

Getting your student loans discharged. If you’re a current enrollee or were recently enrolled at ITT Tech and have federal loans, you may be eligible for a loan discharge. With a discharge, you don’t have to repay the loan, and you’ll get reimbursed for payments you already made. To see if you might be eligible, take a look at ED’s ITT FAQ.

If you have non-federal loans — aka private loans — you’ll need to contact your loan servicer to discuss your options. If you don’t know who your loan servicer is, look at a recent billing statement.

Transferring to another school. Not all schools will accept ITT Tech credits. You’ll need to request your ITT Tech transcript and check with schools directly to determine which credits will transfer. ED’s College Navigator can help you find a school that fits your career goals. If you transfer into a similar program, you won’t be eligible for a closed school loan discharge of the federal student loans you took out to go to ITT Tech – whether you transfer through a teach-out agreement with your new school, by transferring your credits, or by any other comparable means. If, though, you transfer into a completely different program of study at a new school, your previous federal student loans from ITT could be dischargeable.

What if you’re a veteran using GI benefits? The VA can’t currently restore GI Bill benefits used to attend ITT Tech. However, you can pursue your education at another GI Bill approved school or training facility.

This article by the FTC was distributed by the Personal Finance Syndication Network.