The education department has decided to bar the ITT chain of colleges that were found to be engaged in fraud and a lot of abuse by the department. This action against this chain of institutions has, however, left the future of as many as 35,000 students and almost 8,000 employees hanging. The institution was found to be using the federal funds in an inappropriate manner. This step was taken just before the enrollment for the new session could take place. The main reason that was cited for this action apart from the misuse of funds is that the institution did not comply with the standards of the accreditor.
The students who were in the mid-session when the institution was shut down abruptly have nowhere to go. However, they have been suggested t try for getting their credits transferred to another institution where they can continue their studies further. But, the problem is that not many notable institutions will be interested in acknowledging the credits. This means that not only the credits that have been scored by the students are going in vain but also the loan that the students had taken for studying will be a problem.
Students can apply for loan discharge. This is a way by which the federal student loan can be completely waived off but what about the credits that had scored after such hard work. Also if the loan is waived off the taxpayer’s money will be at risk.
Many say that this is just an overreaction of the government but the government has stood by its decision. Critics though are not very persuaded by the move because they believe that similar colleges might take advantage of such students but still some people believe that it was a good move for the benefit of people in the future.