Education Dept. Increases Monitoring of ITT Educational Services
Jun 4, 2015, 15:44 PM
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The U.S. Department of Education increased its monitoring of ITT Education Services last month after the Securities and Exchange Commission filed civil fraud charges against the company, reports Inside Higher Ed.
Since last year, ITT has been operating under heightened cash monitoring due to not filing annual filing annual financial and compliance audits on time. The department will now require ITT to provide cash flow projections every two weeks, planned school closures, and anticipated new programs. The company must also provide a monthly roster of its 51,000 students, detailing their graduation date, enrollment status and contact information.
ITT said regulators in New York and California had suspended their ability to enroll student veterans receiving GI Bill benefits in those states, Inside Higher Ed reported. The company also faces an ongoing legal challenge from the Consumer Financial Protection Bureau over predatory lending practices.
Related Links
Inside Higher Ed
https://www.insidehighered.com/news/2015/06/01/itt-faces-new-scrutiny-education-department-and-states-wake-sec-charges
Heather Zimar
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- AACRAO Transcript
- Advocacy
- Financial Aid and FAFSA
- Veterans and Service Members