How ITT Tech Screwed Students and Made Millions (gizmodo.com)

An anonymous Slashdot reader shares "a grim story about a company that screwed poor people, military veterans, and taxpayers to turn a profit." Gizmodo reports: By the time ITT Technical Institute closed its doors earlier this month, the for-profit college had been selling tenuous diplomas at exorbitant prices for more than 20 years...burying low-income and first-generation students in insurmountable debt, and evading regulators since the early 1990s...
ITT collected $178 million over two years just in federal education funding for veterans -- even while the company projected 33% of its students would ultimately default on their loans -- and last year 70% of the school's total revenue came directly from federal financial aid programs. Gizmodo spoke to one student who "will now spend the rest of his life paying back loans for a degree that is practically useless," after compounding interest turned his $70,000 loan into $200,000 in debt. "Like all of the former students interviewed by Gizmodo, he was placed in a job that did not require professional training" -- specifically, a game-testing position that didn't even require a high school diploma, while ITT "placed" another student in a $5.95-an-hour telemarketing job. Her assessment of ITT? "It was totally worthless."

Comments

How is this different from any university?

[Anonymous Coward]

Funny how few people call out universities for their bullshit marketing and loan sharking. Is it a Stockholm Syndrome among you geeks?

Re:How is this different from any university?

[rholtzjr]

Just because an organization is considered a "not for profit" does not mean "someone" is not making a decent amount of money doing what they do. Take a look at any Charity, foundation, donation organization, etc. and take a look at the person running it. In most cases that person is making millions.

For Profit Education is a Scam

[Anonymous Coward]

Unwitting students,
lax regulation,
guaranteed student loans,
PROFIT!!

though one could say the new business model for "non-profit" educational institutions is mirroring the for-profit ones in administrative bloat. The whole thing is about to tumble.

This is victim blaming.

[Anonymous Coward]

Victim blaming? No wonder corporations get away with so much. There's always someone to turn a blind eye to their behavior.

Re:This is stupid

[__aaclcg7560]

Please point me to one person in the past 100 years that achieved success with exactly no education at all and no help from anyone else.

A successful person doesn't have to be the smartest person in the room. Here's a list of 100 entrepreneurs who succeeded with little or no education, including a half-dozen who dropped out of elementary school.

http://elitedaily.com/news/business/100-top-entrepreneurs-succeeded-college-degree/

Usenet memories

[grub]

I remember way back that when you did an alphabetical dump of usenet groups there were several that when listed said "ITTSUCKS" in large block letters.