Wednesday, September 07, 2016

Demise of ITT Tech

Looks like The Obama Administration was successful in shutting  down ITT Tech. I wander if they will be able to shut down the University of Phoenix this year?

The closure of ITT Tech makes me sad. A decade ago the school had a curriculum that was better than most local community colleges. ITT Tech students were actually getting a higher return for the amount of money they invested in education than other schools.

ITT Tech was briefly owned by ITT and was truly focused on giving students the skill sets needed for the technology environment of the day.

Businesses tend to align with their funding source. The primary funding source was the Federal Government and guaranteed student loans.

So, instead of focusing on developing a better curriculum for less. It appears that ITT Tech took the low road and turned into a mill for processing student loans.

Even worse, ITT Tech appears to have devolved into a student loan mill during a weak job market. The poor students would pop out of the company into a soft job market and simply be umemployed and deeply in debt.

I had the misfortune of wasting two years of my life as an instructor for a student loan mill in Utah. The company was very good at getting students to sign the dotted line on the loan application, but was providing a subpar product.

Many public universities appear to be little more than student loan mills. Since the universities don't have private investors, they don't get raise the ire of the public. When public universities go bad, Democrats simply yell for higher taxes.

Anyway, now that the Obama Administration has the formula for closing down private for profit schools, I wonder how many schools he will be able to close before the end of his administration.

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