By 1986, all its institutions had become known by the common name "ITT Technical Institute." By 1999, ITT Corporation had divested itself completely of ITT Tech's shares. During its years in operation, it was based in Carmel, Indiana. From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of the ITT Corporation (as "ITT/ESI"). In 1946, ITT Tech was established as Educational Services, Inc. Three years later, the US Department of Education allocated $1.1 billion in relief to an additional 115,000 former ITT Tech students. In 2018, ITT Tech's court-appointed bankruptcy trustee sued the United States Department of Education and lenders to repay $1.5 billion in claims against ITT alleging that regulators took advantage of low-income students and neglected their oversight duties. All ITT Tech campuses were closed the following month and ITT Tech filed for bankruptcy. However, the school continued to settle legal cases and collect billions of dollars in Pell Grants and federal student loans.įinally, in August 2016, following state and federal investigations, the United States Department of Education prevented students from using federally guaranteed student loans at ITT Tech locations. In 2004, federal agents raided campuses in 10 states. In 1998, an ITT Tech whistleblower reported on the school's use of predatory recruitment practices. The company also owned and operated the Breckinridge School of Nursing and Health Sciences schools. ( Expert Market: ESINQ), a publicly-traded company headquartered in Carmel. The institute was owned and operated by ITT Educational Services, Inc. Founded in 1969 and growing to 130 campuses in 38 states of the United States, ITT Tech was one of the largest for-profit educators in the US before it closed in 2016. ITT Technical Institute ( ITT Tech) was a private for-profit technical institute with its headquarters in Carmel, Indiana and many campuses throughout the United States.
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