CHICAGO (CBS) — Students of the now-closed ITT Technical Institutes are learning their options are limited and they are left with a tough decision.
Senator Dick Durbin, who has said for years that for-profit colleges, like ITT Tech, need to be regulated, said the students have two choices, WBBM’s Mike Krauser reports.
“Keep your credit hours and keep your debt,” Sen. Durbin said. “Or divest your credit hours and divest your debt.”
There’s no guarantee the credits will transfer.
And in many cases, Attorney General Lisa Madigan said, the debt can be 10 times that of a community college.
“We’ve seen circumstances where somebody trying to get a bachelor’s degree at ITT Tech could end up with as much as 80 thousand dollars or more in debt,” Madigan said.
She has investigated for-profit schools, including ITT Tech and said they are often predatory lenders offering worthless degrees.
Durbin said ITT students owe the government $4.6 billion dollars and more than half default.
Madigan said it’s good ITT is closed.
“These for-profit institutions that have preyed on far too many people for far too long should have been shut down a long time ago.”
She said it is probably best to give up the credits, that likely will not transfer, and be relieved of the debt.
Both Durbin and Madigan spoke at Malcolm X College on Chicago’s west side and encouraged students to choose community colleges as a much more affordable option, with accreditation and more options for the future.