ITT Tech, a for-profit college, announced it was closing its schools and filing for Chapter 7 bankruptcy in 2016. Prior to this, the Obama administration slapped it with numerous sanctions because of its fraudulent marketing. The school claimed its graduates had a particular success rate in finding jobs after graduation, but those statistics proved to be fraudulent. Additionally, it lied to its students about their ability to transfer credits to other colleges. Because students had a hard time transferring most or all of their ITT Tech credits, they made minimal progress on their academic journeys.
ITT Tech is just one example of a problematic for-profit college. Corinthian Colleges, which closed in 2015, is another. The for-profit institution was earning money from federal student loans that its students took out to attend its pricey colleges.
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