RALEIGH, N.C. (WNCN) — More than 5,000 North Carolinians who attended ITT Technical Institute will have the rest of their federal student loans canceled, Attorney General Josh Stein said.
People in the state will have a total of $93.4 million in debt forgiven, as part of the $3.9 billion in debt being discharged nationally by the U.S. Department of Education for the 208,000 people who attended ITT from January 2005 to its closing in September 2016.
Borrowers don’t have to do anything — those loans are being canceled automatically.
“I’m grateful to the Department of Education for doing the right thing by giving more than 5,000 North Carolinians a fresh start at their educations and careers,” Stein said. “ITT took unfair advantage of students who were trying to get their degrees and build their lives. I’m proud to have fought for these students, and if any other for-profit schools defraud our students, I will not hesitate to hold them accountable as well.”
ITT had 130 campuses in 38 states and ranked as one of the country’s largest for-profit college chains. It shut down after the Education Department hit it with sanctions after it was accused of pushing students into risky loans and misleading them about the value of a degree.