35,000 former ITT Tech students are finally getting their student loan canceled, four years after the college chain filed for bankruptcy amid some shady business charges.
$330 million in student loan debt is getting canceled, after AGs in nearly every state found that ITT Tech signed students up for PEAKS Trust loans with insanely high-interest rates. Employees knew the students would never be able to repay the loans. One reason is that there was a terrible graduation success rate at the school.
Former ITT Tech students to see $330 million in loans wiped out https://t.co/OVAJxLWsQa
— CBS News (@CBSNews) September 17, 2020
Some of the PEAKS loans were even signed by ITT employees without the student’s knowledge. ITT Tech would also pull students out of class and threaten to expel them if they didn’t refinance their loans to a much higher interest.
If you’re a former student and need your debt canceled, you don’t need to do anything. PEAKS will send students a notice.
Are you a former ITT Tech student? How much did the PEAKS student loans cost you in the long run? Do you carry college debt? Is it time for the US to forgive all student loans?