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1000s laid off: ITT shuts schools after U.S. aid cut
ITT 'put its students... at risk'; blames government
Shares, which traded above $129 in 2007, when f0r-profit colleges funded by government grants and loans were flying high, as Bloomberg reports here, fell to $10 in early 2015, and have lately traded below $1.
"Sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes, and we will not be offering our September quarter," the company said in its most recent statement.
In its statement, the Department of Education says it might decide to forgive ("discharge") loans for students still attending ITT when it closed.
Also, "we are currently not enrolling new students," ITT says here.