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ITT Educational Services, Inc.
Type Public (NYSE: ESI)
Founded 1946
Headquarters Carmel, IN, USA
Website www.ittesi.com

ITT Technical Institute (often shortened to ITT Tech) is a private, for-profit, technical institute with 108 campuses in 38 states of the United States.[1] ITT Tech is owned and operated by ITT Educational Services, Inc. (NYSEESI), a publicly traded company. ITT Educational Services, Inc. (ESI) was spun off by ITT Corporation through an initial public offering (IPO) in 1994, with parent company ITT as an 83% shareholder.[2] ITT Tech licenses the "ITT" name from ITT Corporation, which originates from the latter company's original name "International Telephone & Telegraph".

Contents

Company history

The company was founded in 1946 as Educational Services, Inc. and has been headquartered in Carmel, Indiana, since 1969. From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of ITT Corporation (as "ITT/ESI"). By 1999, ITT Corp. (which had merged with Starwood the year before) divested itself completely of ITT Tech's shares but the schools still use the "ITT" name under license.[3]

ITT Educational Services, Inc. is a leading private college system focused on technology-oriented programs of study. It operates over 105 ITT Technical Institutes in 37 states which predominantly provide career-focused, degree programs to approximately 70,000 students. Headquartered in Carmel, Indiana, it has been actively involved in the higher education community in the United States since 1969.

Academic services

ITT Tech offers Associate's degree AAS, bachelor's BS, and master's (business-only, online) degrees. ITT Tech is nationally accredited by the Accrediting Council for Independent Colleges and Schools.[4]

Cost

A two-year associate's degree at ITT Tech costs approximately $40,000. Out of concern that students at ITT Tech and other for-profit vocational schools are taking on unsustainable levels of debt, the Department of Education is considering new regulations that would restrict students at for-profit vocational schools from taking out more debt than their future employment prospects would justify.[5]

Controversies

ITT Technical Institute has been involved in several controversies over its business and academic practices. The most famous of which are listed here.

In August 1998, 15 former students alleged misrepresentation, fraud and concealment by ITT arising out of their recruitment and education at ITT campuses. In September 1998, ITT settled all of the claims of the 15 claimants.[6]

On February 25, 2004, federal agents raided the company's headquarters and 10 of its campuses.[7] The investigation negatively affected the company's stock and triggered several class action lawsuits by investors.[8][9]

In October 2005, ITT agreed to pay $725,000 to settle a lawsuit with California in which employees alleged that it inflated students’ grade point averages so they qualified for more financial aid from the State of California.[10]

Notes

External links

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