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Government tightens payments to for-profit college ITT Tech

1 year 7 months 1 week ago October 20, 2015 Oct 20, 2015 Tuesday, October 20 2015 October 20, 2015 11:41 AM in News
Source: Associated Press
By: Jeff Horwitz

WASHINGTON - U.S. Education Department officials are placing new limits on federal student aid administered by struggling for-profit college chain ITT Educational Services.

The move comes after the government determined that ITT was failing to comply with previous orders to improve its financial controls. The government said ITT will now be allowed to pay federal education funds to students only after they have attended classes and been certified as eligible by a school representative.

The company said in a statement that it will meet the new restrictions and does not believe they will have a material negative impact on its financial results or delay aid to eligible students.

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