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ITT Technical Institute (MGN)

ITT Tech is shutting down all its campuses after a federal crackdown on for-profit schools

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ITT Technical Institute is shutting down nationwide, effective Tuesday, after the Department of Education ruled its students could not receive federal aid.

The DOE's move was part of a crackdown on for-profit colleges. And federal aid was a huge part of ITT Tech's budget. It received $580 million in taxpayer dollars in 2015 alone, Gizmodo reports.

ITT Tech and other for-profit schools were accused of not providing adequate training.

ITT Educational Services, Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently...
ITT Tech's statement

The school called the move "a complete disregard...for due process to the company" and said "hundreds of thousands of students" would be negatively affected. But according to The Atlantic, students at for-profit schools often end up worse off than before because they don't finish their degrees and get crushed by student debt. 

The school's fall semester was set to start on Labor Day. All classes have been canceled. 

Some Twitter users recalled the company's nearly omnipresent ads.

ITT Tech

Speaking of those ads...

Other users didn't have a lot of sympathy for students.

Should ITT Tech have been shut down?

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