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For-Profit ITT College Sued

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WACO -

The Consumer Financial Protection Bureau has sued ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending.

The suit alleges ITT exploited students and pushed them into high-cost private student loans that were likely to end in default.

The CFPB is seeking restitution for victims, a civil fine, and an injunction against the company. This is the first public enforcement action by the Bureau against a company in the for-profit college industry.

Indiana-based ITT provides post-secondary technical education and has tens of thousands of student both online and at its 150 campuses, including one in Waco.

According to a news release from the CFPB, earning an associate's degree from ITT can cost more than $44,000. A Bachelor's degree can cost $88,000. That is much higher than the cost at a community college, or public technical college or four year institution.

Most of ITT's student borrow large sums of money to pay the high tuition costs.  The suit alleges ITT knew most of its students would ultimately default on their loans.

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