ITT Tech Student Loan Forgiveness volunteers in commission to America
ITT Tech Student Loan Forgiveness volunteers in commission to America, or VISTA, is another organization that gives student loans forgiveness. Volunteers are assigned to non-public NGOs that aid within the areas of poverty, illiteracy and other social concerns. Volunteers who have amassed a complete of 1,700 hours of service are going to be given $4,725 for federal loan payments.
– AmeriCorps gives its volunteers $4,725 to be used in loan payments, apart from stipends which will reach up to quite $7,000. Volunteers are usually asked to serve a full year to require advantage of federal loans forgiveness.
Students who have enlisted within the Army National Guard may qualify for the scholar Loan Repayment Program. Qualified individuals are offered up to $10,000 for loan repayment. Military and veterans’ associations even have programs that provide tuition and scholarship assistance.
If a student who has an impressive federal student loan becomes a full-time teacher during a school that features a majority of the scholar population within the low-income bracket, he or she will have a part of his or her Perkins Loan condoned under The National Defense Education Act. Under this forgiveness exercise, 15% of the loan is forgiven for the primary two years of teaching, 20% for subsequent two years and 30% for the fifth year.
The reason behind the closure of ITT
The closure of ITT institutions is the result of increased regulation and sanctions from the U.S. Department of Education. ITT Tech has decided to terminate its operation. It was after the decision from the Department of Education to ban the for-profit vocational college from enlisting new students who relied on federal aid to pay for their education with them.
The news was a shock as the company had been in operation for more than 50 years since 1969 and before ITT Tech was permanently shut down. Until today, ITT Tech operated on over 130 campuses in 38 states. As a result, all ITT Technical Institutes lost their qualification to receive federal student aid funds from the Education Department.
However, questions continued to arise about the institution’s enrolling and accounting practices as well as its financial viability.
ITT Educational Services, Inc. published a press release on their website that blamed the government for the closure and the impact on students.
ITT Tech offered students an option to the traditional college course. As a for-profit organization, the school provided specialized training in targeted fields of study. In 2015 alone, it had over 45,000 students and $850 million in revenue.