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It's strange to see this in the news. I remember many days, before my family had cable TV, seeing their commercials come on every hour, it seemed. With the downfall of a vocational school giant comes many worries for current students, namely, veterans.
This Military Times article puts it best, but I'll dispense the skinny here. I didn't know this, but in order for a for-profit school (but aren't all of them?) to stay compliant with the government, 10 percent of their tuition money must come from sources other than federal loans. The U.S Department of Education said that students who attend ITT Tech, as well as those who have graduated or dropped out, can file claims to get their federal loans forgiven. This still leaves veterans in the lurch.
Post 9/11 GI Bill recipients are given 36 months of college tuition to attend a desired school. However, it does not make any accommodations for those currently enrolled in a school that closes. Veterans who are currently attending will be affected the most because ITT Tech credits are difficult to transfer. Plus their veterans benefits cannot be recouped.
The article also points out a parallel example with Corinthian Colleges when it closed, it left 450 veterans who had not completed their degrees holding the bag. ITT Tech had 12,500 veterans attend in 2015. It goes without saying that the impact of ITT Tech shutting down will hurt even more.
Currently, Student Veterans of America is lobbying for legislation to change regulations pertaining to veterans who fall between the cracks of the education system. However, little traction has held on the matter just because it holds very little precedence.
All in all, it will be a very sad day if no one steps in to help veterans in a bad spot.