Faced with rising financial requirements and the threat of losing its accreditation with the U.S. Department of Education, Springfield’s campus of ITT Technical Institute will close immediately.
The Indiana-based for-profit company was barred by the Department of Education in August from enrolling new students that depended on federal aid and announced on Tuesday that it will close all of its campuses nationwide.
ITT had also been ordered by the DOE to increase its financial reserves by over $150M… which the company says it was not able to do.
The move affects about 8,000 ITT employees at its over 130 campuses across the U.S. Attempts to reach ITT’s Springfield campus administrators for comment were not successful.