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Feds Sue Indiana Based ITT Educational Services For Pushing Students Into Loans They Can't Afford

ITT Educational Services
ITT Educational Services

ITT Educational Services Inc. is being sued by the U.S. Consumer Financial Protection Bureau.

Authorities say that the for-profit college chain engaged in predatory lending by pushing students into high-cost loans likely to end in default.

The Carmel-based chain’s tuition is among the nation’s highest among for-profit colleges with an associate’s degree costing as much as $44,000 and a bachelor’s degree twice that.

Federal authorities say that ITT projected a default rate of 64 percent on the loans it provided, some of which had interest rates as high as 16 percent.

They also allegedly misled students by overstating their job prospects and potential salaries.

 ITT has more than 140 campuses in 35 states, including six in Indiana.

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