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ITT Technical Institute (often shortened to ITT Tech) is a private, for-profit, technical institute with 108 campuses in 38 states of the United Statesmarker. ITT Tech is owned and operated by ITT Educational Services, Inc. ( ), a publicly traded company. ITT Educational Services, Inc. (ESI) was spun off by ITT Corporation through an initial public offering in 1994, with parent company ITT as an 83% shareholder. ITT Tech licenses the "ITT" name from ITT Corporation, which originates from the latter company's original name "International Telephone & Telegraph".

Company history

It was founded in 1946 as Educational Services, Inc. and has been headquartered in Carmel, Indianamarker, since 1969. From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of ITT Corporation (as "ITT/ESI"). By 1999, ITT Corp. (which had merged with Starwood the year before) divested itself completely of ITT Tech's shares but the schools still use the "ITT" name under license.

Academic services

ITT Tech offers Associate's degree AAS, bachelor's BS, and master's (business-only, online) degrees. ITT Tech is nationally accredited by the Accrediting Council for Independent Colleges and Schools. it not however accredited by ABET.

Controversies

ITT Technical Institute has been involved in several controversies over its business and academic practices.

In August 1998, 15 former students alleged misrepresentation, fraud and concealment by ITT arising out of their recruitment and education at ITT campuses. In September 1998, ITT settled all of the claims of the 15 claimants.

On February 25, 2004, federal agents raided the company's headquarters and 10 of its campuses. The investigation negatively affected the company's stock and triggered several class action lawsuits by investors.

In October 2005, ITT agreed to pay $725,000 to settle a lawsuit with California in which employees alleged that it inflated students’ grade point averages so they qualified for more financial aid from the State of California.

Notes

  1. ITT Educational Services, Inc. Announces the Opening of its First College in West Virginia Expanding the Company's Reach into 37 States MarketWatch, November 14, 2008
  2. ITT Tech website
  3. Itt Educational Services Inc · 424B4 · On 1/27/99
  4. Feds serve warrants at ITT Tech campuses, CNN
  5. Federal Probe Targets ITT Tech, CertCities March 2, 2004
  6. ITT's CEO Expects Lengthy Federal Investigation, Stock Slips, Channel Web Network, Feb. 26, 2004, Mark Jewell
  7. ITT, Calif. Settle False Claims Lawsuit, Inside Higher Education, Oct. 18, 2005, Doug Lederman


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