Editing ITT Technical Institute (section)

==History==
{{Infobox company
| name = ITT Educational Services, Inc.
| logo = ITT_TI_logo.PNG
| type = [[Public company|Public]]
| traded_as = {{OTC Expert|ESINQ}}
| fate = [[Bankruptcy]]
| foundation = {{start date and age|1946}}
| defunct = {{end date and age|2016|09|06}}
| hq_location = [[Carmel, Indiana]]
| key_people = Kevin Modany (President, CEO, COO, Director)
| former_names = Educational Services, Inc. (1946-1965)
| parent = [[ITT Corporation]] (1965-1999)
}}
In 1946, ITT Tech was established as Educational Services, Inc.<ref>{{cite web|url=https://www.nydailynews.com/life-style/itt-tech-institute-tv-ads-brand-building-best-article-1.2783203|title=ITT Tech Institute's TV ads were brand-building at its best |work=NY Daily News|first=Paul|last=Friederichsen|date=September 8, 2016}}</ref> From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of the [[ITT Corporation]] (as "ITT/ESI").<ref>{{cite web|url=https://www.dailykos.com/story/2016/8/27/1564468/-The-Death-of-For-Profit-Colleges|title=The Death of For Profit Colleges|website=Daily Kos}}</ref> During its years in operation, it was based in [[Carmel, Indiana]].<ref>{{cite web|url=https://www.indystar.com/story/news/education/2017/01/11/look-inside-itt-techs-closed-carmel-headquarters/96118888/|title=A look inside ITT Tech's closed Carmel headquarters|website=Indianapolis Star}}</ref> By 1986, all its institutions had become known by the common name "ITT Technical Institute."{{citation needed|date=September 2016}} By 1999, ITT Corporation had [[divested]] itself completely of ITT Tech's shares. The schools were allowed to continue using the "ITT" name under license.<ref>{{cite web|url=http://www.ittesi.com/index.php?s=52|title=FAQ|website=ITT Educational Services, Inc. - Investor Relations|access-date=2018-01-10|archive-date=2018-01-11|archive-url=https://web.archive.org/web/20180111052704/http://www.ittesi.com/index.php?s=52|url-status=dead}}</ref>

In the mid-2000s, CEO Rene Champagne cashed out more than $50 million in stock,<ref>{{cite web|url=https://www.insider-monitor.com/trading/cik922475-2.html|title=Insider Trading Activities at Itt Educational Services Inc (ESI), Part 2|website=www.insider-monitor.com}}</ref> before stepping down from the position in 2007.<ref>{{cite news |url=https://www.reuters.com/article/idUSIN20070124073136ESI20070124 |title=ITT Educational announces that Rene Champagne, Chairman and Chief Executive Officer, will step down|publisher=[[Reuters]] |date=June 24, 2007}}</ref> Kevin Modany was appointed as CEO, while maintaining all of the positions (president, COO, and director) he had held from early June 2002.<ref>{{cite news |url=http://www.prnewswire.com/news-releases/itt-educational-services-inc-appoints-kevin-m-modany-as-president-and-chief-operating-officer-54417182.html|title=ITT Educational Services, Inc. Appoints Kevin M. Modany As President and Chief Operating Officer|publisher=[[PR Newswire]] |date=April 26, 2005}}</ref>

It acquired the financially struggling [[Daniel Webster College]] (DWC) in [[Nashua, New Hampshire]]<ref>{{Cite journal|url=http://www.chronicle.com/article/Parent-of-ITT-Technical/42800|title=Parent of ITT Technical Institutes Buys Nonprofit Daniel Webster College|journal=The Chronicle of Higher Education|author=Blumenstyk, Goldie|date=April 23, 2009|access-date=June 17, 2009}}</ref> in June 2009 for $29.3 million.<ref name="seacoast">{{cite web|url=http://www.seacoastonline.com/articles/20090504-NEWS-905040323|publisher=SeacoastOnline.com|title=N.H. College: Without sale, accreditation would go|date=May 4, 2009|access-date=August 17, 2017|archive-date=January 6, 2014|archive-url=https://web.archive.org/web/20140106195359/http://www.seacoastonline.com/articles/20090504-NEWS-905040323|url-status=dead}}</ref><ref name="telegraph">{{cite news|url=https://www.telegraph.co.uk/comment/6063012/A-level-results-grade-inflation-is-just-a-cruel-confidence-trick.html|title=A-level results: grade inflation is just a cruel confidence trick|work=Telegraph|date=2009-08-20}}</ref><ref>{{cite news|url=https://www.boston.com/news/local/massachusetts/articles/2009/07/03/financial_pressure_forces_reinvention_at_small_colleges|newspaper=Boston Globe|author=Jan, Tracy|title=Financial Pressure Forces Reinvention at Small Colleges|date=July 3, 2009}}</ref> The nonprofit college converted into a [[for-profit]] institution.<ref>{{Cite web|url=http://www.aero-news.net/index.cfm?ContentBlockID=e45d9b85-b3ea-4f38-9ce8-70c522a379df|title=Daniel Webster College President Fired|publisher=Aero News Network|date=August 7, 2009|access-date=September 17, 2016}}</ref> In 2013, ESI began operating public [[charter school]]s in three cities: [[Indianapolis]], [[Tempe, Arizona|Tempe]], and [[Troy, Michigan]].<ref>{{cite news|url=https://www.npr.org/sections/ed/2014/12/14/369925385/a-for-profit-college-tries-the-charter-school-market|title=A For-Profit College Tries The Charter School Market|publisher=[[NPR]] |last=Kamenetz |first=Anya |date=December 14, 2014 |access-date=2016-09-06}}</ref> In charter documents, the company referred to potential students as "educational have-nots."<ref>"[http://www.in.gov/icsb/files/the-early-career-academyapp-full.pdf The Early Career Academy Charter School: Application]".''Early Career Academy, Inc''. March 15, 2013. "Each of the 147 ITT Tech campus' student population represents the communities in which they reside, and we believe this will be observed with The Early Career Academy. Based on the 2012, data the average age of the ITT Tech student is 28 years old and one in five has an average of 26.9 hours of transfer credit; and 68 percent take advantage of Pell grant. This tells us they that many of these students have tried other postsecondary institutions and for some reason it did not work for them. It also tells us that they do not have substantial means. Many are the first in their extended family to graduate from college. Many of these students have lost a decade of productive work in a career and consequently have not entered the middle class. They are part of the educational have-nots and are at ITT Tech to reverse course. We believe that we will attract these same types of students a decade earlier allowing them to forego the lost decade. The Early Career Academy will eliminate the lost decade, providing entrance into the middle class, the American Dream and a career of which they can be proud."</ref>

ITT Technical Institute charged among the highest tuition fees in the industry - between $45,000 to $85,000 in 2014 - and had the industry's highest rate of loans that went into [[Default (finance)|default]] within two years of attendance.<ref>{{cite web| url=http://programinfo.itt-tech.edu/cost.pdf| publisher=ITT Educational Services, Inc.| title=2014/2015 Total Cost of Attendance Table| access-date=2013-08-22| archive-url=https://web.archive.org/web/20131021061348/http://programinfo.itt-tech.edu/cost.pdf| archive-date=2013-10-21| url-status=dead}}</ref><ref name="clever_clever">{{cite web|url=http://online.barrons.com/article/SB50001424053111904857404577333971078578982.html|title=Clever Is as Clever Does|author=Bill Alpert|date=April 14, 2012|work=barrons.com}}</ref>

In 2016, Chinese investors Zhifeng Zhang and Yude Zhang became ESI insiders, purchasing more than 3,000,000 shares of ITT Educational Services stock.<ref>"[http://www.streetinsider.com/SEC+Filings/Form+4+ITT+EDUCATIONAL+SERVICES+For%3A+Jul+18+Filed+by%3A+Zhang+Zhifeng/11848677.html Form 4 ITT EDUCATIONAL SERVICES For: Jul 18 Filed by: Zhang Zhifeng]". ''ITT Educational Services Inc''. StreetInsider.com. July 18, 2016.</ref> In July 2016, ESI reported that enrollment was projected to drop by 30% to 40% from 2015 to 2016.<ref name="yahoo.com"/> In August 2016, the U.S. Department of Education barred the company from enrolling new students who use government loans. On the 30th of the same month, ITT Technical Institute stopped accepting applications for new enrollment.<ref>{{cite news |url=http://www.indystar.com/story/money/2016/08/29/itt-tech-ceases-all-student-enrollment/89531284/ |title=ITT Tech ceases all student enrollment |last=Briggs |first=James |publisher=[[The Indianapolis Star]] |website=IndyStar.com |date=August 29, 2016 |access-date=September 6, 2016}}</ref><ref name="Gizmodo 08302016">{{cite web| url=https://gizmodo.com/rest-in-peace-itt-tech-you-bastards-1785946020?rev=1472574882262 |last=Nunez |first=Michael |title=Rest In Peace ITT Tech, You Bastards |website=Gizmodo.com |date=August 30, 2016 |access-date=2016-09-06}}</ref> At that time, ITT Tech said that existing students could still finish their studies. ITT Tech also said that they would continue to operate until the last of its enrolled students either graduate or drop out.<ref name="Gizmodo 08302016"/> However, on September 6, 2016, ITT Technical Institute announced that it was shutting down all of its campuses, effective immediately.<ref name="WJZ 09062016">{{cite news |url=http://baltimore.cbslocal.com/2016/09/06/itt-technical-institute-closes-all-campuses/ |title=ITT Technical Institute Closes All Campuses |publisher=[[WJZ-TV]] |date=September 6, 2016 |access-date=September 6, 2016}}</ref>

At the time of its system-wide closure on September 6, 2016, the school had more than 130 ITT Technical Institute campuses across the United States,<ref>{{cite web |url=https://www.itt-tech.edu/campus |title=Our Campuses |publisher=ITT Technical Institute |archive-url=https://web.archive.org/web/20160422154153/https://www.itt-tech.edu/campus/ |archive-date=April 22, 2016}}</ref> with more than 40,000 students and 8,000 employees.<ref>{{cite news |first=Ashley A. |last=Smith |url=https://www.insidehighered.com/news/2016/09/07/itt-tech-shuts-down-all-campuses |title=The End for ITT Tech |website=[[Inside Higher Ed]] |date=September 7, 2016}}</ref> ITT Educational Services filed for [[Chapter 7, Title 11, United States Code|Chapter 7 bankruptcy liquidation]] on September 16, 2016.<ref name="Chapter7" />

As for DWC, [[Southern New Hampshire University]] (SNHU), a nonprofit college in [[Manchester, New Hampshire]], hired most of the college's faculty and staff. This arrangement allowed the 2016–17 academic year to proceed as usual. DWC's aviation and engineering programs were effectively transferred into SNHU, which had offered to buy the Nashua campus.<ref name=SNHU>{{cite news|url=http://www.unionleader.com/article/20160913/NEWS04/160919721|title=SNHU to 'rescue' Daniel Webster College|author=Hayward, Mark|newspaper=New Hampshire Union Leader|date=September 13, 2016|access-date=September 13, 2016|archive-date=January 14, 2017|archive-url=https://web.archive.org/web/20170114061832/http://www.unionleader.com/article/20160913/NEWS04/160919721|url-status=dead}}</ref><ref>{{cite news|url=http://www.unionleader.com/education/SNHU-offers-to-buy-Daniel-Webster-College-campus-09192016|title=SNHU offers to buy Daniel Webster College campus|author=Houghton, Kimberly|newspaper=New Hampshire Union Leader|date=September 19, 2016|access-date=August 17, 2017|archive-date=August 31, 2017|archive-url=https://web.archive.org/web/20170831004132/http://www.unionleader.com/education/SNHU-offers-to-buy-Daniel-Webster-College-campus-09192016|url-status=dead}}</ref> However, its bid got rejected, and SNHU instead opted to build a new on-campus science and engineering building.<ref>{{Cite web|url=http://www.snhu.edu/about-us/news-and-events/2017/01/daniel-webster-students|title=SNHU Welcomes Daniel Webster Students (and Programs) to Campus|author=Carley, Shane|publisher=Southern New Hampshire University|date=January 17, 2017|access-date=February 15, 2017}}</ref><ref>{{cite web
|url=http://www.wmur.com/article/snhu-will-not-buy-former-daniel-webster-college-campus-university-rep-says/10384402|title=SNHU will not buy former Daniel Webster College campus, university rep says|author=Swanson, Cassidy|date=July 30, 2017|access-date=July 31, 2017}}</ref>