ITT Tech Student Loan Forgiveness programs were designed
ITT Tech Student Loan Forgiveness programs were designed to encourage students to attend school for public service degrees and stay employed therein field. Under this program a borrower could also be eligible for forgiveness of some of their loan. a private must maintain full-time employment by a particular employer and make 120 qualified payments to receive relief. This incentive gives back to the community by keeping employed individuals within the area. New Jersey is hoping to use the scholar loan forgiveness incentive to stay physicians in their state.
With the state of latest Jersey already experiencing a shortage of physicians in their state, the state Senate Education Committee has passed a bill to the state Senate in hopes of offering student loan forgiveness to doctors who add certain areas of NJ for a minimum of 10 years.
The state as an entire is predicted to be short 2,800 family doctors and specialists by the year 2020. Right now, New Jersey has trouble holding on to their doctors.
Loan forgiveness has been found to be a top think about selecting where to practice. Increased incentives may hold a doctors attention to stay in NJ. The government must take a proactive approach to resolving the shortage before it hits crisis levels.
The reason behind the closure of ITT
The closure of ITT institutions is the result of increased regulation and sanctions from the U.S. Department of Education. ITT Tech has decided to terminate its operation. It was after the decision from the Department of Education to ban the for-profit vocational college from enlisting new students who relied on federal aid to pay for their education with them.
The news was a shock as the company had been in operation for more than 50 years since 1969 and before ITT Tech was permanently shut down. Until today, ITT Tech operated on over 130 campuses in 38 states. As a result, all ITT Technical Institutes lost their qualification to receive federal student aid funds from the Education Department.
However, questions continued to arise about the institution’s enrolling and accounting practices as well as its financial viability.
ITT Educational Services, Inc. published a press release on their website that blamed the government for the closure and the impact on students.
ITT Tech offered students an option to the traditional college course. As a for-profit organization, the school provided specialized training in targeted fields of study. In 2015 alone, it had over 45,000 students and $850 million in revenue.