A judgment order entered Tuesday puts to rest a 2014 lawsuit accusing the defunct for-profit chain of steering students into predatory loans. PEAKS Trust, a private loan program run by ITT Tech and affiliated with Deutsche Bank entities, has agreed to forgo the collection of the outstanding education debt from ITT Tech students. It will also ask credit-reporting agencies to delete references to those loans from the credit reports of affected borrowers.
ITT Tech created two in-house student-loan programs as private lenders retreated from the market at the height of the 2008 financial crisis. Banks stopped extending credit to students at for-profit colleges, because of their historically high default rates.ITT Tech issued students “temporary credits” to cover remaining tuition after federal and private student loans were taken into account.
Even as students began defaulting in great numbers around 2011, ITT Tech continued issuing the high-cost loans. The tactics landed the company’s top brass in the crosshairs of the Securities and Exchange Commission. The federal agency
Source: Education Headlines (educationheadlines.net)
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