Former ITT students to receive $330 million in debt relief nationally, state attorney general says

Former ITT students to receive $330 million in debt relief nationally, state attorney general says

COLUMBIA, S.C. (WIS) - Several students who attended ITT Tech in South Carolina will soon see some debt relief.

Students who attended the school will collectively receive $330 million in debt relief, according to the South Carolina Attorney General’s Office. Officials in South Carolina were able to obtain $8.6 million in debt relief for students in the Palmetto State as part of the settlement with 48 other attorneys general and the federal Consumer Financial Protection Bureau.

“These students were going to school so they could get better jobs but instead they were taken advantage of and left with debt and no jobs to pay it off,” Attorney General Wilson said. “But it wasn’t just normal debt; these companies used unfair pressure tactics to trap students in a no-win situation.”

ITT filed for bankruptcy in 2016 following investigations by state attorneys general and action by the U.S. Department of Education to restrict ITT’s access to federal student aid.

Under the settlement, PEAKS Trust, the private loan program run by ITT and affiliated with Deutsche Bank entities, will forgo collecting any outstanding loans and will cease doing business.

Students will not need to take any action to receive debt relief from this settlement.

For more information, students may call PEAKS at 1-866-747-0273 or the Consumer Financial Protection Bureau at 1-855-411-2372.

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