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Filing: ITT Technical Institute to cease operations Friday

Posted September 15, 2016 7:00 am

The Associated Press

CARMEL, Ind. (AP) - The for-profit college ITT Technical Institute says in a federal filing that it will stop operating Friday.

Carmel-based ITT Educational Services Inc. said in a Wednesday filing with the Securities and Exchange Commission that it would stop services about a week after it announced it would close its campuses. The company's main lender recently seized ITT's bank accounts.

The college chain is shutting down all 130 of its U.S. campuses. The move affects more than 35,000 students and more than 8,000 jobs.

Federal education officials banned the company last month from enrolling new students who use federal financial aid. The Education Department said the company had become a risk to students and taxpayers.

ITT has laid off at least 660 Indiana workers. It had about 1,900 students in Indiana.

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