Settlement reached in ITT Tech lawsuit

Education

NEW MEXICO (KRQE) – Former ITT Tech students will get some relief after their school shut down four years ago. New Mexico’s Attorney General announced a $330 million settlement with a private loan program associated with the now-defunct college. ITT Tech filed for bankruptcy in 2016, when an investigation revealed it coerced students into high-interest loans.

The U.S. Department of Education eventually banned the school from enrolling new students who use federal financial aid. New Mexico joined 47 other states and the consumer financial protection board in the lawsuit.

Roughly $4 million dollars will go to New Mexicans. Another settlement last year resulted in a $168 million payout with $2.3 million going to New Mexicans.

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