ITT Tech students who were affected by the for-profit college's closure in 2016 may be eligible for a second payment as part of the ITT Tech settlement. The settlement, which was reached in 2020, provided relief to students who were misled by ITT Tech's deceptive recruiting and financial aid practices. If you're one of the affected students, here's what you need to know about the second payment update.
Background on the ITT Tech Settlement
ITT Technical Institute (ITT Tech) was a for-profit college that operated from 1969 to 2016. During its peak, the college had over 130 campuses across the United States. However, ITT Tech faced numerous lawsuits and investigations due to its alleged deceptive recruiting and financial aid practices. In 2016, the college closed its doors, leaving thousands of students with significant debt and no degree.
In 2020, a settlement was reached between ITT Tech and the Consumer Financial Protection Bureau (CFPB), as well as 44 state attorneys general. The settlement provided over $600 million in debt relief to affected students.
Eligibility for the Second Payment
To be eligible for the second payment, you must have been a student at ITT Tech between 2006 and 2016. You must also have taken out a private student loan from ITT Tech or one of its affiliates, such as PEAKS Trust or CIT Bank.
Additionally, you must have experienced financial harm due to ITT Tech's deceptive practices. This can include being misled about the college's accreditation, job placement rates, or financial aid options.
How to Get Your 2nd Payment Update
If you're eligible for the second payment, you should have received a notice from the settlement administrator with instructions on how to claim your payment. However, if you haven't received a notice or have questions about the process, here are some steps you can take:
- Check your email: The settlement administrator may have sent you an email with instructions on how to claim your payment. Make sure to check your spam folder as well.
- Visit the settlement website: You can visit the ITT Tech settlement website at to check the status of your claim.
- Contact the settlement administrator: If you have questions or concerns about the payment process, you can contact the settlement administrator at 1-866-675-8117.
What to Expect from the Second Payment
The second payment is expected to be smaller than the first payment, which was made in 2020. However, the exact amount of the payment will depend on the number of eligible students and the amount of debt relief available.
According to the settlement agreement, the second payment will be made to students who have already received a payment under the settlement. The payment will be made automatically, and you don't need to take any further action to receive it.
Additional Resources
If you're struggling with debt or need help navigating the payment process, there are several resources available to you. Here are a few options:
- National Foundation for Credit Counseling (NFCC): The NFCC is a non-profit organization that provides financial counseling and education. You can visit their website at or call them at 1-800-388-2227.
- Federal Student Aid (FSA): The FSA is a government agency that provides financial aid to students. You can visit their website at or call them at 1-800-433-3243.
Gallery of ITT Tech Settlement Resources
Frequently Asked Questions
What is the ITT Tech settlement?
+The ITT Tech settlement is a settlement agreement reached between ITT Tech and the Consumer Financial Protection Bureau (CFPB), as well as 44 state attorneys general. The settlement provides debt relief to students who were affected by ITT Tech's deceptive recruiting and financial aid practices.
Who is eligible for the second payment?
+To be eligible for the second payment, you must have been a student at ITT Tech between 2006 and 2016. You must also have taken out a private student loan from ITT Tech or one of its affiliates, such as PEAKS Trust or CIT Bank.
How do I get my second payment update?
+If you're eligible for the second payment, you should have received a notice from the settlement administrator with instructions on how to claim your payment. You can also visit the ITT Tech settlement website or contact the settlement administrator at 1-866-675-8117.
We hope this article has provided you with helpful information about the ITT Tech settlement and the second payment update. If you have any further questions or concerns, please don't hesitate to reach out to us.