The ITT Student Claim Settlement email is real. Don’t panic! Thousands of people have received this settlement notice, and as a result of this we decided to provide answers to your worrying questions.
ITT Student Claim Settlement: What is it?
It’s a settlement filed by a group of students on behalf of themselves and all students who attended ITT between at least 2006 and the time ITT closed. This claim was made in grievances on ITT’s fraud and wrongdoing. The Students’ claims included – ITT’s use of high-pressure sales tactics to get students to enroll and remain enrolled, and that ITT deceived and misled students about the following –
- financial aid options and costs of attendance,
- job placement and salary rates,
- the quality of equipment and experience of instructors
- desirability of ITT graduates by employers,
- its accreditation status
- The transferability of credits, and career placement assistance.
After much loggerheads, On November 28, 2018, the Bankruptcy judge gave final approval to the Settlement Agreement between Student Claimants and the ITT Trustee.
Key Terms of the Settlement Agreement:
- Student Claimants get an approved $1.5 billion claim in the bankruptcy. In exchange, former ITT students give up their claims against the estate of ITT, and keep their rights to seek further relief from the Department of Education and private lenders;
- Over $500 million in student debt held by ITT is canceled and that cancellation will not be taxable; and
- The Trustee returned the $3 million that students paid directly to ITT after it declared bankruptcy (this already happened).
What Should You Do?
If you received a notice via mail or email, you’d need to verify your details on the page here. All you need is your Notice ID and pin verification. After that, you should-
- correct/update your mailing address
- confirm your preferred method of payment.
Meanwhile, you’ve till June 7 2022 to update your information. Estimated First Payment Distribution: July 7, 2022.