Credit FILE PHOTO: Dwight Burdette / Wikimedia Commons
Around 18,000 former students of closed college ITT Technical Institute will no longer need to repay federal loans totaling $500 million. The U.S. Department of Education announced Wednesday the borrowers will receive 100 percent loan cancellation.
ITT Tech filed for bankruptcy and closed its campuses in 2016 following a series of sanctions by the Obama administration. The college chain s parent company, ITT Educational Services Inc., was based in Carmel. Campuses in the state included Indianapolis, Fort Wayne and South Bend.
Education Secretary Miguel Cardona said the former students will get a new start after the for-profit college deceived them.
Share:
A handful of heavily shorted stocks experienced extremely volatile trading on Monday morning, leading some experts to speculate the 2021 short squeeze trade may have finally run out of steam.
The poster child of the short squeeze trade, video game retailer
GameStop Corp. (NYSE: GME), traded as high as $159.18 on Monday before dropping back below $79.
Meanwhile,
BlackBerry Ltd (NYSE: BB) initially jumped to $20.83 before dropping back to $17.30.
Bed Bath & Beyond Inc. (NYSE: BBBY) rocketed all the way up to $47.73 but then pulled back to $31.0.
Explaining The Action: Benzinga PreMarket Prep co-host Dennis Dick and Tim Quast, founder and CEO of ModernIR and Market Structure Edge, discussed the short squeeze trade on Monday morning’s show.