The ITT Technical Institutes Touts Affordability Results in Response to White House Announcement on Education Costs
With public policy debate focused on costs, leading provider of technology-oriented degree programs cites cost reduction and the award of more than $170 million in scholarships to students in 2013.
Carmel, Ind. (June 9, 2014) — In response to today's White House announcement on college costs and affordability, ITT Educational Services, Inc. (NYSE: ESI) touted its recent results to make its accredited, technology-oriented degree programs more affordable for students.
"The Administration's focus on costs for higher education at today's event provides a timely context for our recent results demonstrating our commitment to affordability. As part of this commitment to affordability, the ITT Technical Institutes awarded in excess of $170 million in scholarships in 2013," said Chairman and CEO Kevin M. Modany. "The scholarships, combined with a reduction in the cost of the majority of our programs in recent years, have improved the affordability of degree programs at the ITT Technical Institutes. As a result, our students' use of private loans to help finance their education is almost nonexistent."
"As policymakers focus on the cost of education, ITT Tech's record speaks for itself," Modany continued. "ITT Tech is committed to being a constructive partner by sharing ideas with policymakers and implementing solutions to help reduce student debt. To this end, we've reduced the average cost of our degree programs, making us even more affordable for our students, while the cost of attending many traditional schools continues to rise."
Modany added that the more than $170 million in scholarships awarded in 2013 further lowered the program cost for approximately 65 percent of ITT Tech students.
"Through our focus on affordability, we virtually eliminated students' need for private education loans," Modany noted. "Previously, approximately 70 percent of our students used private education loans to finance their education. Today, it's less than 0.1 percent."
The expected average net cost of an associate degree program at an ITT Technical Institute ranges from $20,000 to $25,000 for students who begin their programs in 2014. Moreover, this cost covers many items, such as books and course materials, not covered in traditional schools' tuition.
About ITT Educational Services, Inc.
ITT Educational Services, Inc. (NYSE: ESI) provides accredited, technology-oriented undergraduate and graduate degree programs through its ITT Technical Institutes and Daniel Webster College to help students develop skills and knowledge that they can use to pursue career opportunities in a variety of fields. It owns and operates more than 140 ITT Technical Institutes and Daniel Webster College. ITT/ESI serves more than 55,000 students at its campuses in 39 states and online. Through the Center for Professional Development @ ITT Technical Institute, ITT/ESI provides short-term information technology and business learning solutions for career advancers and other professionals. Headquartered in Carmel, IN, ITT/ESI has been actively involved in the higher education community since 1969 and can be found online at www.ittesi.com.