Thursday 28th March 2024

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Missouri Attorney General Eric Schmitt announced today that his office, along with a coalition of 47 other state Attorney Generals, has secured an agreement to obtain debt relief for former ITT Tech students in Missouri as part of a settlement with 48 attorneys general and the federal Consumer Financial Protection Bureau.

According to a news release, in Missouri, this settlement will result over $9.1 million in debt relief by canceling loan principal, interest and fees/charges for over 1,300 Missouri borrowers.

Nationally, the settlement will result in debt relief of about $330 million for 35,000 borrowers who have outstanding principal balances.

The settlement is with PEAKS Trust, a private loan program run by the for-profit college and affiliated with Deutsche Bank entities. ITT filed bankruptcy in 2016 amid investigations by state attorney generals and following action by the U.S. Department of Education to restrict ITT’s access to federal student aid.