Politics

Missouri Attorney General's office reaches debt relief settlement for former ITT students

JEFFERSON CITY, Mo. - The Missouri Attorney General's office today announced it has secured debt relief for former ITT students in Missouri.

It's part of a multi-state agreement that will provide $168 million dollars in relief to 18,000 ITT students nationwide. 

Missouri will get $4.7 million dollars from that settlement for the approximately 600 former ITT students in the Show-Me State.

The settlement is with Student CU Connect CUSO, LLC ("CUSO"). The private lender offered loans to finance students' tuition at ITT Tech. ITT Tech declared bankruptcy in 2016 amid investigations by the states and following action by the U.S. Department of Education to restrict ITT's access to federal student aid.

On June 12th, 2019, CUSO reached a settlement with U.S. Bankruptcy Trustee. The states' settlement is also contingent on federal court approval of a related settlement between the CUSO and the federal Consumer Financial Protection Bureau.

The settlement requires CUSO to forego collection of the outstanding ITT student loans. The settlement also requires CUSO to supply credit reporting agencies with information to update credit information for affected borrowers. 


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