"A training manual for recruiters at ITT Tech, another multi-state and virtual behemoth, instructed its employees to "poke the pain a bit and remind them who else is depending on them and their commitment to a better future.” It even included a "pain funnel" -- that is, a visual guide to help recruiters exploit prospective students’ vulnerabilities.".....http://www.huffingtonpost.com/astra-taylor/for-profit-colleges-student-debt_b_5860492.html
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@Anonymous39855 and @Anonymous40078, if you currently work for ITT Tech, would you please help a former ITT Tech student? I recently spoke to a student who just left ITT who told me he had been conned by an ITT sales rep. The salesperson told him that his ITT credits would transfer to another school (schools like Drexel) because it was "accredited." Once the young man realized he was getting conned, he told other ITT Tech students about these unethical practices and the value of the degrees. ITT Tech let him off the hook for that semester, but he had to pay for the class he took the previous semester. The Dean also told the young man that he would give the student a letter of recommendation to help with his transition. Would anyone at ITT Tech like to give the money back to this man so that he can pay off the loan?
I don't have any inside news, given that I don't work for the company. However, I think if you want to point to challenges that ITT Tech is facing, a stock price of $4.10 might be more of an issue than an old, albeit appalling, recruiting technique. With the pressure on for profits generally, and ITT Tech specifically, is there any conceivable way they could bounce back from this? Market cap is down a shocking amount--will creditors start calling in loans? How quickly could it be over for this company? They used to say confidently that the Corinthian situation, the 21-day hold, wouldn't affect them as badly because they have suitable cash reserves. Is that still the case with a $100M market cap?
I agree with 39855 that the pain funnel is old. That is completely out of the training at this point. They do have a full script that one is suppose to follow.
@Anonymous39855, so what's the inside news today on ITT targeting people?
Oh come on! I'm following this story almost as eagerly as you, but the "pain funnel" bit is literally years old news!