ITT Technical Institute student debt will be wiped out by US Dept. of Education

CHICAGO (WLS) -- Thousands of former students of a closed for-profit college will have their student debt wiped out by the U.S. Department of Education.

ITT Technical Institute closed its doors suddenly in 2016, leaving 40,000 students nationwide with huge bills and no degrees, certifications or transcripts.

The US Department of Education is erasing the debt, saying the chain exaggerated claims about finding jobs post-graduation, and misled students about the ability to transfer credits to other institutions.

There were four ITT Tech campuses in Illinois and one in Northwest Indiana.