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Moody: Former ITT students in Florida to get $24M in debt relief

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TALLAHASSEE, Fla. – Students who were enrolled at now-closed ITT Technical Institute campuses in Florida are eligible for more than $24 million in student loan forgiveness, state Attorney General Ashley Moody announced Wednesday

Florida’s share of a $330 million national settlement follows investigations by several attorneys general over student loans offered by the for-profit school.

The 47 attorneys general and the Consumer Financial Protection Bureau reached the settlement with PEAKS Trust, which ran a private loan program for ITT Tech. According to the agreement, PEAKS acknowledged coercing students into taking out high-interest loans, has agreed to forgive outstanding loans and end operations.

“I am glad we were able to secure debt relief for former students who are still financially affected by this high-pressure loan program,” Moody said in a statement.

ITT Tech filed for bankruptcy and closed its campuses in 2016, including in Jacksonville, Fort Lauderdale, Fort Myers, Lake Mary, Miami, St. Petersburg, Tallahassee and Tampa.

Moody said students don’t have to do anything to receive the relief. The notices will explain their rights under the agreement. Students may direct questions to PEAKS at customerservice@peaksloans.com or 866-747-0273, or the Consumer Financial Protection Bureau at 855-411-2372.