> Students now enrolled at the company's technical schools will be able to cancel any federal student debt they incurred for their education if they decide against transferring their credits elsewhere... Taxpayers will record a loss on those debt cancellations.

This seems very unfair to taxpayers, who are essentially forced creditors. If the college reneges on its contract with students, then the students should seek to reclaim their losses through a class action lawsuit against ITT. The government shouldn't be covering losses on what were, arguably, bad investments.