(1) What does UTI call its private (institutional) loan program?
(2) What is the interest rate on UTI's private student loans?
(3) What is the default rate on UTI's private loans?
I know UTI can write the loans off, but ED was not happy with Corinthian Colleges or ITT Educational Services having predatory private loan programs.
From the SEC documents I have read, UTI has used proprietary loans since at least 2009, and that they have extended $142M in loans and collected $21M. in 2016, UTI extended $19.3M in loans, collected $7.1M, and wrote off $15.2M.
I am not sure the total amount that they have written off, but I imagine that it must be substantial.
Judging by those SEC numbers, UTI's private loan default rate must be extremely high--and I wonder how these defaults are being handled.