Santa Fe, NM — Attorney General Balderas announced today that the State of New Mexico, along with 47 states and the Consumer Financial Protection Bureau has secured an agreement to obtain $330 million in debt relief for former ITT Tech students for 35,000 borrowers who have outstanding principal balances. The settlement is with PEAKS Trust, a private loan program run by the for-profit college and affiliated with Deutsche Bank entities. ITT filed bankruptcy in 2016 amid investigations by state attorneys general and following action by the U.S. Department of Education to restrict ITT’s access to federal student aid. The settlement will bring approximately $4 million in debt relief to New Mexicans.
