By the mid-2000s, the college was having financial problems and failing to meet "financial responsibility standards" of the United States Department of Education, a measure of economic viability. In 2009, it received a score of 0.5 out of 3 on that scale, with 1.5 considered passing. Faced with the loss of educational accreditation and federal funding, which would have forced it to close, it was acquired by ITT Educational Services, Inc., the parent company of the ITT Technical Institutes, in June 2009 for $29.3 million. The new owner converted the college to a for-profit institution.