However, the college is looking into the possibility of credit by exam, in which ITT students could take a test and get credit for that course.
Asked about the possibility of credit downgrade, Mr Osborne told BBC News: "It wouldn't be a good thing but the credit rating is one of a number of ways in which people look at countries".
Already, five classes from Coursera, a major MOOC provider, offer the possibility of credit, and many more are expected.
If we were to leave I would be most worried about the possibility of credit agencies reducing our rating, which would increase our debt costs.
Rudi Dornbusch, an M.I.T. professor (who has since died), pointed out that Bernanke and Gertler had overlooked the possibility that credit could dry up after a bubble burst, and that such a development could have serious effects on the economy.
The agreement, he added, improved "the credibility of the European project, the future of the euro, the solidity of our financial system and the possibility that credit will flow again".
The winners, he said, were "the credibility of the European project, the future of the euro, the solidity of our financial system and the possibility that credit will flow again".
Consider the terror in the hearts of Democratic strategists and fundraisers everywhere when they ponder the possibility of credit for marriage equality, as well as a golden fundraising opportunity for years to come going to the other party.
The aid, worth up to €100 billion, or about $125 billion, for its cash-starved banks, is a deal, he said, that ensured "the credibility of the European project, the future of the euro, the solidity of our financial system and the possibility that credit will flow again".
No doubt that the possibility of credit driven refunds attracts identity fraudsters to our tax system, but dummying up tax returns with phony withholding amounts that take advantage of the IRS's lack of early access to information returns is the main tool of the identity theft fraudster.
