FORM 4
o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

(Print or Type Responses)		   UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF
CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940		  
OMB APPROVAL
OMB Number:        3235-0287
Expires: January 31, 2005
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1.   Name and Address of Reporting Person*   2.   Issuer Name and Ticker or Trading Symbol   6.   Relationship of Reporting Person(s) to Issuer (Check all applicable)
    BAUGH   GENE   A.       ITT Educational Services, Inc.                  ESI            Director           10% Owner
 
           
    (Last)   (First)   (Middle)   3.   I.R.S. Identification Number of Reporting Person (voluntary)   4.   Statement for Month/Year       X Officer
(give title below)		        Other
(specify below)
    5975 Castle Creek Parkway, North Drive               May 2002       Senior Vice President and Chief Financial Officer
 
 
     
(Street)           5.   If Amendment, Date of Original (Month/Year)   7.   Individual or Joint/Group Filing
(Check Applicable Line)
    X     Form filed by One Reporting Person
               Form filed by More than
    Indianapolis   IN   46250                       One Reporting Person
    (City)   (State)   (Zip)                            
                Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.   Title of Security
(Instr. 3)		   2.   Transaction Date   3.   Transaction Code
(Instr. 8)		   4.   Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		   5.   Amount of Securities Beneficially Owned at End of Month   6.   Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		   7.   Nature of Indirect Beneficial Ownership
(Instr. 4)
            (Month/ Day/ Year)  
      (Instr. 3 and 4)                
                    Code   V       Amount   (A) or (D)   Price                        
    Common Stock       5/16/02       M           19,100 shares   A   $21.69                           
    Common Stock       5/16/02       S           10,200 shares   D   $50.00                           
    Common Stock       5/16/02       S           1,100 shares   D   $50.01                           
    Common Stock       5/16/02       S           700 shares   D   $50.02                           
    Common Stock       5/16/02       S           900 shares   D   $50.20                           
    Common Stock       5/16/02       S           200 shares   D   $50.21                           
    Common Stock       5/16/02       S           300 shares   D   $50.29                           
    Common Stock       5/16/02       S           600 shares   D   $50.31                           
    Common Stock       5/16/02       S           700 shares   D   $50.33                           
    Common Stock       5/16/02       S           100 shares   D   $50.35                           
    Common Stock       5/16/02       S           200 shares   D   $50.40                           
    Common Stock       5/16/02       S           100 shares   D   $50.41                           
    Common Stock       5/16/02       S           100 shares   D   $50.44                           
    Common Stock       5/16/02       S           300 shares   D   $50.45                           
    Common Stock       5/16/02       S           100 shares   D   $50.59                           
    Common Stock       5/16/02       S           500 shares   D   $50.63                           
    Common Stock       5/16/02       S           100 shares   D   $50.64                           
    Common Stock       5/16/02       S           400 shares   D   $50.66                           
    Common Stock       5/16/02       S           400 shares   D   $50.69                           
    Common Stock       5/16/02       S           500 shares   D   $50.70                           
    Common Stock       5/16/02       S           100 shares   D   $50.73                           
    Common Stock       5/16/02       S           600 shares   D   $50.75                           
    Common Stock       5/16/02       S           200 shares   D   $50.80                           
    Common Stock       5/16/02       S           100 shares   D   $50.91                           
    Common Stock       5/16/02       S           300 shares   D   $50.95                           
    Common Stock       5/16/02       S           300 shares   D   $50.98                           
    Common Stock       5/20/02       M           5,900 shares   A   $21.69                           
    Common Stock       5/20/02       S           5,900 shares   D   $50.00                           
    Common Stock       5/20/02       M           20,000 shares   A   $34.13                           
    Common Stock       5/20/02       S           5,300 shares   D   $50.00                           
    Common Stock       5/20/02       S           900 shares   D   $50.01                           
    Common Stock       5/20/02       S           800 shares   D   $50.02                           
    Common Stock       5/20/02       S           5,900 shares   D   $50.03                           
    Common Stock       5/20/02       S           1,000 shares   D   $50.04                           
    Common Stock       5/20/02       S           500 shares   D   $50.05                           
    Common Stock       5/20/02       S           500 shares   D   $50.09                           
    Common Stock       5/20/02       S           2,400 shares   D   $50.10                           
    Common Stock       5/20/02       S           400 shares   D   $50.12                           
    Common Stock       5/20/02       S           200 shares   D   $50.13                           
    Common Stock       5/20/02       S           1,400 shares   D   $50.15                           
    Common Stock       5/20/02       S           200 shares   D   $50.24                           
    Common Stock       5/20/02       S           500 shares   D   $50.25   11,996 shares   D                
                                            687 shares(1)   I   By 401(k) Plan        

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

*If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(Over)
SEC 1472 (0 2-02)

POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.

FORM 4 (Continued)   Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1.   Title of Derivative Security
(Instr. 3)		   2.   Conversion or Exercise Price of Derivative Security   3.   Transaction Date
(Month/Day/Year)		   4.   Transaction Code
(Instr. 8)		   5.   Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		   6.   Date Exercisable and Expiration Date (Month/Day/Year)
                       
 
                            Code   V       (A)   (D)       Date
Exercisable		   Expiration Date
    Stock Option
(Right to Buy)		       $21.69       5/16/02       M               19,100       (2)   1/15/08
    Stock Option
(Right to Buy)		       $21.69       5/20/02       M               5,900       (2)   1/15/08
    Stock Option
(Right to Buy)		       $34.13       5/20/02       M               20,000       (3)   1/28/09
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
7.   Title and Amount of Underlying Securities
(Instr. 3 and 4)		   8.   Price of Derivative Security
(Instr. 5)		   9.   Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)		   10.   Ownership Form of Derivative Securities Beneficially Owned at End of Month (Instr. 4)   11.   Nature of Indirect Beneficial Ownership
(Instr. 4)
   
                               
    Title   Amount or Number of Shares                                
    Common Stock   19,100                                
    Common Stock   5,900               0       D        
    Common Stock   20,000               0       D        
                                         
                                         
                                         
                                         
                                         
                                         
                                         
                                         

Explanation of Responses:

(1)
From February 16, 2002 through May 15, 2002, the reporting person acquired 37 shares of ESI common stock under the ESI 401(k) plan.

(2)
The option vested in three equal installments on January 13, 1999, 2000 and 2001.

(3)
The option vested in three equal installments on January 26, 2000, 2001 and 2002.

/s/ Gene A. Baugh   June 1, 2002
**Signature of Reporting Person		  
Date

Reminder:
 
Report on a separate line for each class of securities beneficially owned directly or indirectly.

**
 
Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:
 
File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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SEC 1472 (02-02)