ITT Educational Services, the company that operates ITT Technical Institutes is closing all campuses nationwide. The company is blaming the Education Department, which has banned for profit colleges from admitting new student who need federal financial aid.
The decision to close all the campuses will affect about 35,000 students and result in in a loss of about 8,000 jobs.
The students that were enrolled in the last 6-month will be eligible for a loan forgiveness if they want to start over in another school.
U.S. Education Secretary John B. King Jr. said in a statement, “We made a difficult choice to pursue additional oversight in order to protect you, other students and taxpayers from potentially worse educational and financial damage in the future if ITT was allowed to continue operating without increased oversight and assurances to better serve students.”