CARMEL, Indiana - The for-profit college chain ITT Educational Services is shutting down all of its campuses days after the U.S. Department of Education banned it from enrolling new students who use federal financial aid.

The company, which operates vocational schools, announced “with profound regret” in a statement Tuesday that it is ending academic operations at all of its more than 130 campuses across 38 states.  One of those locations is in Tulsa.

“The actions of and sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes, and we will not be offering our September quarter. We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution,” the company said in a statement.

The company, based in Carmel, Indiana, says its move will have an impact on hundreds of thousands of students and alumni as well as more than 8,000 employees.

“Effective today, the company has eliminated the positions of the overwhelming majority of our more than 8,000 employees. Our focus and priority with our remaining staff is on helping the tens of thousands of unexpectedly displaced students with their records and future educational options,” the company said.

ITT Educational Services says it was forced to take the action after the U.S. Department of Education issued sanctions August 25, including a ban on enrolling new students who rely on federal financial aid.

The Associated Press contributed to this report.