A well-known educational company lets go of thousands of students and employees as it shuts down for good.

ITT Technical Institutes across the country closed all of their campuses days after the U.S. Department of Education banned it from enrolling new students who use federal financial aid. In a statement released today, the company wrote it is “with profound regret that we must report that ITT Educational Services Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service.”

Across the country there are more than 130 campuses in 38 states, which puts more than 8,000 employees out of a job. ITT says they plan to help displaced students with their records and future educational options.

The U.S. Department of Education issued sanctions Aug. 25, which included the ban. The campus here in Torrance is located on 190th street near Crenshaw Boulevard. ITT is one of the nation’s largest for-profit educational companies.

As for the approximately 40,000 students, the Secretary of Education announced that ITT students may be eligible to have their federal student loans debt discharged. Federal Student Aid…