The for-profit college chain ITT Educational Services is shutting down 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.

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.

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