ITT Technical Institute ceasing operations, closing schools in Aurora, Westminster and across U.S.

ITT Technical College announced Tuesday that it is ceasing operations.

The company has two schools in Colorado -- in Westminster and Aurora.

"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," the company said in a news release. "With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected."

MORE: Some students may be able to get their federal student loans wiped out completely under certain circumstances.

The move comes after the U.S. Department of Education banned the operator of ITT Technical Institute campuses last month from enrolling students using federal loans.

"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," ITT officials said. "We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution."

Last year, another for-profit college, Everest College closed its campuses and sold them to Zenith Education Group.