2016 has not been a great year for community, specialized colleges. ITT Tech, which has a campus in Newburgh, IN, announced Tuesday it is closing all of its campuses.

In just the past few weeks, the U.S. Department of Education barred ITT from enrolling new students who depend on federal aid and it warned the institution its current students' accreditation would be in jeopardy. Hundreds of thousands of students, alumni, and more than 8,000 employees would be negatively affected.

The company said it will focus on using the remaining staff to help displaced students with their records and educational options. As of June 30, ITT had 40,000 studens. ITT Tech is facing SEC fraud charges which is similar to the issues that faced Daymar College. Students who attended ITT Tech on federal aid can get their loans discharged. Students who graduated or dropped out can file claims to get their federal loans forgiven. Unfortunately, veterans have no recourse. The post-9/11 G.I. Bill gives veterans 36 months of college tuition, plus expenses, to attend the school of their choice. However, if the school closes, there's no accommodation.

The for-profit educational company is based out of Carmel, IN.