SAN FRANCISCO (KRON) — ITT Tech is shutting down its campuses immediately including the Oakland and Concord campuses, the college announced on Tuesday.

The shutdown of ITT Technical Institutes will affect thousands of students at more than 130 campuses across 38 states. The for-profit college is accusing the federal government of unfairly stripping it of eligibility for student aid.

ITT Educational Services, which was established nearly 50 years ago, operates ITT Technical Institutes. It has around 40,000 students taking classes on campuses and online throughout the United 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.The Associated Press contributed to this report