ITT Technical Institute campuses have stopped enrolling students entirely just days after the U.S. Department of Education slapped it with a series of sanctions, including one that bars the for-profit company from admitting students who rely on federal aid to cover tuition.

"We are not enrolling new students," ITT's website says. Students who are currently enrolled can continue their studies this year.

Since August 2014, ITT has been under financial and operational oversight by the Education Department. The company operates over 130 campuses in 38 states, and approximately 45,000 students were enrolled in its programs last year.

Officials at the department said the new sanctions are the result of mounting concerns about the administrative capacity, finances, recruitment tactics, and graduation and job placement rates, as well as the company's overall ability to serve its students.

Many believe the sanctions could spell the end for yet another for-profit giant.