On Wednesday, Obama’s administration began cutting off for-profit colleges whose graduates were unable to find well-paying jobs as reported by POLITICO.

Reigning in the industry has been one of Barack Obama’s goals since he was elected. It is said to be fueled by complaints that the colleges lure in students with misleading promises and have them acquire a lot of debt which they cannot pay back even though they have degrees because they cannot find a job.

Now the Education Department has a “gainful employment” rule which would require colleges to track their graduates’ performances in the workforce and it would eventually cut off funding for career training programs that fall short of expectations.

The rule was upheld by a court ruling last week and it is set to take effect of Wednesday. By doing so it will cause the closure of 1,400 programs that in total enroll 840,000 students. Ninety-nine percent of those students go to for-profit schools.

Gene Feichtner, president and chief operating officer of ITT Technical Institute says:

We’ve come to expect these unjust assaults. Let there be no presumption here that we believe we’ll be treated fairly.

The ITT Technical Institute has been sued by the Consumer Financial Protection Bureau, faces fraud charges from the Securities and Exchange Commission and is currently being investigated by 16 state attorneys general.

Other colleges that are feeling the heat include: DeVry Education Group, Career Education Corporation, Education Management Corporation, Corinthian College, Strayer Education and Apollo’s University of Phoenix.

Due to the latest decisions, the colleges have either been forced to close their doors, sell their companies or close down campuses.