Local students and their families have been left saddled with debt after a for-profit school suddenly went under this week, WTOP reported.

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A letter dated on Jan. 9 from the American Career Institute (ACI) told students that all of the school's campuses will close on Jan. 9 - including its locations in Columbia, Silver Spring and Baltimore - due to money problems, WTOP reported.

The letter from ACI says there is a process for federal student loan forgiveness, given the circumstances. The school also promises to help place students in other institutions to finish their studies, the report says.

The school's website has since been taken down.

The letter sent to students also reports that student records will be kept under the control of the Maryland Higher Education Commission.