Career Point College announced Sunday it was closing its three campuses—including its Austin location off I-35 near Rundberg Lane—effective immediately and said three long-term employees violated rules related to student aid funds. In a news release posted on its website Sunday, Larry Earle, the for-profit college’s president and CEO, said the college had inappropriately received funds and had to self-report to the U.S. Department of Education after conducting an investigation. He said even though no money was stolen and the college presented a plan to repay all the funds taken, the DOE “severely restricted government funds going to the college, making it impossible for the college to continue operations.” Earle said the DOE “chose not to give the college a chance to fix its problems,” choosing instead to effectively terminate it. Career Point College, whose headquarters is in San Antonio, was established in 1984 as a for-profit institution focused on providing career-specific diplomas and degree programs in the fields of business, medical studies, nursing, cosmetology and information technology, according to its website. Its campuses in San Antonio, Tulsa and Austin—at 9001 N. I-35, Ste. 105—enrolled about 1,400 students, the website said. In a post on its website Monday, Career Point College said it was working to reach an agreement with local institutions to conduct a “teach-out,” meaning other institutions would enroll the remaining Career Point College students and allow them to finish their programs. Sunday’s news release also said the college would be attempting to provide students transfer assistance to other colleges.