Approximately 2,400 students are waiting to hear whether their time spent at Everest College campuses will count towards credit after the cash-strapped vocational school suddenly closed its doors on Thursday.

The decision to suspend all operations at the vocational school was made by the superintendent of Private Career Colleges, an independent regulator and decision maker. The superintendent suspended Everest because it was deemed to no longer be financially responsible, according to the Ontario government.

The vocational school has about 2,400 students at 14 campuses in Ontario, including locations in Toronto, Brampton, Mississauga, Ottawa and Sudbury.

Students will have a chance to apply for a transfer or a tuition refund, but there will be no guarantees.

Everest law enforcement student Bianca Williams told CTV's Canada AM on Friday that she and her fellow students were shocked when they heard the news.

She was told that all vocational programs would be protected by the Training Completion Assurance Fund (TCAF), an Ontario government act meant to protect students of private career colleges such as Everest.

All private career colleges in Ontario are required to pay premiums into a TCAF. In the event that a school closes, the money is then used to provide students with training completions or refunds.

"The people who weren't in vocational programs, basically they're not covered," Williams said.

Vocational programs are those that prepare students for a specific trade, including law enforcement, automotive education, cosmetology, culinary arts and nursing.

Several programs are exempt from Ontario's TCAF act, including midwifery, performance arts, languages and hobby courses.

"We're hurt," Williams said Friday. "We don't want to have to take a month or two months off from our education... I'm a single mother of two kids. I want to better myself and I don't want any interruptions.

Another student and mother, Lilah Coles, told CTV Toronto's Naomi Parness she was one day from graduating when she heard the news.

"I had to come in and do my exam and go back home, back to my kid and tell her, 'Mommy's done.' How can you just take that away from somebody?" she asked through tears.

Another student questioned the timing of the closure. She told CTV Toronto she didn't understand why the school couldn't wait until the end of the semester to close down.

A number of colleges in the same areas as Everest campuses are opening their doors to displaced students to allow them to complete their education, National Association of Career Colleges CEO Serge Buy told CTV's Canada AM.

"We need to help those students and we need to help them fast," he said.

Specific details are being organized by the NACC and the province, but Buy said he's confident that a solution will be announced in the next few days.

Ministry staff will be available at the campuses during the next few days to help students figure out their next steps. A provincial hotline has been set up for students at 416-314-0500, or 1-866-330-3395.

Everest College staff can call the Employment Ontario hotline at 1-800-387-5656 with questions.