CHARLOTTE, N.C. -- Another Charlotte for-profit college is closing.

• The Art Institute of Charlotte announced it's no longer accepting new students and King's College will close after this year
• The gainful employment rule requires students who graduate from career college programs, including for-profit schools, to make enough money to be able to afford their loans
• The economy is also a factor is schools closing

The Art Institute of Charlotte announced it's no longer accepting new students, and King's College will close after this year.

The announcements follow the closures of the Charlotte School of Law and ITT Tech.

"A number of for-profit colleges are for all intensive purposes toxic assets," said New America Policy Analyst Clare McCann.

McCann said there are a couple reasons why. The gainful employment rule which went into effect a few years ago requires students who graduate from career college programs, including for-profit schools, to make enough money to be able to afford their loans. If they don't the schools could lose federal assistance.

That threat posed an issue for some schools.

"That drew out a lot of the systemic issues happening at a lot of for-profit colleges including ITT Tech and Charlotte School of Law," McCann said.

The economy is also a factor.

"You can look at it through the decades. When unemployment is low, enrollment at vocational training schools is low. When unemployment goes up the enrollment goes up," said Carolina School of Broadcasting Director Ken Fuquay.

With more jobs available today some people are choosing to skip vocational training programs.

"There has been a decline at public universities but it's been most severe at for profit colleges because there was such a rush to attend those during the recession," McCann said.

To keep students coming through the doors the school of broadcasting said schools must be smart.

"You first of all have to have a program people want to be a part of and you have to be frugal," Fuquay said. "That's why a smaller school like this one can do that and weather the storm."

King's College said dropping enrollment was the reason it announced its closure.

The News and Observer in Raleigh reports the Art Institute of Charlotte is a for-profit school.