Careers Australia was placed into voluntary administration late on Thursday - six weeks after it was stripped of federal funding due to dismal completion rates and aggressive recruitment practices.

Classes have been suspended at the college's 14 campuses across Australia and teachers have been stood down.

Student Ben Metelmann was only one four-week placement away from finishing his enrolled nursing diploma when he heard about the collapse.

“I only found out through the news,” he said.

“I haven’t received any emails or texts or phone calls from Careers Australia.”

The 32-year-old has had to rely on online information from administrators about the future of his course.

“I don’t really know what’s happening, so I’m in no man’s land,” he said.

Mr Metelmann has been commuting to the Melbourne campus since he began his course in October 2015.

He had hopes of securing a graduate job in Bendigo after he had completed a four-week placement in Swan Hill in June.

On Monday, he will have to call the Swan Hill hospital to confirm his placement has been cancelled, and to work out what will become of the almost $500 he has had to pay in advance for accommodation.

The Arnold resident says he’s not alone, with some of his fellow classmates currently on placement interstate.  

“We’ve really got no one to contact,” Mr Metelmann said.

“We’ve got know idea what’s happening, and all we can do is wait.”

Employees received a letter from administrators PPB Advisory on Thursday night, which said the company had insufficient funds to meet payroll and other costs.

"You have been stood down without pay until further notice effective immediately," it read.

The administrators, David McEvoy and Martin Ford, said they were working with management to "urgently" determine whether the business could be sold or restructured.​

- with Henrietta Cook, Timna Jacks, The Sydney Morning Herald