Iowa Wesleyan University leaders announced Thursday afternoon that they'll be able to stay open through May. This comes with more than 4.5 million dollars of help from private donors, USDA Rural Development, businesses and the Mount Pleasant Chamber of Commerce.
The university president said they're now looking for a partnership to keep it sustainable for years to come.
"This is a much larger issue than just the university. It's about how we continue to stay sustainable, to contribute and grow that economic impact greater over the coming years," said University President Steven Titus.
Business marketing major Miranda Marshall said she isn't as confident.
"I would say I'm still worried but optimistic that they can figure it out,said Marshall. "President Titus said today that he needs a partnership and sponsors to get it under control. Hopefully, he actually can and back up what they're saying so this doesn't happen again."
Marshall is a senior at the school. She said, while she's not at risk anymore, it's been stressful not knowing whether or not she'd be able to get her degree there.
"I came in as a freshman. Of course coming in and doing all your years of school trying to get your undergraduate degree is a huge shocker when you find out, out of nowhere, that we may not be able to graduate in May with my class or anything," said Marshall.
Education Division Chairwoman Becky Beckner said she doesn't doubt the administration will figure it out in the end.
"We know that the folks around here have relationships all over the world and that they have nothing but our best interest in mind," said Beckner.
Titus said he hopes to have a plan by May. He said, at this point, he's open to suggestions on partnerships, including merging with another school.
Iowa Wesleyan University has been open since 1842, making it the second-oldest college in the state. They have 700 students.