Dowling College's Board of Trustees rescinded a motion to close the college, keeping the school open, Dowling announced Wednesday.

A statement from Dowling's trustees says, "Negotiations between the college and Global University Systems may allow Dowling to continue on the path of stabilizing the college and providing quality educational opportunities to our students."

The Dowling Alumni Association told News 12 that the for-profit organization Global University Systems provided an "infusion of cash" to keep the college afloat after negotiating with Dowling's Board of Trustees.

Alumni Association President Frank Corso Jr. had previously told News 12 that a group of business people and an unnamed financial institution were ready to help restructure Dowling's $54 million long-term debt problem.

"We know how difficult the last week has been for our students, our faculty and our staff," the trustees' statement reads. "We recognize the importance of a sustained Dowling College to our entire Dowling family and community, including most of all our student body."

Meanwhile, officials say that the college fair at Suffolk Community College for Dowling students scheduled for Thursday will go on, regardless of whether or not Dowling stays open.

Organizers say the college fair will feature more than 50 institutions from the tri-state area, including every single college and university on Long Island.