The alumni association president at Dowling College is asking current students to have faith that the school can be saved from its current financial crisis.

The liberal arts school in Oakdale was scheduled to close for good on Friday.

Alumni Association President Frank Corso Jr. says he has a group of successful business people and an unnamed financial institution that are ready to help restructure Dowling's $54 million long-term debt problem.

The college's board of trustees also announced Friday that it is trying to solve its financial problems by working with Global University Systems, a for-profit education group.

Despite the effort, many Dowling alumni told News 12 that they remain skeptical.

"I'm optimistic if they're in negotiations, but they've always been bad with paperwork," says Jeffrey Wineriter. "Who's going to come back after what just happened?"

Corso says he would have the same concerns if he was a student, but remains confident that the college will be saved.

News 12 reached out to Dowling officials regarding the status of the school. They did not comment.

Corso says most of the major issues facing the college will be addressed by the end of the week. He says that is when Dowling will be able to make "certain announcements."