Dowling College announced Tuesday that it will cease operations and shut its doors this Friday after 48 years.

News 12 has heard that employees were told they will be out of a job today, as students scramble to find a new school.

College officials say they were trying to work out a partnership with another institution, but it never came to fruition.

"As painful as this announcement is, we want the student body, faculty and alumni to know that we made every effort to form a suitable academic affiliation so that we could keep the college open," school president Dr. Albert Inserra said in prepared remarks Tuesday.

The statement also said the decision to close the school was a "reflection of the unprecedented financial challenges facing countless private educational institutions across the nation."

Students were left scrambling Wednesday to collect their transcripts, waiting on long lines on campus. Kelly McQuail, a sophomore, said that while it was a sad day, she's grateful for the two years she had at Dowling.

"Something that Dowling's taught us is that one door closes, another opens. They set us up for success here," McQuail told News 12 Long Island.

Molloy College is doing what it can to help. Counselors will be available starting Thursday to help students who are close to graduation.

"I feel it's very important that we do something to help the students because they really are very frantic at this point and don't know what to do or where to turn," said Linda Albanese, of Molloy College. "We are trying to provide answers for them. We don't have all the answers right now, but we are trying to work together with Dowling and also with the state."