Long Island's Dowling College To Remain Open

OAKDALE, N.Y. (CBSNewYork) -- Dowling College on Long Island will not be closing after all.

The board of trustees at the Suffolk County school announced Wednesday that negotiations with Global University Systems have enabled the board to cancel a motion to close the college. The negotiations will continue in the interest of stabilizing the college, according to a news release.

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

Dowling College announced last week that it would be still be closing, though it later pushed back the date. Wednesday had been the date that the college indicated it would shut down.

Ron Beattie, president of the Oakdale Chamber of Commerce, had said it would be an economic disaster if the college closes.

"Dowling is the biggest employer in our town. There are employees coming in and losing them -- and the student population -- just think about 7-Eleven, the pizza places, the deli -- all these places," he said.

Long Island's first four-year college, founded nearly 50 years ago, was steeped in debt. Its bonds were junk-rated, the school was plagued with plunging enrollment, and a last-ditch effort to find an academic partner to stay afloat recently fell through.