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Sweet Briar College, the Virginia women’s college that had planned to close in August due to “insurmountable” financial challenges, will remain open for at least another academic year under a new agreement, the state’s attorney general announced Saturday.

Attorney General Mark Herring said the agreement calls for alumnae to raise $12 million within 60 days to keep Sweet Briar College open, the Richmond Times-Dispatch reports, with the first $2.5 million due July 2. The deal will also allow the election of a new president and board by the members of Saving Sweet Briar Inc., a non-profit formed by graduates, faculty and others who were outraged by the current board’s decision in March to close the school.

The agreement will be presented Monday to Bedford County Circuit Judge James Updike for approval. A spokeswoman for the college said some 230 students, or about half of the study body, had already figured out transfers to other schools, but could not say how many expected to return.

[Richmond Times-Dispatch]

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