It all comes as a decision is set for Tuesday at a crucial meeting in Austin, Texas of the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC), the accrediting organization that will decide SAU's fate.
St. Augustine's has had to get creative to try and get its finances in order. Currently, they're on probation with SACSCOC for good cause.
The university said it reduced $17 million after laying off 136 staff members. The school also took out a $7 million loan from Gothic Ventures.
Alumni and other groups have raised concerns over the high interest on the loan and the decision to put up much of the university's main campus and off-campus properties as collateral.
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Last December, an appeals committee voted to terminate the university's accreditation.
The previous July, the accreditation was reinstated after an appeal.
SAU has also entered into a partnership with a sports and mixed use developer in hopes of raising $70 million.
The SACSCOC meeting in Austin is happening this weekend. They have several days of workshops before they vote on accreditation on Tuesday.
If it is revoked, SAU would still have a chance to appeal, which would likely be in February.