During a bankruptcy hearing Wednesday, university officials provided creditors with an update on cost-cutting measures and the institution's proposed budget for next month.
"Today is a little bit overwhelming, but through it all, I'm grateful."
ABC11 reached out to the school for comment but has not received a response.
Alfred Street Baptist Church in Virginia offered to cover outstanding balances for 11 seniors at Saint Augustine's University.
The university will pursue an arbitration process to ensure students can graduate in May.
The move comes after concerns raised by the Attorney General's Office.