The College of New Rochelle announced that it's expected to close by the summer of 2019.

College students received a letter Friday to address the closing. Some say they were not aware the school was struggling financially.

One student says she’s attending the school for the 18-month nursing program and may have to start over again.

The college was founded in 1904 and served as the first Catholic women's college in New York state at a time when women were generally excluded from higher education. Neighbors say the school has served as a landmark for the past 115 years.

Major financial irregularities were uncovered in 2016, which exposed that the school was in deep debt. The irregularities added up to $20 million in unpaid payroll taxes.

The college's auditor has not yet made a final decision. Students hope they'll be able to complete their studies.

The school also experienced dozens of layoffs, and a new president was hired just last year.