The College of Saint Rose in Albany may be on the verge of closing.

The college has asked for a bailout from the state and the city of Albany as it faces a multimillion-dollar deficit and declining enrollment, the Times Union reported.

Assemblywoman Pat Fahy from Albany serves as the chair of the Higher Education Committee. She told the paper the situation is dire, but they are exploring options to save it.

Saint Rose has been around since 1920.

NewsChannel 13 will keep you updated on WNYT.com and our newscasts.