BIRMINGHAM, Ala. (WIAT) — Birmingham-Southern College will see another year, as the long-awaited announcement regarding its status came Thursday. Now, many are wondering how the school will manage to secure funding.

Birmingham-Southern needed $37.5 million to stay open and that solution could come in the form of a bridge loan. It’s a solution that Sen. Jabo Waggoner is pushing heavily for, as a proud alum of the college.

According to Waggoner, lawmakers are discussing a $25 to 30 million one-time appropriation loan from the education budget for BCS. He said he thinks this will be a good start to help the school get back on its feet.

“It won’t be an annual appropriation in the budget but this is a one-time. I think it will create the financial bridge that will allow Birmingham-Southern to do some financial gymnastics that will keep it open permanently. But this will be a bridge appropriation, one time,” Waggoner said.

Waggoner said he’s spent a lot of time in the senate education budget chairman’s office working to preserve Birmingham-Southern. He is encouraged a permanent solution can be reached.

The final details are still being worked out. Waggoner said a clear picture of how this will work should be announced in the coming weeks.