You could hear a pin drop in Bruno Hall at Birmingham-Southern College Thursday morning, students said.

“And then it was just like, celebration,” said junior Adam Jones.

In what students called a teary-eyed, emotional announcement, Birmingham-Southern College President Daniel Coleman said leaders had found a way to keep the liberal arts school open.

He recalled the details of a 12-hour trustees meeting the day before, where a 28-member group deliberated over the fate of the school. They wanted to make sure the college had the resources available to “not just survive, but thrive,” he said. Then he choked up.

“Given the information we gathered yesterday, the board unanimously voted to stay open.”

Students cheered. Some cried. Some hugged. One dropped to his knees. Another said she was “too freaked out,” so she stayed in bed while her friend texted her updates.

The fate of the small Birmingham college has hung in the balance for months. Officials revealed the extent of its financial distress in December, announcing that the school would close if it could not secure an additional $37.5 million in funding.

Their initial plan called for a one-time bailout from state and local tax dollars, a request that has become more and more complicated in recent weeks.

Then, on Wednesday, the school announced that it was hearing “encouraging information” from lawmakers – and determined that evening that the updates from Montgomery were enough to keep the school open.

School leaders say they have quietly raised about $46 million toward the college’s $200 million endowment goal, and now will make that campaign public.

They have not given any further details about how or when they would secure the funding needed to meet their goal. As of Thursday evening, it’s not clear whether any public state or local funding has been pledged or what conditions could be for funding. The school declined to take questions after its announcement.

“Today’s an exciting day. We should enjoy it. We should enjoy the holiday weekend,” Coleman told students Thursday. “We’re not going to take questions right now. We want it to sink in.”

Later Thursday, lawmakers told AL.com that they were working on a loan program that would allow Birmingham-Southern to apply for some level of support.

“Birmingham-Southern has long since been one of the top liberal arts colleges in the country,” Rep. Juandalynn Givan told AL.com. “Not just in the Southeast but in the country. Alabama cannot afford to lose not another educational institution, especially an institution of higher learning.”

On campus Thursday, students said they felt a mix of emotions. Many were relieved. Some are still anxious about the year ahead.

“I’m really excited,” Whitney Dollins, a freshman and a student athlete from Texas, said on her way to class. “I didn’t want to have to leave, because I love it here.”

Ally Mildenberger, a senior, said she was overjoyed when she heard the news – even though she’s graduating soon.

It was a “draining” year, she said. She had worried how some of her friends, who are underclassmen, would handle a closure.

“There’s a lot more work to be done,” she said. “This isn’t the end of financially recuperating. I just hope that BSC can bounce back from this, and I think under new leadership and better leadership than the past, I think we can do that. I just hope that we will.”

At a table nearby, by a fountain, Sury Meza and Gina Anaya, two freshmen health sciences majors, studied. A friend came up to them, waving his hand in the air. “We’re staying open!” he said.

The two said they were happy to hear the news, but have big decisions to make in the weeks ahead.

Anaya already applied and was accepted to another school, and wondered whether she’d be able to keep her scholarships. Meza said she had similar concerns.

Both also have lingering questions about how their program will function next year, whether the school will be able to replace faculty who have left, or whether their credits would transfer if they decide to switch schools.

“For me personally, it’s a mix of things,” Meza said. “Now after hearing that it’s open, I’m glad it’s open, but I still don’t know whether I should stay or leave.”

Jones, who is on the swim team, has already gone through the transfer process once, and he said he’s relieved he won’t have to go through it again.

“I think it’s just been a big weight lifted off my shoulders, since I transferred from another school to here,” he said.

His teammate Jalen McDade, a sophomore, was worried about finding another place to live, and whether he’d be able to continue playing a sport he loves.

Now those fears are gone, he said.

“Everybody’s thrilled,” he said. “We’re happy and we’re hopeful that everything else works out. It’s one step at a time, is what they told us.”

On Thursday, officials said they would immediately start reaching out to prospective students to alert them that the school would stay open.

They said they had received a high rate of applications, and projected a larger-than ever freshman class.

But it’s still not clear what kind of impact the turmoil of this school year may have on faculty and future student enrollment. Coleman, in his speech to students, said school leaders have their work cut out for them.

“This has been a really hard year, and frankly, we’re going to have to rebuild,” he said. “We’re gonna lose great faculty and staff to the difficulties of this year.”

Some students, who requested not to be named, said they wanted more clarity from the school, and wished they were told about the school’s financial situation earlier.

“It’s a little stressful,” said one sophomore. “They said we won’t really know for a few more weeks. And the school year ends in a few more weeks, so I just don’t want to wait and then it does close and I have nowhere to go.”

Another pair of students, one sophomore and a freshman, said they’re trusting the administration to pull through.

“I really don’t think that they would say that they’re confident that we can go here next year if they weren’t, like, super duper confident,” one said. “So I feel good about it.”

For McDade, he’s holding onto what he knows so far, and, as Coleman asked, is “letting the news sink in.”

“The fact that we heard some news was good news,” he said.

Kyle Whitmire contributed reporting.