The Chicago-area-based Catholic school, Saint Xavier University is going to be closed soon due to  uncertainty with state funding for higher education aid, officials announced. The university is shutting its doors in less than a year after it opened.

Karla Thomas, the university's executive director of media relations, said that, "We are going through some challenges with the Illinois state budget and there is such uncertainty with what would happen in 2017." "Handling the challenge in Illinois makes it difficult and to handle a start up in Gilbert makes it more so."

The university is scheduled to be closed after fall classes this year. Around $37 million has been invested in the satellite campus that opened in the Heritage District in August 2015.

Schulte, who is pursuing a Master of Business Administration in health care, said that, "Going to the campus and speaking with professors and other students is what I wanted and what I needed."

The Sisters of Mercy founded the university in 1846. The U.S. News and World Report ranked its online graduate nursing program No. 1 in the nation in 2014. The university's business school also captured national attention.

Under the terms of a 15-year lease, the university must pay $250,000 in damages if it does not fulfill the contract. "In addition, Saint Xavier University shall pay Gilbert any and all rent that may be due and owing up to and including the identified termination date," the lease states.

Gilbert Mayor John Lewis, said that, "The town of Gilbert is of course disappointed with Saint Xavier University’s decision with respect to its campus in downtown Gilbert. After discussions and negotiations beginning in 2011, the town and the university entered into a development agreement and 15-year lease in 2015. Saint Xavier’s expressed intentions will be considered by the town and the town will continue to focus its efforts on bringing expanded higher education opportunities to Gilbert."

Also read: Alert! Measles outbreak in Arizona!

Nandini