Dawkins said it might take a year for Bennett to become a TRACS candidate, the first step to full membership. She said she has asked the group to expedite the process.

Next steps

As Bennett gears up for a court fight and a TRACS visit, it's also deciding what to do with the money it raised.

Dawkins said the college plans to use it "in the way it was intended to be used": for student scholarships, student programs and daily operations; for the college's reserve fund; and to pay down the college's debt.

Next week, Bennett plans to reach out to prospective students and let them know that the college remains open and accredited.

"Our goal is to restore the campus back to normal and to provide confidence in the women — that we're here for them — and continue to meet with them as needed," Dawkins said. "But really, (we want) to get back to normal."

Watch video of Bennett College's Friday night press conference:

Reactions

Reactions to Friday's announcement that Bennett College has lost its accreditation from the Southern Association of Colleges and Schools Commission on Colleges: