TOLEDO, OH (WTOL) - School leaders met Thursday about the fate of Phoenix Academy, a charter school offering credit recovery.

Phoenix board members got word earlier this week that Toledo Public Schools leaders are considering suspending the academy's operations.

However, Phoenix Academy leaders say they still haven't gotten official notice of the closure, and aren't quite sure what's happening.

But once they get official notification from TPS, they have to stop educating students within 24 hours.

Some students are in the middle of online classes, and teachers are encouraging them to hurry up and finish because they don't know when they might have to close their doors.

Phoenix Academy principal Jodi Johns says she has been working with TPS leaders on cutting half a million dollars out of next year's budget, and thought that everything was okay.

After they get official notification from TPS to close, they have 5 days to appeal and then TPS leaders have an undisclosed amount of time of respond.

Phoenix Academy was supposed to offer classes this summer for students around the area who have failed classes and want to catch up - but now there's a sign on the door saying this won't be happening.

Throughout the 15 years the school has been open, the academy has paid TPS more than $11 million to be their sponsor. As of now, Phoenix has graduated 107 students this school year.

"I feel the worst for our students," said Principal Johns. "We have students who maybe only needed 2 or 3 more classes and they planned to finish those up in summer school, or students who are ages 19, 20, 21, where they can't necessarily return to traditional school to finish their diplomas."

In a statement sent to WTOL from TPS, leaders say they realized Phoenix is facing financial constraints but have taken no official action.

Principal Johns says the school is just waiting to get official word at this point, and preparing to have to close within a day.

She says she hopes that doesn't happen, but has yet to hear from TPS leaders.