BRISTOL, Va. -

Virginia Intermont College is running out of time to pay its bills.

BVU has given the struggling college until Monday to pay its electric bill or have the power shut off. The college tells News 5 the school hopes to be able to pay the bill before that deadline.

We're told graduation is still planned for Saturday, but News 5 has learned VI has scrapped plans for a summer session.

The school was not able to meet its payroll on Friday, but we're told checks were supposed to go out Monday.

VI failed to merge with a Florida school and is set to lose its accreditation July 1, 2014.