Our granters (or whatever you call the people who give grants) have analyzed the situation, and audited every last penny my college has spent to make sure it was being spent correctly (it was). The granters, as a whole, can grant more money, but due to the lengthy processes it must undergo, none of it would be available before October.
The funny thing is, apparently they had already provided the money for the rest of the year, but the board refused to spend it because it had been given on the condition that it wasn't to be spent until September; spending it before then would constitute embezzlement. It would also just postpone the crisis until later on in the year.
The solution our graters came up with (which was announced Thursday morning) is basically to endorse the embezzlement. There will be a legal contract authorizing the use of those funds before time, to buy time until the October funds arrive. All we students can do, is hope that the contract is ready and signed before the end of the month.
I, for my part, am on a scholarship, which finally payed me for the first time in months (they usually pay every month, but were having technical difficulties). A good thing too, since I have already spent my $5, basically feeding my little sister.