By Mike DeNardo

DELRAN, NJ (CBS) — A South Jersey Catholic high school slated for closure is getting a new lease on life.

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Only a few months ago, the Diocese of Trenton said it would close Holy Cross High School in Delran at the end of this school year.

Enter a group of alumni who formed a board, launched a fundraising effort, and, come July, plan to assume control of the school to be known as Holy Cross Academy.

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Tim Durkin, the school’s director of alumni and community relations says one goal is not just to hold the line on tuition, but to reduce it.

“The better we do in fundraising and creating an endowment, will allow the school to potentially lower tuition going forward,” he said.

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Current enrollment is around 400. Durkin says the board expects most, if not all, of the student body to remain at the new independent Catholic school.