Mr Farry said he would make a full statement on the issue on Monday.
Stephen Farry of the Alliance party described the UUP and SDLP's positions and "utterly unsustainable".
Mr Farry said his department's career advice service was available to people of all ages.
Mr Farry said it was unacceptable that there was a culture of fear at the college.
Mr Farry contrasted the approach being taken in England with that being adopted in Northern Ireland.
Stephen Farry was concerned that there was no sign of a programme for government.
Deputy chairperson Stephen Farry advised the ministers that Mr Elliott was at a funeral.
Mr Farry said that it was "the circumstances we see today" that had caused Stranmillis's financial difficulties.
Mr Farry objected to what he described as "unparliamentary language" and called on Mr Allister to withdraw the comment.
The Alliance Party's Stephen Farry pointed out that the UUP's two executive ministers were still councillors on Belfast city council.
The employment and learning minister Stephen Farry, whose department published the report, said the college and the unions must now co-operate.
North Down MLA Stephen Farry said there had been "a lot of frustration" over the lack of progress throughout the town.
The Foyle MP Mark Durkan and all six local MLAs have asked Further Education Minister Stephen Farry to intervene in the dispute.
Mr Farry said "not a penny" would be diverted from the FE sector as a result of his decisions regarding higher education.
Higher education minister Stephen Farry said fees would rise only in line with inflation and that the budgets of universities would be protected.
Mr Farry turned to the wider picture of the teacher training system, and Stranmillis's counterpart in the Catholic sector, St Mary's University College.
Employment Minister Stephen Farry described it as a "very difficult situation" for all of those who had been directly affected by the redundancies.
The DEL Minister, Dr Stephen Farry, said the research suggested that the money was a deciding factor for only a third of students.
Education and Learning Minister Stephen Farry announced that his department's plans to address the issue of youth unemployment had been approved by the executive.
Minister for employment and learning Stephen Farry noted that many younger people now saw themselves outside the traditional definition of the two religious communities.
For Alliance Stephen Farry said that the binary system used to monitor the religious makeup for equality purposes was no longer fit for purpose.
He added that Mr Farry's approach was "sailing close" to sectarian.
Mr Farry informed MLAs there was not sufficient support within the assembly to pass the legislation required to merge Stranmillis University College and Queen's University Belfast.
In response to a question from the DUP's Sammy Douglas, Mr Farry conceded that the Stranmillis merger could not go ahead without the support of the assembly.
Mr Farry came under sustained critical questioning from committee members.
Last week Employment and Learning Minister Stephen Farry tabled a paper for a Northern Ireland Executive meeting suggesting a number of options on fees, but it was not discussed.
BBC: University tuition fees 'will not increase' - ministers
Mr Farry said the correct figure was 8%, that the college was very conscious of the need to improve the situation in the near future, and that change was needed.
BBC: Question Time - Employment and Learning, and Enterprise
Stephen Farry said it was his belief that there should be a reduction of the number of government departments, and spoke of the setting-up of a department of the economy.
But Alliance's Stephen Farry pointed out that the security of donors argument seems increasingly threadbare, given there is no record of people who have signed party nomination forms being targeted.
The Alliance's Stephen Farry said the conclusions of the 2007 Varney Report, in maintaining corporation tax at 25% in Northern Ireland, highlighted the Treasury's "underlying complacency that accepts an unbalanced UK economy".
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