If the school loses its accreditation, students will be ineligible for federal financial aid.
Florida A&M University has been placed on probation for a year by an accrediting agency, which puts its students at risk of not being eligible for federal financial aid.
The Southern Association of Colleges and Schools Commission on Colleges informed FAMU administrators that they have "concerns about academic policies, student rights, the control of finances and the institutional environment," CNN reports.
"It is important to emphasize that FAMU remains an accredited institution, even while under the probation sanction from SACSCOC," interim university President Larry Robinson said in a statement. "We are committed to addressing the areas of concern, and ensuring that FAMU is compliant with all SACSCOC accreditation standards."
The school has been reeling since the hazing death of drum major Robert Champion Jr. last year. A judge is currently hearing a school request to have the Champion family lawsuit dropped brought on the grounds that he willingly participated in the hazing incident.
An investigation on "financial irregularities" involving the marching band is also underway.
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(Photo: Florida A&M University)