The president of Northwestern University, a prestigious school in suburban Chicago, announced on Thursday that he would step down as the institution grapples with budget strains caused by federal funding cuts under the Trump administration.

Michael Schill, who has led the university in Evanston, Illinois, for three years, said it was the "right time" for new leadership to guide the institution forward. He will remain in office until an interim president is appointed.

"I … recognize that difficult problems remain, particularly at the federal level," Schill said in a statement. "It is critical that we continue to protect the university's research mission and excellence while preserving academic freedom, integrity, and independence."

In April, the Trump administration froze nearly $800 mil

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