An accrediting agency has taken the unusual step of placing a private New Jersey university on “probation” as the school tries to get itself out of a financial crisis.

Rider University ‘s president said this week the school is moving ahead with “urgent and severe choices” after it was placed on probation by the Middle States Commission on Higher Education, the organization that has accredited colleges in New Jersey and other mid-Atlantic states since 1952.

Rider officials said up to 40 full-time faculty members will lose their jobs, salaries for all employees will be reduced by 14% and retirement contributions will be suspended. But that’s not all of the tough impacts awaiting the private university in Mercer County.

“All of us involved are aware that this moment brings pain, frustrati

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