The move followed a meeting Wednesday between Louisburg College officials and representatives of the Southern Association of Colleges and Schools.
The private college's $15 million in annual revenue exceeds its expenses by more than $500,000, but SACS has said that is too tight a margin. SACS placed the college on warning two years ago because of the financial problems.
By the end of the six-month probationary period, Louisburg College officials must submit an audit and a written report and host a visit by SACS representatives. If the school's financial picture doesn't improve, it risks losing its accreditation, which would affect students' eligibility for financial aid.
Interim President Rodney Foth called SACS decision to grant the probation "extremely good news."
"We have a lot of important work ahead of us to realize our goals of long-term financial stability and reaffirmation of our accreditation,” Foth said in a statement.
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