Hampshire College is at risk of losing its accreditation.

In a Friday press release, the New England Commission of Higher Education and the college announced that the accrediting agency has voted to ask Hampshire why it should not lose accreditation or be placed on probation, because the commission believes the college is not meeting its standards.

If the college loses accreditation, it would not be eligible for federal funding, including student aid.

It's been chaotic few months on the Amherst, Massachusetts campus.

The commission said it's been concerned ever since the financially strapped college announced it was seeking a merger partner and the Board decided not to admit a full class this fall. After the abrupt resignations of former president Miriam Nelson and several board members, Barbara Brittingham, the commission's president, says it is also worried about Hampshire's leadership.

"There's been considerable turnover there,” Brittingham told WGBH News. “What the commission wants to see is if there's stability."

Interim President Ken Rosenthal says Hampshire is taking steps to operate as a smaller college and to retain resources.

"We welcome this opportunity to come before the Commission to present our plans as we restructure and financially reinvigorate the College, and to demonstrate that we remain in full compliance with the Commission's standards," he said in a statement. "Hampshire was reaccredited last following our decennial evaluation, and we are confident that we will continue to uphold NECHE’s standards.”

The Commission will meet to discuss Hampshire's case for accreditation on May 30.

This article has been updated.