PENNSAUKEN, NJ (CBS) – St. Stephen’s School in Pennsauken has announced it will close at the end of the 2013-2014 school year.

The school, which opened in 1962, says the closure is due to financial difficulties caused by declining student enrollment. The student body currently numbers 159.

In a letter to parents, Father Daniel M. Rocco, the St. Stephen’s pastor, said the decision to close the pre-K through eighth grade school was made after “careful consultation.”

Parents who want to enroll their children in area Catholic elementary schools will be provided with a tuition voucher of $1,000 per child, provided they have paid their tuition to St. Stephen’s in full.