I echo the sentiments that the school probably needs to have a "town hall" style meeting to explain this to the students. To be perfectly honesty, APA has numerous checks and balance systems in place that prevent a school from going from accredited one day, to not accredited the next. As has been mentioned, your school still has the opportunity to appeal (which I imagine they are likely to do).
I believe the timeline for probation is something along the lines of the program being reviewed again with another site visit in not less than 1 year and not more than 2.
This is also my understanding. Regardless of the APA response to that appeal, your school still has a chance to fix the problems that put them on probation in the first place, and APA will have given them a timeline for having doing so (typically a 1 year to 18 month period). Depending on when the school was placed on probation, APA will review the status of the program again in 1-2 years time before making a more final decision. As long as your school address the problems, and they have at least a year to do so, it is unlikely that accreditation will be revoked.
If the school continues to be inconsistent with the standards, then it is likely the accreditation will be revoked. However, as long as you graduate before accreditation is officially withdrawn then you have graduated from an accredited program.