Loyola University prepares for sharp drop in enrollment
It could be a rocky year for one of New Orleans’ premier universities: Loyola University spokesman Mikel Pak tells WGNO News that the school is expecting a 30% drop in enrollment this fall.
First reported by the Baton Rouge Advocate, a now public e-mail was sent to the university’s staff, raising the possibility of salary cuts, buyouts, or tapping into the school’s endowment to stay afloat.
In a news release posted on the university’s website, an immediate hiring freeze is proposed, along with “voluntary retirement and severance packages, reducing some 37.5-hour positions to 30-hour positions, reducing some 12-month positions to 10-month positions, lowering employer-paid fringe benefits and taking an additional drawdown from the university endowment.”
University President Kevin Wildes writes in the statement “Loyola is taking proactive steps and is diligently working to examine all options to balance our budget. We are calling on alumni and friends for their support as well. Together, the Loyola family will overcome this fiscal challenge and we will continue to provide a great academic experience in the Jesuit tradition for our students.”