The New School sent separation and early‑retirement offers to roughly 40% of its full‑time professors this month as leaders move to close a reported $48‑million budget shortfall, prompting faculty outrage and claims of a breakdown in shared governance. President Joel Towers, who took over in mid‑2024, defended the moves as necessary to stabilize finances after years of deficits and falling enrollment—from about 10,400 in 2019 to 8,800 this fall. Professors said the offers came with tight deadlines and threatened involuntary reductions on less favorable terms if faculty did not accept, fueling accusations that administration cut a swath of programs without meaningful faculty input. Critics warned rapid staff reductions could undercut academic quality and harm the institution’s reputation in arts and design disciplines. The episode underscores a larger pattern in higher education of expedited restructuring when short‑term liquidity runs low and enrollment declines collide with rising fixed costs.