The New School sent separation or early‑retirement offers to roughly 40% of its full‑time faculty as leaders move to close an immediate $48 million budget gap, prompting faculty outrage and claims of governance breakdown. President Joel Towers, who took the helm in summer 2024, framed the moves as necessary to stabilize an institution that has run deficits in four of six years and lost enrollment since 2019. Professors described the outreach as abrupt and coercive, warning that involuntary reductions could follow if offers aren’t accepted by mid‑month. Faculty leaders told reporters the process sidelined shared governance norms; trustees and administrators argue the measures are urgent to avoid deeper insolvency. The case highlights how enrollment declines and tight short‑term credit can force dramatic staffing actions at private colleges.