The New School told employees it will reduce faculty and staff by about 15 percent by June 1 as part of a broader financial reorganization to address a multiyear deficit. Administrators cited a rising budget shortfall—about $48 million in 2025—and enrollment fallen to roughly 8,800 from about 10,400 in 2019. The university has already offered voluntary separation packages, paused Ph.D. admissions, consolidated colleges, and cut programs and salaries. Provost Richard Kessler and EVP Francisco X. Pineda said reductions will target units by enrollment and operational need; faculty leaders, including historian Jeremy Varon, said the cuts follow painful months and warned of lasting damage to academic programs and shared governance. The New School’s move underscores mounting fiscal pressure on small private universities reliant on tuition and niche programs.