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KEENE, N.H. (AP) — Keene State College in New Hampshire plans to offer buyouts to faculty and staff in an effort to cut costs.

New Hampshire Public Radio reports interim president Melinda Treadwell announced the restructuring plan during a meeting Tuesday. The buyouts will be voluntary. Treadwell says the college will reduce administrative costs and may consider layoffs as well.

Keene State has run a deficit for the past three years. According to Treadwell, the college will need to save $5.5 million to balance its budget.

Declining enrollment has produced lingering financial struggles at the institution. The college must also budget for faculty and staff raises.

Treadwell says the college isn’t in danger. She says it just needs to reconsider its financial model moving forward.


Information from: WEVO-FM,