St. Lawrence University’s enrollment is down 3.5 percent from the fall semester, dipping the institution’s student body below 2,000 for the first time this decade, announced administrators Monday at a faculty town hall event. This comes as SLU wrestles with a deficit expected to surpass $11.5 million next fall.
SLU’s Vice President of Finance and Administration, Karl Spiecker, said that enrollment declines between the fall and spring semesters are expected. Over the last five years fall enrollment has always been higher than spring enrollment. However, since fiscal year 2019 spring enrollment has declined 16 percent, down from 2,363 students to 1,966.
SLU’s student revenue is expected to be $75.3 million in fiscal year 2024, down from $88.2 million in 2018. SLU’s last profitable year came FY 2021. According to a graphic made by the finance office, its revenue has increased by $3 million since then, while its expenses have increased by nearly $16 million, indicating a deficit closer to $13 million.
Retention is another issue SLU is navigating alongside enrollment. However, the university believes they are making progress towards restoring those numbers. The admissions department has received 2,234 applicants for the incoming class so far, which it has accepted 70 percent of — 13 percent higher than last year’s acceptance rate.
Spiecker expects SLU to end FY 2025 with a $7.35 million deficit. However, he noted that if they restore retirement benefits to 10 percent — where they sat prior to a four percent cut at the start of January — would increase that amount by $1.4 million.
SLU is planning to cut costs by reducing 35 full-time equivalent positions. They plan to cut five each over the next three years, phase out 16 positions and reorganize four administrative positions. The university is expecting this to account for $2.45 million in salary expenses.
The Board of Trustees has given SLU administrators until FY 2026 to balance the budgets.