Drexel University Lays Off 60 Staff Members

Drexel University has announced plans to lay off 60 professional staff members, representing less than 1.4% of its workforce, as part of an effort to address a significant budget imbalance of approximately 10%. The layoffs, which do not affect faculty, come following a decline in first-year student enrollment that has created an additional $22 million gap in its operating budget. A total of 155 employees have also opted into a voluntary retirement incentive program, contributing to the university's cost-cutting measures. The university has cited various factors for its financial struggles, including a flawed rollout of the Free Application for Federal Student Aid and increased operational costs. Drexel aims to cut and generate $150 million to regain a positive operating margin by 2027 while implementing other financial strategies, such as salary freezes and reduced benefits. Officials expressed gratitude towards the affected employees and plan to provide them with support services.