Rider University's president said there's no way around the upcoming layoffs, salary adjustments and more to ensure a prosperous future for the institution.

"It's horrible decisions that we have to make, but on the other hand, the goal is to preserve the institution, not affect the student experience," said Rider University President John Loyack.

Loyack said the institution is $130 million in debt, which was passed onto him when he became president this summer.

"When you're the new president and you come in and dig through everything, sometimes you find that forecasts are too optimistic," said Loyack.

He says they used to have about $95 million of net tuition revenue before COVID, but not that has dipped into the $70 million range. Despite this, the university was spending money like nothing had changed.

"When your product is people in the classroom or people providing services to students, all of the costs related that we spend mostly are salaries and benefits," said Loyack.

That's where the March to Sustainability Plan comes in to address the labor issue and reimagine Rider. The financial target to address is set in place, but final touches can still be added to the current "March to Sustainability Plan."

The plan currently aims to do the following, among other restructuring:

The full plan breakdown can be found HERE.

"At this stage, we know what the financial target is that we need to meet," said Loyack. "We've identified the areas that we want to adjust but we're still discussing if there is a better way to do something and still get to the financial goal."

A survey with faculty and staff will provide feedback, as well as an open forum set for Thursday.

"Frankly, as a new president, you pray that you're not going to be in that position," said Loyack. "But again, with the imbalance, there's no other way to address it."

The targeted feedback deadline is Nov. 30.