Ryder University is facing one of its toughest financial challenges to date.

The private college in Mercer County says it's laying off up to 40 full time professors or about 1/4 of its faculty and cutting pay for all employees by 14% starting December 1st as part of an urgent effort to stabilize its finances.

Now, Ryder's president says other employee perks are also being suspended, like retirement contributions and tuition remission.

That's a benefit that's considered a standard in higher ed.

Workloads for those who remain will also be increased.

The cuts come as Rider has faced significant budget problems over the years and was placed on probation by its accrediting agency.

Rider ended the 2024 fiscal year with a more than $21 million cash deficit, which the school blames on declining enrollment and rising costs.

Senior leadership there insists classes will continue for the roughly 4,000 students it serves, and every student will be able to complete their degree on schedule.

Rider's president, John Loyak, says the decisions are painful but necessary to keep the school open.

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