Goddard College is cutting faculty and staff pay to deal with a $550,000 deficit in a budget of less than $13 million, The Rutland Herald reported. Goddard is a nontraditional college where students have relatively short residency periods at the Vermont campus and work remotely with faculty members on individualized academic programs. Officials blamed the deficit on enrollment declines. The pay cuts will be tiered, with no reductions for those earning up to $30,000. The college will also be suspending retirement contributions, and eliminating severance pay, but no layoffs are planned.