NJCU will also eliminate 37 percent of its 171 academic programs, the newspaper reported.
The state institution has faced scrutiny from the governor’s office and others after reportedly going from a surplus of $108 million in 2013 to a deficit of $67 million. NJCU has disputed those numbers.
NJCU declared a financial emergency earlier this year and has sought state aid.
NJCU officials blame the financial collapse on a combination of falling enrollment and declining state aid, as well as new pension-related accounting standards. Critics have suggested financial mismanagement on the part of a prior president who led a number of costly expansion projects.