DeVry University cut back faculty positions last week in a continuing effort to bolster profits amid decreasing enrollment.
The for-profit institution said Wednesday that it had eliminated the jobs of 134 faculty members, both full-time and part-time. DeVry had already carried out two voluntary buyout programs earlier in the fiscal year. This most recent reduction, in which 29 faculty members voluntarily took a buyout, followed an evaluation of DeVry’s “campus-based instructional needs.”
As financial markets improved, selective private colleges saw their cash and investments increase faster than their operating budgets in the 2004 fiscal year, reversing the pattern of the year before. But except at the very top tier of institutions, the colleges' debt rose even faster, as they poured money into expanding and renovating facilities, Standard & Poor's said in a report released this month.