Hampshire College's interim president says the school needs to raise at least $15 million in the next year to remain independent.
President Ken Rosenthal said Thursday the college is starting a massive fundraising campaign after the school's trustees voted not to seek a merger with another institution.
The Amherst school's previous president, Miriam Nelson, resigned last week after some alumni opposed her decision to pursue a merger amid financial uncertainty.
Rosenthal said the school needs to raise about $100 million over the next six years to stay independent. He said some alumni are already making "major gifts."
Still, he said some faculty and staff will be laid off this year, and the school will enroll just 600 students next year.
The school faces deep budget deficits after years of declining enrollment.