Well, that’s one way for a school to deal with the higher ed bubble.

John Pope of the Times Picayune reports.

Loyola University’s deficit could be trimmed by $2 million, thanks to buyout program

Loyola University’s $7.5 million deficit could be reduced by about $2 million, based on preliminary information from the program to let certain university employees take early retirement, Loyola President Kevin Wildes said Friday.

The offer was extended in December to full-time faculty and staff members who are at least 55 years old and have worked at Loyola for at least 10 years. Fewer than 200 men and women were eligible to sign up; the number of people who decide to accept the offer, and the effect on the university’s deficit, will not be known for about a week, university spokeswoman Meredith Hartley said Friday.

Wildes made the announcement about the potential deficit reduction at a convocation for faculty and staff members on Friday.

In October, university officials said it was hoping to save $1.4 million with the voluntary severance program, depending on how many employees take the offer.