When Corporations are on the brink of bankruptcy, they will often hire a turnaround CEO, usually someone with a track record in "turning around" failing companies. I put "turning around" in quotes because often there is no miraculous bounce back that occurs, but a sale to another company at fire sale prices or some restructuring that ensures survival but what survives is often unrecognizable or a fraction of what it was. In other words, turnarounds don't really happen in the private sector and good outcomes are rare.

The situation you describe at your college sounds exactly like a "turnaround" situation with a new President whose mandate is probably quite similar to a turnaround CEO. The problem is he can't really sell or merge a college as easily as a private sector leader could a company. So essentially the only tool left in his tool box is to slowly cut things and sell assets to preserve cash flow, hoping to reach some steady-state or breakeven number that allows the institution to at least exist.

So basically, your college is going to keep shrinking and it's going to keep cutting stuff. You shouldn't be surprised to hear about changes/elimination to your major and department, more cuts to programs, changes to housing, or just about anything. Ultimately, you shouldn't even be surprised if you wake up and your college announces it is going to shut down.

It happened to Burlington College just a few years ago.

I know there are many great things about your college, but if I were you I would at least discuss contingency plans with your parents or mentors. It's your future too.