In response to several years of deficits and a downgrade in its financial rating from Moody’s, Haverford College has decided to implement several measures to combat the issue, writes Susan Snyder for the Philadelphia Inquirer.

The Board of Managers of the Delaware County-based college approved a plan this month to set an annual cap on the college’s financial aid budget, and increase the freshman class by seven students to help balance the budget.

The plan modifies the college’s policy of admitting students who cannot afford all the fees by providing them with enough financial aid to attend. Under the new guidelines, Haverford will use the original policy until the new cap is reached. After that, the institution will only accept students who can afford the full annual cost of $66,490.

This policy will most likely only affect the final five percent of admissions entering their first year in the fall next year, which is anywhere between 10 and 15 students.

Some students and alumni have expressed concern that the college will become less diverse racially and socioeconomically.

Read more about Haverford College in the Philadelphia Inquirer by clicking here.