The school's total debt reached a staggering $3,600,000 in 1970, and the university was facing bankruptcy. Marine Knutson, a Lutheran layman who had experience within crisis management, was hired by the national church as a financial troubleshooter for the college. By applying austere measures that included cutting the facility by seven work positions, Knutson managed to end the year 1970 with an $80,000 budget surplus and was also successful in reducing the debt by $800,000 by the end of the year. National church bodies made a guaranteed commitment for a loan of $1,000,000. Olson resigned as president in May 1971, after eight years as president during a tenure of a financial crisis and social upheaval. However, Olson had tripled the college's size, and the school was now home of 1,000 students.