The comments section is instructive, so be sure to read all of it before you come back here so I can continue to yell about how giving your customers less when they're already kind of "meh" on you is INSANE.
Expand, goddammit. Do MORE. And stop thinking that having a web site is enough to lure students in. On a college campus you have total audience turnover every four years. How do you market to those people when you're now competing not just against other stuff they can read around campus but against the entire Internet as well? How do you raise awareness of your publication? How do you make yourself relevant to them?
And how do you pay for that if you keep cutting down the thing that makes you the money?