Te Aute College needs to almost double its roll to ensure the survival of the 157-year-old Maori boys' school.
But school leaders are confident the college, which came under the management of a Ministry of Education-appointed commissioner this year, still has a strong future ahead.
Principal Piripi Blake said the roll of 85 boys needed to increase to about 140 to remain viable.
Changes ahead to encourage more students included reviewing the curriculum, with the aim of becoming more Maori-based.
Mr Blake said the school needed to focus on its special character.
"We're the only Anglican Maori boys' school in the world. That's very special," he said.
"Te reo, the language and customs, is another special part of our character here. That's the reason why we have boys from all over the country here, North Island, South Island, and from all iwi."
Mr Blake said he also hoped to increase the number of day students, which stood at 15, to ensure the school remained viable if the boarding hostel was forced to close. More day students would also help keep close ties with the community, who sent students to colleges all around Hawke's Bay.
But taking in girls, as the school briefly did in the 1990s, was not being considered.
"You challenge yourself when you have a boarding school with girls and boys," Mr Blake said.
"The school has its own identity and strength as a boys' Anglican school, and girls have Hukarere College."
Mr Blake said there were options to use staff more effectively across Te Aute and Hukarere, the associated Maori girls' school in Napier.
The number of boarding students at Te Aute has fallen from more than 200 to 70, resulting in some dorms being gutted and replaced with computer labs and offices.
Commissioner Elizabeth Ellis said many families struggled to afford boarding fees and there had also been a culture shift away from boarding schools.
"It's a change in society that families want to keep their children close," she said.
"It's about what's happening in all boarding schools in the country."
The college's financial problems saw Ms Ellis appointed commissioner in January after the school's board of trustees stepped down voluntarily.
She is now overseeing the separation of hostel and school operations, a requirement of receiving a Ministry of Education operating grant.
That change has resulted in redundancy for three administration staff, and kitchen and laundry staff being transferred to a contractor taking over management of the hostel.
Mr Blake said those changes had been "challenging" for staff, but there had been little disruption for boys, who had been kept well informed.
"The behaviour has been fantastic this year," he said.
Ms Ellis expected to remain in place as commissioner until at least the start of next year.
Once staffing issues were settled, she hoped to move on to reviewing the school's curriculum.
But Ms Ellis said she had no doubt the school would survive.
"We all believe really firmly that Te Aute will stay open and will grow stronger."
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