One of Sydney's top universities wants to lower its entry standards for year 12 students and delay lifting English language requirements for overseas students to battle a multi-million dollar revenue shortfall.

"A below-the-radar approach is recommended to protect reputation," said a slide referring to lower tertiary entrance ranks, which was presented to staff and obtained by the Herald.

The University of New South Wales lost $14.2 million after more than 800 domestic students dropped out before or early in term one and the number of first year international students fell by 222, documents show.

University executives responded by proposing to cut entry requirements for local students by reviewing subject prerequisites and reducing ATARs for some courses, staff were told during a strategy briefing late last month.