Up to 115 academics are set to lose their job as Victoria University pins its dwindling fortunes on a new college for first year students.

A leaked document, obtained by Fairfax Media, reveals that the financial viability of the western suburbs university is "at risk".

Victoria University academics Dr Paul Adams and Dr Tom Clark are upset about a plan that will lead to up to 115 job losses at Victoria University. Credit:Luis Ascui

The university has been in the red for four of the past five years and is predicting another deficit this year.

The document, which was approved by vice-chancellor Peter Dawkins and circulated to staff on Friday, said the university had above average staffing costs and was more reliant on student revenue than other Australian universities.