STORRS -- Faced with a financial budget crunch of $40.2 million, the University of Connecticut informed students that another tuition hike is probable.
"It's a balancing act," said Scott Jordan, UConn's chief financial officer. "We need to get input from the state as to what our state appropriations are going to be in FY 17, confer with our board of trustees, and today, we started a conversation with our students."
The numbers were presented to the UConn community at a town hall meeting Thursday night on the Storrs campus.
In an effort to avoid a tuition hike, university officials say they've tried to save money in other ways, such as through staff reductions via attrition and layoffs. Personnel accounts for 60 percent of UConn's operating budget costs.
Tuition and state aid account for more than half of UConn's overall funding.
Administrators are expecting a drastic reduction in state aid given Connecticut is facing a deficit between $100 and $430 million, depending on who the estimate comes from.
Students say they're not looking forward to paying more money and being saddled with more student debt, but remain optimistic.
"It's going to pay off in the end," said Grace Gagnon, a UConn sophomore. "I'm getting a great degree from UConn and I have confidence that I`ll get a job once I'll graduate and pay any loans I owe."
No timeline has been set for when the tuition hikes would come into effect, but administrators hope to release more details by the end of the year.
See the budget presentation given by officials here: UConn FY17-FY20 Budget Presentation