IOWA CITY - Iowa's three public universities and two special state schools are dealing with a budget crisis.

Governor Culver's across the board cuts leave all five institutions scrambling to figure out how to survive with a lot less money this fiscal year.

That 10% cut totals $60-million dollars. Of that, Iowa must cut $24.7 million, ISU $24.5 and UNI $8.8-million.

The other $2-million comes from the state schools for the blind and deaf.

In a special meeting on the phone today, the board of regents approved an immediate hiring freeze. But that's just a start. That has students and staff at the University of Iowa worried.

Midterms make for a stressful couple of weeks on the University of Iowa campus. Add to that list of woes, concern about drastic budget cuts, effective immediately.

"The majority of students are concerned about if they'll have to pay more money and where the money they are paying will go," said student Patrick Cebrzynski.

Faculty and staff are worried about possible pay cuts and even losing their jobs.

"Are programs going to be cut? Are GA's going to be cut? What's going to be cut?" said Cebrzynski.

"That's the scary part, the big question mark. Not knowing what will happen," says student Whitney Carson.

Questions will remain unanswered until the board of regents meets again in two weeks.

In the meantime, all of the institutions have to come up with cost-saving measures. Those options could include temporary pay cuts, temporary or permanent layoffs, a drop in benefits, and a tuition surcharge next semester.

"Now each institution will go back and examine the options and see what is the best fit. They'll develop those plans take back to the regents for review and hopefully approval," said UI spokesperson Tom Moore.

Faculty, staff and students at Iowa plan to play an active role in deciding how this university will save $25-million dollars before summer without jeopardizing education.

"It's good to have adversity. It improves the system. Eventually we'll get through it and hopefully will be better off in the end," said Cebrzynski.

That starts with solving the serious financial crisis in this current fiscal year.

A bit of good news did come out of Wednesday's meeting. Current construction projects will continue. And future projects are still on the table.

We'll know a lot more when the board of regents meets again at the end of this month.