The current recession has taken a heavy toll on Quinnipiac University’s financial situation–one of about $50 million. The university’s endowment went from $225 million to $175 million over the past year, a drop of about 20 percent.

Because of the financial blow, President John L. Lahey imposed the first hiring freeze of his 22-year tenure as president. Also, Quinnipiac is considering utilizing a waiting list for next year as applications have gone up seven percent. They expect 17,000 application for the 1,600 seats in the freshman class.

While Lahey has asked his Cabinet members, which include senior vice president for academic and student affairs Mark Thompson and vice president and dean of students Manuel Carreiro, to submit what they would recommend to cut in their respective programs, Lahey made it clear that no budget has been finalized.

“We have to expect, plan for and budget with the worst in mind,” Lahey told the Chronicle Wednesday afternoon. “It’s a lot easier to add to the budget in September than to take away from it.”

Lahey said that advertising, the Polling Institute, and publications were likely to face the major cuts while academic budgets would be the least impacted.

“This will have no negative effect on the level of education,” he said. “Core education will not be reduced in any way.”

Lahey also noted that with the rise in financial aid, it would take up its largest percentage of the school’s budget ever. He expected that much of the increased funds would go towards need-based financial aids.

“It’s certainly a challenge,” he said. “But we have to be prudent and fiscally conservative.”