Close to 400 non-tenure track professors at UMass Boston have received pink slips informing them their teaching jobs may not be renewed in the fall amid budget woes for the university.

“Faculty are stunned and don’t know if they can pay their mortgage,” said Marlene Kim, president of the UMass Boston Faculty Staff Union and economics professor. “Morale is really low. People are very upset and worried financially.”

Roughly one-third of 1,271 full and part-time faculty can expect to be unemployed Aug. 31, according to the letters lecturers received. Notices went out to faculty with less than three years experience.

The decision follows a campus budget meeting last month where school officials highlighted money troubles as expenses surpass revenue. The administration signaled plans to reduce non-tenure teachers and increase student to teacher ratio from 14:1 to 17:1 to cut down on personnel costs.

“We are committed to continuing to provide an excellent student and learning experience,” said DeWayne Lehman, a spokesman for UMass Boston. “We see the change as having minimal impact on students.”

Only the Boston campus of UMass’ five-school system is facing the cuts.

Lehman cited uncertainty with the state budget, rates for tuition and fees and student enrollment in the fall.

Union leaders lambasted the move yesterday, calling it devastating to programs and students at the urban public research institution.

The letters sparked panic on campus, where many teachers are now searching for new jobs at other Boston schools, union leaders said.

“The administration is saying it’s because of budgetary reasons. We are concerned it will devastate the learning environment,” added Kim, a tenured professor, The change would drive up class sizes at the urban commuter school, school officials said.

Faculty were told earlier in the year they would likely be reappointed, but in light of budget unknowns, the university later decided it needed to reexamine the schedule, forcing it to send out hundreds of notices.

Lehman said the layoff notices are “unusual.”

However, Lehman said, “a substantial” number of teachers will be re-appointed later in the summer.