CAMBRIDGE, Mass.  Gone are the hot breakfasts in most dorms and the pastries at Widener Library. Varsity athletes are no longer guaranteed free sweat suits, and just this week came the jarring news that professors will go without cookies at faculty meetings.

By Harvard standards, these are hard times. Not Dickensian hard times, but with the value of its endowment down by almost 30 percent, the world’s richest university is learning to live with less.

The Faculty of Arts and Sciences, Harvard’s largest division, has cut about $75 million from its budget in recent months and is planning more. With the cuts extending beyond hiring and salary freezes to measures that affect what students eat, where they study and other parts of their daily routine, the euphoria of fall in Harvard Yard is dampened.

The Faculty of Arts and Sciences anticipates a deficit of $130 million over the next two years and is awaiting recommendations from groups of faculty members and students who have been weighing the options.