RICHMOND, Va. (WTVR) – Virginia Commonwealth University’s President, Michael Rao released a statement saying how the $1 trillion in federal budget cuts that are pending approval by Congress on Friday will affect the school.

As an up-and-coming public research university, sequestration could put a dent in the school’s progress.

In his statement Rao explains how sequestration will cut funding for research, some of which usually supports cancer research at the VCU Center for Clinical and Translational Research and the VCU Massey Cancer Center.

Cuts could amount to a $21 million loss for VCU by September along with 100 to 200 research-funded jobs that may be terminated, Rao said.

As for students, financial aid could be scare as well. Rao’s release says over 700 students could see 5 percent less financial aid than normal.

In addition, students applying for the Stafford or Plus loans could face higher fees from lenders.

Finally, Rao mentions that cuts to defense spending could reduce the state income tax, which would leave public universities like VCU having to return funds appropriated elsewhere in the state budget.