A former top adviser to President Obama says she will not accept a five-figure honorarium to speak at a cash-strapped university in Illinois.

Northeastern Illinois University sparked outrage when its board approved $30,000 to pay Valerie Jarrett to speak at the school's May 8 commencement. A donor has since stepped forward to pay the fee, but Jarrett says she will no longer accept the fee.

"While keenly aware of the financial challenges in Illinois, we were not aware of the specific issues facing Northeastern Illinois University or that a donor would be paying for the speaking fee. Jarrett notified President [Richard] Helldobler this morning that she will not be accepting a speaking fee for the commencement address. Jarrett looks forward to addressing the graduates and other members of the NEIU community next month," Amy Brundage, a Jarrett spokeswoman, told the Washington Examiner.

The school's financial situation has prompted significant cuts to class schedules, and union protests as staff has been forced to take unpaid days off.

"Valerie Jarrett is a role model for many of our graduating students as well as prospective students. We are pleased that she has agreed to be our Commencement speaker," Mark Hines, a spokesman for the university told the Chicago Sun-Times.

Jarrett will be awarded an honary degree during the school's May 8 ceremony.