Stanford University will lay off at least 363 employees this fall as part of $140 million in budget cuts due to rising costs and changes in federal funding, including a sharp increase in the endowment tax.

The Trump administration has defended its approach, saying it is committed to ensuring that university campuses remain safe and inclusive for all students.

This fall, Stanford University plans to lay off at least 363 employees as part of $140 million in budget cuts caused by rising prices coupled with federal funding changes, including a hefty hike to the endowment tax, the Mercury News reported.