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

The university has had to cut $140 million from its general funds budget this year, a move largely attributed to Trump administration policies, including the increase of the university's endowment tax from 1.

Stanford University announced they will lay off more than 300 employees this fall. University leaders say they "face significant budget consequences from federal policy changes and those changes will cost Stanford $140 million.