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.

Stanford University — one of the most prestigious universities in the U.S. — is laying off 363 employees by Sept. 30, according to a WARN Act notice recently filed with the California Employment Development Department.

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.