UPDATED: 10:36 p.m. 3/30/16

CHICAGO (CBS) — A bad situation is getting even worse at Chicago State University, as school administrators have taken another drastic step in the face of devastating budget woes.

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If the school does not receive a large infusion of cash by April 30, it very possibly will have to begin massive layoffs.

The 150-year-old university is nearly out of money, and that means its 4,500 students are about out of time.

“They’ve already canceled our spring break. So we’ve been actually going through this already. So I’m very devastated at what’s happening at the school right now,” junior Enrico Gabino said.

Last month, CSU announced it was canceling spring break, and moving up the end of the spring semester from May to April, to make sure graduating students could get their diplomas before the school is possibly forced to shut down.

Later in February, Chicago State sent layoff notices to all 900 employees. This week, the school had reportedly informed staff and students to return keys to campus facilities by next week. On Wednesday, the university clarified that it is only requesting the key numbers employees have so it has an inventory of keys.

“I feel like everybody’s on edge. Everybody’s upset. Everybody has … little mood swings,” Tashyla Coleman said.

Graduate student Sonja Bertrand has been left wondering why she paid $23,000 for what should have been her final year of school.

“They shortened the semester. I’m not even going to be able to participate in graduation, because I can’t finish all my studies in time,” she said.

CBS professor Dr. Robert Bionaz tells CBS 2’s Brad Edwards, “It’s hard to believe that we’re in a position where people are actually having debates about whether it’s worthwhile to fund public higher education”.

In a news conference Wednesday, Chicago State President Thomas Calhoun pointed the finger at Springfield.

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“We’ve done everything we can do in the absence of 30 percent of our budget which translates into 36 or so million dollars,” said Chicago State President Thomas Calhoun. “It is an awful testimony to the leadership of the state of Illinois.”

Chicago State and other public universities in Illinois haven’t received state funding in nine months. CSU is owed more than $35 million.

Republican Gov. Bruce Rauner and Democratic leaders of the Illinois General Assembly have not come any closer to reaching a budget deal since the fiscal year started in July without a spending plan.

“I think you can sense when games are being played,” Rauner said Wednesday. “I’m trying to get something done.”

The governor blames the Democratic majority.

“I believe that the supermajority in the legislature is using Chicago State and many other service providers in Illinois as leverage to try to force a massive tax hike,” the governor said.

But in statements to CBS 2, House Speaker Mike Madigan and Senate President John Cullerton say it’s all Governor Rauner’s fault.

A spokesman for Cullerton said in part, “Universities, their employees and students are struggling because the governor eliminated their funding. He created this situation with his vetoes.”

Madigan agrees, with his spokesman saying, “The governor vetoed the higher appropriation last June. He is solely responsible.”

Meanwhile, students at CSU have been left feeling like victims of state government dysfunction.

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“Why are we the students and staff suffering? For their errors?” Bertrand said.