Colorado College officials are considering cutting as much $12 million from the school's operating budget.

The board of trustees asked for the cuts to its $100 million operating budget, which could include layoffs to the 734 staff and faculty. The Colorado Springs Gazette reports the cuts could extend over several years. The college is currently not filling vacant positions.

Some of the reasons cited for the cuts are interest spikes last year on almost $33 million in a variable-rate bond that helped fund a new performing arts center, and losses to the college's endowment fund.

The college is also trying to increase financial aid to students.

Trustees will consider the new budget in May.