The money from student fees represents about 16 percent of the Daily Nebraskan's $700,000 budget.
If the fee is approved Wednesday, each student would pay $2.46 per semester to fund the newspaper. Last year, the fee barely passed with 51 percent of the vote.
Daily Nebraskan manager Dan Shattil told the Lincoln Journal Star that a number of budget cuts have been made over the past three years, so losing the fee money could prompt big changes.
The newspaper, which provides valuable experience to journalism students, might stop publishing five days a week, cut student wages or start publishing online exclusively.