Following the passage of Proposition 30, California State University said Wednesday that it will start the process of rescinding the $249 per semester tuition-fee increase that took effect for fall 2012.

Voter approval of the tax measure means the university will avoid an additional $250-million midyear funding cut.

Annual tuition for undergraduates will return to the same rate as in 2011-12 — $5,472. Students will be credited, refunded or receive a reconfigured financial aid package, officials said.

“We are hopeful that the passage of Proposition 30 will be the beginning of the state’s reinvestment in higher education,” Cal State Chancellor Charles B. Reed said in a statement.

Read more at the LA Times