If Congress fails to come to an agreement on sequestration by tonight, the University of Massachusetts stands to lose tens of millions of dollars in research grants and student aid, according to a UMass press release.

Sequestration is a series of automatic cuts to the defense and domestic budget totaling $1.2 trillion through 2021. Unless an agreement is reached, the cuts have to go into effect by 11:59 p.m.

President Obama is expected to pressure Republicans to accept a higher tax revenue in order to avoid the sequester, the Washington Post reported. However, it is unlikely an agreement will be reached as the House of Representatives adjourned Thursday, according to published reports.

Sequestration could directly impact students at UMass, as federal financial aid programs and federal work study will both experience significant cuts, according to the release. The federal financial aid program will be cut by 8.2 percent if sequestration happens.

For students, this could mean a decrease in funding to various forms of financial aid. The cuts could also affect loans.

UMass sophomore Daniel Vasquez of Reseda, Calif., is one of many students who rely heavily on work study. He said that if sequestration causes him to receive less aid, it could potentially affect whether he returns to school next semester.

“If they cut spending, I do not know if I will be able to finish school here at UMass,” Vasquez said. “Out-of-state tuition is already expensive, and the only way I can afford to come here is by work study. If that’s gone, my life will be three times harder.”

Mike Malone, vice chancellor for research and engagement at UMass, said over $400,000 worth of work study grants at UMass could be in jeopardy. According to Malone, the only types of grants that would be protected from reduction are Pell grants, which are need-based federal aid grants.

Research is likely to take an even harder hit.

Since most of the research on campus is funded through NIH, NSF, the Department of Defense and other government grants, officials estimate that sequestration could result in a funding loss of nearly $10 million in fiscal year 2013, according to the press release.

“Research would definitely be affected,” Malone said.

The College of Engineering and the College of Natural Sciences have the most to lose as they receive the most research funding. Last year, the College of Natural Sciences received 583 grants, totaling $90.9 million and the College of Engineering was awarded 151 grants last year for a total of $26.5 million, according to official documents.

Each college and department would be affected differently by the funding reduction, depending on the size and other factors.

Robert Nakosteen, a professor in the Isenberg School of Management, said Congress has failed to handle sequestration thus far, and that the American Taxpayer Relief Act only postponed the damage.

“Because Congress delayed the sequester, there is still a threat of across-the-board cuts,” Nakosteen said. “I cannot predict how Congress will solve or fail to solve the sequestration issue, however … research grants and other federal programs will be cut without regard to spending priorities or who is hurt on March 1.”

In an interview with New England Public Radio, Nakosteen said that sequestration will undoubtedly be damaging to the national economy, comparing it to “an anchor around the neck” of the American people.

Political science professor Ray La Raja also feels the sequester has been

mishandled by Congress so far.

“Congress needed to act quickly or risk putting the economy back into recession,” La Raja said.

La Raja added that the real threat to UMass is health care funding. He said that state governments could face rapidly rising costs for Medicaid, which could force states to reallocate money that would have been set aside for higher education.

“We want to help poor Americans who rely on Medicaid, but we need to figure out how to manage the ballooning costs while delivering good health care,” La Raja said.

In addition to sequestration, Congress still has to tackle the debt ceiling. The debt ceiling is the maximum amount of debt the United States can have at a certain time and is related to how the government pays off borrowed money.

In January, Congress passed legislation that eliminated the statutory borrowing limit until May 2013, according to the New York Times. This legislation also withholds the paychecks of the members in Congress unless they create a blueprint for a budget by April 15.

Rep. Richard Neal, a Springfield Democrat, gave a speech on the House floor Dec. 31 in support of raising the debt ceiling. Neal voted against sequestration.

“We postponed a calamity,” said Neal, who also serves as an adjunct lecturer in the UMass Journalism Program. But, he said, “we may need to raise the debt ceiling again in May.”

Katie Landeck contributed to this report.

Daniel Rodriguez can be reached at [email protected].