With passage of Proposition 30, the California State University system will rescind a $249 per semester tuition fee increase, officials announced Wednesday.

The tax hike's passage means the CSU system will avoid a $250 million mid-year budget cut, leaving its spending plan for the rest of this year essentially "flat."

"We are hopeful that the passage of Proposition 30 will be the beginning of the state's reinvestment in higher education," CSU Chancellor Charles B. Reed said in a news release Wednesday. "The long-term benefits of additional revenue can only be realized if higher education is once again a priority.

"The state needs to start making up for the devastating budget cuts of the past several years, and focus on higher education as a driver of California's economic future."

The release went on to say:

Yearly tuition for full-time undergraduates will go back to $5,472 -- what it was during the 2011-2012 academic year. Students will either be credited, refunded or receive a reconfigured financial aid package to account for the revised tuition fee rates.

Campus enrollments will also remain constant for fall 2013. The system had held applications from new students pending the outcome of Proposition 30, which has a direct impact on funded enrollment targets. Campuses will immediately begin to review applications for new student admissions for the fall.