Vianne Timmons, president of the University of Regina, says students from Libya are worried about their families and the future of their scholarship funds. (CBC)

Hundreds of students from Libya, including eight who are studying at the University of Regina, could run out of money at month's end if their scholarship funds are frozen due to sanctions.

The prospect of having no money is adding to an already stressed-out group of students, according to Vianne Timmons, president of the University of Regina.

"There's so much uncertainty," Timmons told CBC News Tuesday. "They're worried about their family and friends in Libya. And now, because of the sanction, they're worried about their own financial situation."

Timmons said the university is asking the federal government for an exemption to sanctions so that scholarship funds can continue to go to the Libyan students.

Timmons, who helps oversee the Libyan-North American Scholarship Program, said 520 students are affected across Canada.

"I'm hoping common sense will prevail," she said. "These students are the future leaders in Libya and we want to see them be successful."

Timmons said officials with the Canadian Bureau for International Education, which administers the scholarship program, are working on a contingency plan to assist the students in case the scholarship money is cut off.