Universities are said to be facing stress

A Tertiary Education Commission briefing paper suggests Massey University and Wellington's Victoria University are deemed high risk.

Four universities have budgeted for a deficit this year - RNZ reports eight tertiary institutions saw a deficit of 64 million dollars added up.

Universities New Zealand Executive Director Chris Whelan says universities are turning over about four billion dollars a year.

He says that doesn't mean they're not under a lot of pressure, with costs outweighing funding.