The Cape Breton University Faculty Association is meeting with the school’s board of governors in hopes of reaching a deal to avoid a possible strike.

If faculty walks out, it would only be the second strike in the university's history. The other time was in 2000, which saw professors on the picket line through the cold winter months.

In a statement to CTV News, the university says, “CBU is serious, and always has been serious, about reaching a collective agreement that is fair to everyone. We remain optimistic, and are willing to listen, to reach a solution.”

If nothing comes out of talks, professors may be on strike by Monday.

“It's scary to know that in maybe a week’s time I could just be home instead of worrying about physics and math,” said student Matt Mason. “Might be nice to get a little break, but financially (CBU) isn't cheap.”

The biggest obstacle between the two sides seems to be the layoff clause in the current collective agreement. It allows the university to lay off members under two conditions. If there's a financial emergency or academic reasons if the university needs or wants to shut down a program.

The faculty association thought they had a three-year deal done in November with former CBU president David Wheeler. But the Board of Governors disagreed, voting down the contract and voting out wheeler.

Losing critical class time is something students say they simply couldn't afford.

“The time is a big factor,” said student Breton Talbot. “It pretty much makes you on your own, especially around exam periods. It puts more stress on you and more pressure.”

If an agreement is not reached before 4:30 p.m. Friday, the union says it will proceed as planned and notify the Minister of Labour and advanced education of their intent to begin a strike on Monday.

With files from CTV Atlantic’s Kyle Moore.