GREENSBORO, N.C. -- North Carolina-Greensboro is eliminating its wrestling program for financial reasons.

The school said Monday that cutting wrestling would save roughly $308,000 each year.

Athletic director Kim Record says "painful decisions needed to be made."

UNC Greensboro says the 2010-11 state budget no longer allows for out-of-state students on full athletic scholarships to be classified as instate for tuition purposes, resulting in a loss of $750,000 in scholarship funds.

The school says the 23 wrestlers on scholarship will have those scholarships honored if they remain at UNC Greensboro. Those who transfer are eligible immediately according to NCAA rules. The contracts of coach Jason Loukides and assistant Daren Burns will be honored through June 30.