The full-tuition scholarship has covered the amount for the nearly 1, 000 undergraduates who attend the college's architecture, engineering or art schools.
The amount of the Arctic covered by sea ice fell in late August to the lowest point since satellite observations began in 1979, the National Snow and Ice Data Center reported.
The council spokesman said a government grant, which was offered to maintain the freeze, was not taken as it would not have covered the amount needed and as such, the freeze was "no longer sustainable".