At some events, as many as 10,000 people race in their underwear.
The run began in 2002 and has been held three times a year on the Wednesday of each quarter's finals week.
Supporters say it allows students to vent some of the pressure that comes with exams.
The next run would have been in December.
Student leaders hope officials change their minds and say they'll try to work on safety solutions so the run can still happen.