The university says its Saskatoon campus has been in a deficit position since 2006 and the enrolment freeze will be temporary while the institution is undergoing an evaluation.
But student Juanita Stone, a third-year student in the Indian Social Work Program, says she's concerned that halting enrolment will eventually lead to the campus's closure.
She says she doesn't understand how the school can get out of debt or grow with no new students.
The protesters also opposed the decision to move the campus from downtown Saskatoon to an on-reserve space at English River First Nation by July.
Stone says the lack of public transportation to the reserve will create a lot of hardships for students.