SACRAMENTO — Searching for an additional $5.5 billion in budget cuts, Gov. Arnold Schwarzenegger on Tuesday proposed eliminating almost all state funding for Hastings College of the Law.

The proposed $10.3 million cut amounts to roughly one-quarter of the school’s academic budget, said David Seward, Hastings’ chief financial officer. Seward and other school officials were still digesting news of the proposal Tuesday and could not say what the immediate impact on Hastings students might be.