The rectors of Costa Rica's public universities agreed on Wednesday to return to negotiations with officials from the Education Ministry in hopes of reaching an agreement over the Special Fund for Higher Education (FEES).

Both parties agreed to meet on Wednesday evening at the Education Ministry's headquarters in San José.

On Tuesday night, university heads nearly signed an agreement with ministry officials but finally rejected the offer under pressure from the universities' unions and student federations.

Neither side provided details of Tuesday's near agreement.

The Costa Rican government has offered a 4.5 percent increase in FEES from 2011 through 2015, while university rectors have demanded an 11 percent boost for the fund.

The parties have until Aug. 31 to reach an agreement, or the Finance Ministry will take control and make the final decision regarding the amount of the FEES increase.