Some 12,000 Ontario college professors, instructors, counsellors, and librarians haven't been at work since October 15.
The Ontario Public Service Employees Union, which represents the striking faculty, said the dispute was the longest strike in the colleges' history.
If the offer is accepted, about 500,000 students could be back in the classroom as early as next Tuesday.
OPSEU members are set to vote over the next three days on the final offer put forward by the Colleges before talks stalled last week.
The increasingly bitter Ontario College strike is entering its fifth week with no end in sight.
College students were already starting to worrying after losing a few weeks of time in the classroom.
"The thing is, they're looking for answers and there's just so much uncertainty about the strike, and whether or not they will strike a deal", he said.
The union has said its main point of contention has been the level of input college instructors have into the way courses are taught and evaluated, and MacKay said the colleges' attempt to address the issue is worse than if they had done nothing. Key issues are wages and job security for contract faculty, as well as more input in academic decisions.
The province has not said whether back-to-work legislation will be considered if the offer is rejected by faculty.
Huckla, however, said Niagara College administrators seem to be listening to the concerns related by the student union, while also keeping them informed about the process going on. Many students are finding it hard to cope with the financial and mental stress caused by the strike.
Deb Matthews, Ontario's Minister of Advanced Education and Skills Development, has committed to personally work with the colleges and their enrolled students to develop what she called the, "parameters of the fund".