The New Zealand Broadcasting School ball was scheduled this Saturday, August 15.
The Great Gatsby-inspired ball may be canceled due to cases of Covid-19 steadily increasing in Auckland.
Students are eagerly awaiting Prime Minister Jacinda Ardern and Director of General Health Dr Ashley Bloomfield briefing on the alert levels at 5.30pm.
Ball organiser and journalism student Emma Olsen said the ball would only commence if Christchurch moved to alert level one.
"If Level 2 is extended, unfortunately, the ball will have to be postponed," Olsen said.
Under Level 2 restrictions, gatherings are limited to 100 people.
With 150 guests expected to attend, the likelihood of the ball being postponed is high.
The one question on all students minds; Will a refund be issued?
"As the ball will be postponed, and not cancelled, a refund is not on the cards," Olsen said.
Radio student Eugene Dickie said he would be upset if the ball was cancelled as he "spent a lot of money and time to look sharp".
The event is to be held at Rydges Latimer Christchurch.
Olsen said Rydges had been understanding of the situation and was happy to postpone the ball.
She urged students to not lose hope.