Students received an email Monday night telling them about the hike. By Wednesday the plan was dead.
Students, protesting new tuition fees, camped out in the school president's office.
Mayor Michael Bloomberg gave the commencement speech to Cooper Union's graduating students.
About 50 students from the Cooper Union were camped out in school president Jamshed Bharucha's office.
Barricaded students living inside the school continue their clock tower protest.
Eleven students from the school have locked themselves in the school's Cooper Square building.
The struggling St. Mark's Bookshop struck a deal with landlord Cooper Union this week.
Cooper Union students and alumni peppered school president Jamshed Bharucha with questions about a possible tuition charge at a meeting Wednesday night.
The Cooper Union in the East Village is considering charging students tuition for the first time to cope with a $16.5 million budget deficit.
The St. Mark's Bookshop has been seeking a rent reduction to save the struggling store.
The St. Mark's Bookshop owners said landlord Cooper Union has offered to defer a month's rent to a later date, but has not reduced the store's rent as requested.
A letter by author Salman Rushdie is among tens of thousands of petitions set to be delivered to the Cooper Union Tuesday asking the school to reduce the St. Mark's Bookshop's rent, organizers said.
Supporters of the store sang an original song pleading for the school to lower the shop's rent at the inauguration of new Cooper Union president Jamshed Bharucha Tuesday.
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