Dive Brief:
- University of North Carolina campuses cannot devote more than 15% of their tuition revenue to financial aid under a new policy unanimously adopted Friday by the system's Board of Governors.
- The policy is an attempt to hold down tuition, but university officials warned that it could lead to student loan debt doubling within a few years.
- For the six schools in the university system already over the 15% threshold, financial aid levels will be frozen.
Dive Insight:
Some critics called the policy change a right-wing ideological move that will force schools to find private funding to fill the gap for financially needy students, the News & Observer reported. Among the campuses that already exceed the 15% level are North Carolina State, North Carolina Central, and UNC-Chapel Hill, the News & Observer reported. The Chapel Hill campus has set aside 20% of tuition revenue for financial aid, with 43% of its students receiving need-based financial aid.
