CHAPEL HILL -- The Board of Governors for the University of North Carolina system unanimously approved budget issues that will put caps on tuition and paying for financial aid.

All North Carolina universities in the UNC system will not be able to raise tuition more than 5 percent annually for the next four years. The amount of tuition that goes toward need-based financial aid is also now capped at 15 percent.

Folt and other chancellors have said they'll now look for other ways to fund financial aid. That will likely mean scholarships for some, and more student loans for most.