The original plan stated that on Feb. 20 about 1,400 students from all schools in the system will meet at the N.C. General Assembly to lobby for several potential legislative bills.
The day's events will include a rally, speeches from student body presidents and one-on-one talks with legislators over lunch.
The UNC Association of Student Governments would field the costs of everything from the fliers to be handed out, lunch for the students and legislators and a stage and sound system.
ASG officials originally estimated the total cost to be $12,910 but have trimmed it down to $5,000.
UNC-CH Student Body President Brad Matthews said Chapel Hill has yet to contribute due to budget difficulties.
"We have not given any additional funds. We're still looking into ways to fund it," Matthews said.
"I'm hoping that the General Administration will help us out on this."
At the last ASG meeting on Jan. 13, delegates clashed over funding for the student day.
No UNC-system school had been able to determine exactly how much money it can contribute to the event.