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CHAPEL HILL — The UNC Board of Governors could be changing the financial aid policy for all colleges across the UNC System. On Friday the board will vote on a new plan.

Currently, colleges are required to set-aside at least 25 percent of their tuition increases for financial aid. The board is considering a new proposal that removes the minimum requirement. On Thursday, the budget and finance committee unanimously voted to give the plan a preliminary stamp of approval.

Under the current proposal, each college would get to independently decide how much money to set aside for financial aid.

"The chancellor would do what is right for his student body, to bring diversity onto the campus and to take care of those young people," said Appalachian State Chancellor Ken Peacock.

According to the UNC System, 60 percent of all students in the 17-college System receive some sort of financial aid.

"Being able to have the decisions made so much closer to the students themselves who are effected by it really means that each campus will have a better financial aid program and better serve its students," said UNC Chapel Hill Student Body President Will Leimenstoll.

It is possible a college could set no money aside for financial aid, but the board feels that's unlikely.

"Investing in those opportunities is the only thing that ensures quality education and that we're producing quality students across the state of North Carolina," said Board of Governors student representative Cameron Carswell.

In effort to increase transparency, the proposal also requires each college to explain how money from tuition increases will be used.

"It will let them know how much goes for say instruction or academic support or financial aid for other students," said Board of Governors Chairman Peter Hans.

If approved, the plan will take effect for the next two school years. The entire board plans to vote on the proposal Friday morning at the Spangler Center in Chapel Hill.