The protestors said they are unhappy about 5 percent cuts called for by Chancellor Holden Thorp.
In a news release to the media, organizers said the cuts "will have deep impacts on student services across campus, class sizes and availability, and will result in dozens of workers losing their jobs and hundred more positions being left unfilled, which will put a huge strain on already overworked employees of the university."
Some of the protestors at the event Thursday held signs reading "chop from the top" - referring to school administrators.
In previous statements to the media, Chancellor Thorp has called the proposed cuts "tough," but said making smaller cuts now will save more jobs down the line.
Thorp and UNC System President Erskine Bowles have lobbied for furloughs for state employees as a way of reducing potential layoffs.
"On a furlough, I can save about 8 million dollars a day," said Bowles last week.