The Triangle Business Journal has a nice slideshow that highlights how much each school in the NC university system spends per degree conferred in 2011-12. Here's a handy-dandy list, by school, of the amount spent per degree and the number of degrees conferred:

1. UNC School of the Arts – $115,840 (300)
2. UNC-Chapel Hill – $115,376 (7,630)
3. Elizabeth City State – $114,652 (429)
4. NC Central – $82,547 (1,521)
5. NC A&T – $78,160 (1,665)
6. UNC-Asheville – $66,898 (723)
7. Winston-Salem State – $61,797 (1,472)
8. UNC-Pembroke – $61,475 (1,119)
9. East Carolina – $61,024 (6,009)
10. NC State – $59,408 (8,347)
11. Fayetteville State – $59,370 (1,151)
12. UNC-Greensboro – $55,593 (3,977)
13. UNC-Charlotte – $50,609 (5,294)
14. Appalachian State – $45,630 (4,246)
15. UNC-Wilmington – $44,854 (3,189)
16. Western Carolina – $44,383 (2,375)

FYI, the system average was $66,540 per degree and the number of degrees conferred system-wide was 49,447.