Otago University Students Association president Quintin Jane described the marchers’ mood as "excited at the collective effort — but also sad and frustrated".
Addressing the march, Mr Jane said students were "sick and tired of under-funding, cuts and being told things could be worse".
If this continued it would be education that paid the price.
He called on the Government to step up and fund universities better for equitable access to education.
Mr Jane has written twice to Education Minister Jan Tinetti this autumn but received no reply.
"Government needs to rethink its entire approach to funding tertiary education," he said.
"Enrolments of students are declining because students have to work around the clock in jobs as well as studying just to financially survive in a time of inflation, student loans and climbing debt.
"This march shows the Government that they need to do better for students.
Dunedin deputy mayor Sophie Barker joined the march on behalf of her daughter Charlotte, a second-year law student.
"The university is the beating heart of our city, and it is great to see students taking action and making their message loud and clearly."
Students expressed fear about the quality of degrees and reducing subject choice in the face of staff cuts.
They explained how their time for study was challenged by a need to earn money, some working 20 or more hours a week as well as being full-time students.
Adrienne Le Pelley, of Auckland, is studying chemistry but also taking German.
She described the proposed cuts to languages as "not cool" and "disappointing".
"A rounded education is really important to me."
