He played three seasons of college basketball for the North Carolina Tar Heels under Dean Smith and later Bill Guthridge. During the 1997–98 season, he was a member of new coach Guthridge's "Six Starters" system that also featured Antawn Jamison, Shammond Williams, Ed Cota, Ademola Okulaja, and Makhtar N'Diaye. During his sophomore and junior seasons, Carter helped North Carolina to consecutive ACC Men's Basketball Tournament titles and Final Four appearances. He finished the 1997–98 season with a 15.6 points per game average and was named second-team All-American, First-Team All-ACC, and to the fan's guide third-annual Coaches ACC All-Defensive Team. In May 1998, Carter declared for the 1998 NBA draft, following his classmate Jamison, who had declared earlier that spring.