University Presidents' Salary
The recent spike in college costs is causing a lot of debate in education circles. Universities often operate under a budget and increase in tuition is often seen as the best way to break even. However, the NY Times
is reporting that the pay and benefits for public university presidents are growing. There was a seven percent increase in the median salary of public university presidents for the 2013-2014 fiscal year. Heading the queue is Penn State University president Rodney A. Erickson, who earned around $1.5 million last year. It is worth noting that this is in sharp contrast to Yale University president Richard C. Levin, who earns $8.5 million per year, making him the highest paid university president in the country. In addition to salary, presidents enjoy other benefits such as housing, cars, personal trainers and maid service, among others.
Does this send a wrong message to students who are taking on enormous loans to finance their education?