The Chronicle of Higher Education reported that twenty-three college presidents made over one million dollars for the 2007-08 year as college tuition for students became costlier. The highest paid president made around $1.6 million but no president fell under $1.2 million. The question remains: are these salaries warranted?
Tuition has been increasing steadily and many college graduates at just the undergraduate level are walking out of college with anywhere from $30,000 to $50,000 in college loan debt, if not more. That doesn’t count Master’s or Doctorate degree debt. A Master’s is almost required these days for a shot at employment so it’s not unheard of to add an additional $60,000 to $80,000 on top of undergraduate fees.
However, in relation to these rising tuition fees is the salary of these college presidents all that inflated? There are countless responsibilities and politics involved in presiding over a University, so are the salaries of the twenty-three college presidents deserved? Executives who received bailout money were vilified when they took their annual bonuses and along those line the report from Chronicle of Higher Education said that many college presidents are taking pay cuts, having their salary frozen, or giving some of their salary to the college so that students can benefit. The report didn’t mention which if any of the million-dollar-presidents is in this category, but the fact that it’s occurring seems to indicate some sense of responsibility on their part.
Are the salaries of these college presidents too high or does the responsibility they have to shoulder match with their pay? Yes, there are many duties and stresses involved in the job of a college president but there are also, as with any high-profile job, perks and benefits that drastically add to their income/lifestyle. Are the salaries justified in the face of rising tuition or is the salary of these college presidents simply too much?
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