More and more college presidents are becoming millionaires, according to a study of 2008 calendar year pay by the Chronicle of Higher Education. The highest paid president was the late Bernard Lander of Touro College, who was paid $4.79 million, including retroactive compensation paid to his estate. Following him were John Brazil of Trinity University in Texas at $2.78 million, and R. Gerald Turner of Southern Methodist University at $2.77 million.
The Washington Post reports, "The million-dollar college president is a recent phenomenon. No president earned that much in 2004. Last year's Chronicle survey found 23 seven-figure presidents."
Perhaps this news fits with the fact that tuition is rising to record levels even as the economic downturn continues and unemployment among young people is at record levels because of Obama's policies. Parents have one more fact to consider when they ask why tuition is going up so quickly.