The new robber barons

Study shows university presidents are getting rich quickly | Timothy Lamer

President Richard M. Freeland of Northeastern University

With college tuition prices rising at a much faster rate than that of inflation for decades, it stands to reason that somebody is getting rich. A report last week in the Chronicle of Higher Education indicates that university presidents are among the first in line at the gravy train.

The annual survey found that presidents of 12 private universities made more than $1 million for the 2005-06 academic year (the latest year for available data on private schools). Eighty-one private university presidents raked in more than $500,000, compared to 70 presidents who did so the previous year and three presidents 10 years earlier. The median compensation for private university presidents was about $528,000.

Presidents at public universities weren't far behind. The Chronicle found that eight received $700,000 or more during the 2006-07 year, up from two the year before. The median pay for public presidents was about $400,000.