40 college presidents took in more than $1 million each in 2011, according to a recent report published by The Chronicle of Higher Education. The data provided in the report outlines the compensation provided to 550 chief executives at 500 private nonprofit colleges in the U.S. during the 2011 calendar year.
Out of the 550 college executives, 180 of them received more than $500,000 in compensation during 2011, while the top 42 received more than $1 million. Much of the compensation came from bonus pay, deferred compensation, and nontaxable benefits, similar to how many corporate CEO’s are paid.
Robert Zimmer, the president of University of Chicago, was the top earner of 2011 receiving a total compensation of $3,358,723. His base pay, $917,993, made up only 27 percent of his total earnings. Joseph Aoun of Northeastern University took in $3,121,864, making him the second highest paid college president. His base pay was $674,498, a mere 21.6 percent of his total compensation.
Meanwhile, a report published recently by the Institute for College Access & Success Project on Student Debt reported that the average college graduate in 2012 left school with an average of $29,400 in student loan debt. This amount increased from an average of $26,600 in 2011. In addition, it was reported that seven of every ten college seniors graduated with student loan debt, one fifth of which was owed to private lenders who charge exorbitant interest rates.
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