The Money Times

November 17, 2008

Washington -- Salaries for public university presidents rose 7 percent in 2007 and 35 percent since 2003, the Chronicle of Higher Education said Monday.

With salaries for university presidents rising faster than the cost of living, some private university presidents now earn more than $1 million a year, The Washington Post reported.

With tuition costs rising, the higher salaries rankled Sen. Charles Grassley, R-Iowa.

"In these hard economic times, apparently belt-tightening is for families and students, not university presidents," Grassley said.

"We shouldn't put the burden on students," said Gregory Cendana, vice president of the U.S. Student Association.

"When we're talking about salaries almost at $1 million, where is the relief for students?" he asked.

But, John Hopkins University spokesman Dennis O'Shea defended the money paid to university president William Brody, who earned $1.06 million in 2006.

Trustees have said Brody was underpaid given "the value he provides for the university … in terms of improving our status in virtually every area you could think of across the board," O'Shea said.-

Copyright 2008 by United Press International.