Surging administrative expenses is one reason the average cost of higher education has skyrocketed 70 percent during the past decade — twice the rate of inflation.
The Boston Globe reports that elite schools, such as Brandeis, now charge nearly $60,000 a year or more for tuition, room and board.
Meanwhile, the number of college administrative jobs has increased 57 percent over the past 10 years as pay for university presidents has soared, with dozens receiving at least $1 million a year.
Many other college presidents across the nation are negotiating exit packages when they step down, which critics say is symptomatic of schools’ uncontrolled spending on salaries and other projects that push up the cost of higher education.
Some examples from the Glob article:
- Lawrence S. Bacow, president emeritus of Tufts, received $1.7 million in 2011 for “end of service compensation.”
- At Harvard, president Lawrence Summers kept his presidential salary of $580,000 for several years after he stepped down in 2006 (even as he earned millions working for a hedge fund).
- And Wellesley College had two former presidents on its payroll in the last six years, including one who received $430,000 a year for two years after she retired and her duties ended.
Read the full article.