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Time for a Change in Higher Education

Someone once said that if you do what you've always done, you'll get what you've always gotten. I think there's a great deal of merit to that.

But take one look at the state of higher education today. Tuition costs have risen at twice the rate of inflation. Student debt topped $1 trillion this year, surpassing credit card debt. Yet despite all this, the New York Times reported that the median base salary of presidents at private institutions actually increased by 2.8 percent to $294,489. At public universities, presidential pay rose 11.5 percent over the last four years, settling comfortably at $259,238.

That doesn't count the perks: vehicles, housing allowances and travel expenses. All in all, some university presidents make millions.

Take, for example, Constantine Papadakis. He's the president of Drexel University and he raked in a total of $4.9 million in 2009. William R. Brody? $3.8 million. The list goes on and on.

That's why it was so unnerving when David Warren, president of the National Association of Independent Colleges and Universities, told the New York Times that there's "just a small pool of candidates who possess the skill set that is required and are willing to take on the stressful 24/7 nature of the position."

I'm afraid that we can no longer do what we've always done, because this culture of rising institutional costs - at the expense of the taxpayer and the debt-riddled students - must stop. We need fresh and innovative presidents who are willing to face the challenges of tomorrow, not just pass the buck until tomorrow. We need to rethink the current models and cut costs before we bury our young graduates under piles of debt from which they cannot emerge.

It's time to drain the "small pool of candidates" and open presidential searches up to real innovators. It's sink or swim - and the heavy loans we're saddling our young graduates with may just pull them under.

Posted by dburnett on December 09, 2011 at December 9, 2011 02:50 PM

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