While the cost of education continues to plague students in the U.S., presidents of private institutions are raking in millions. Sure, these presidents keep their universities in high rankings, maybe they even increase enrollment, but making millions is pretty extreme. According to The Chronicle of Higher Education’s survey of private-college salaries, median pay for private college leaders rose by 5.6% in 2013. The number of university presidents who received $1 million or more in compensation declined from 36 to 32.

Though four fewer presidents now receive seven-figure earnings, the amount of money that the other 32 receive is substantial. Lee C. Bollinger of Columbia University earned $4.6 million in 2013. Since when did the pay of a university president rival that of Hollywood celebrities? At this point, one is just as absurd as the other. Students can’t afford an education, yet their leaders are millionaires. The balance makes no sense, no matter how skilled the school president may be.

[H/T nytimes.com]