Highest-paid public university president raked in nearly $1.5 million last year

The presidents of two public colleges made over $1 million in 2014. The 65 top-earning presidents and chancellors across the country all made over half a million dollars last year – more than the president of the United States. The Chronicle of Higher Education recently released these findings in its annual report on executive compensation at public and private colleges.

In 2013, the Chronicle found that nine presidents made over $1 million. Despite the fact that only two university presidents topped $1 million in 2014, the report found that the median salary for heads of public universities rose by 7 percent in the last year, and is now up to $428,000.

President Rodney A. Erickson at Pennsylvania State University made the top spot on the list of public school presidents, raking in a total of $1,494,603 last year.

Texas A&M University President R. Bowen Loftin came in second, collecting $1,128,957, according to the Chronicle’s report. Erickson and Loftin both stepped down from their positions in 2014 and are making a large portion of their salaries in severance and deferred compensation.

The high salaries earned by college presidents have been a point of contention in recent years among professors, who earn considerably less than administrators, and students, who are paying higher tuition costs and graduating with more student debt.

The publication surveyed 238 presidents and chancellors at 220 public colleges and universities. The median compensation figures included only the 172 college leaders who were at their schools in both 2013 and 2014.