(Jen Chung) NYU students pay at least $40,000 in tuition (and over $10,000 for on-campus housing-PDF) for the acadmic year—an insane amount. But it makes sense when you consider that NYU not only forgives mortgages for star professors but also helps buy vacation houses for star professors and other esteemed administrators.
The NY Times has the depressing details today. For instance, NYU President John Sexton has a place on Fire Island—"an elegant modern beach house that extends across three lots... bought with a $600,000 loan from an N.Y.U. foundation that eventually grew to be $1 million, according to Suffolk County land records."
It is one of a number of loans that N.Y.U. has made to executives and star professors for expensive vacation homes in areas like East Hampton, Fire Island and Litchfield County, Conn., in what educational experts call a bold new frontier for lavish university compensation.
....Universities in similar circumstances, like Columbia and Stanford, also have helped professors and executives with home loans. Aid for vacation properties, however, is all but unheard-of in higher education, several experts in university pay packages say.
“That’s getting to be a little too sexy even for me, and I have a good sense of humor about these things,” said Stephen Joel Trachtenberg, a former president of George Washington University who has publicly defended high salaries for professors and university executives. “That is entertaining, actually. I don’t think that’s prudent. I don’t mind paying someone a robust salary, but I think you have to be able to pass a red-face test.”
Photo Credit: Getty Images