Edvisors Private Student Loans

Scholarship News

Incoming University of Texas President Turned Down $1 Million Salary


May 15, 2015
by Suada Kolovic
Understanding how to negotiate your salary is a skill that you’ll hone over your career. Normally, many new employees want to negotiate for higher salaries...but for some, that's not always the case: Incoming University of Texas at Austin President Gregory Fenves turned down a $1 million salary because he thought it was too much. Say what?

Understanding how to negotiate your salary is a skill that you’ll hone over your career. Normally, many new employees want to negotiate for higher salaries...but for some, that's not always the case: Incoming University of Texas at Austin President Gregory Fenves turned down a $1 million salary because he thought it was too much. Say what?

According to the Austin American-Statesman, Fenves said (in emails obtained by the newspaper) that a $1 million salary was "too high for a public university" and that it might prompt "widespread negative attention from student and faculty given the difficult budgetary constraints of the past five years." Instead, he requested a salary of $750,000 and requested that an annual bonus be capped at 10 percent of his base salary. "It's very, very unusual, especially with what's going on today with presidential salaries. They keep going up and up and up," said James Finkelstein, a public policy professor at George Mason University who studies executive compensation in higher education. (For more on this story, check out Inside Higher Ed.)

What do you think of Fenves' decision to request a lower salary? Should more college presidents follow in his footsteps? Share your thoughts in the comments section.

Just because there are millions of college scholarships out there doesn’t mean you have time to go searching, and many won’t even match your profile. We’ve done the work and Scholarships.com is totally free. We have the search algorithms and scholarships database, saving you time in searching, finding and applying to thousands of dollars in college scholarships. Get instantly matched to scholarships that meet your unique talents, skillset and strengths, only those you qualify for. Access a complete list of college scholarships now by conducting a free college scholarship search at Scholarships.com.

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

Jacqueline  on  6/9/2015 4:44:43 PM commented:

He is following the President of the United States lead. Sacrifice! Good for him!!!

Nik K.  on  6/2/2015 3:34:02 PM commented:

To Lisa T.: I agree with you that the world we live in is greedy, but it is not Mr. Fenves' fault. The $1M is an normal salary for such a high level position, so if, say, I apply for the presidential position and ask $125k, most likely the impression will be that I suck as a president. Additionally, if the position is valued at $1M, and I'd say "Oh, $100k would be enough," don't you think they'll deduce that I plan to work to those 10%? I think, like most everyone here, that Mr. Fenves' decision to cut his salary by 25% is commendable. Talking about rejecting $1M offer when you don't have it is very easy. Turning down $250,000-a-year chunk of the salary when holding the offer in your hands takes courage. Way to go, Mr Fenves!

Lisa T  on  5/21/2015 11:19:01 AM commented:

$750,000 ? There is not a job on this planet that deserves anything more than $125,000. We live in a sickly greedy world. 3.5 million children are malnourished in the world Yes here in the U.S as well....How many meals could $750,000 pay for ? Really ? Commend, admire, he's noble ? These are big words to be used for those sitting in ivory towers taking credit for the labor of others. Get some perspective people. Better yet educate yourself.

Christy S.  on  5/21/2015 6:34:02 AM commented:

I believe it is very commendable for him to negotiate down the salary. Most people are all about the almighty dollar, but it seems that this man has compassion for his students and faculty and knows how hard it can be to get into a good school if you don't have the money. He is one that should be a model for all other presidents of universities and should set the trend. Thank you, Mr. Gregory Fenves for being an honest and sincere authoritative figure.

s. smith  on  5/20/2015 3:49:27 PM commented:

Why should the president of a public college/university make more than the president of the United States? I admire his decisions.

A. Ulmer  on  5/19/2015 8:45:15 PM commented:

Hats off to President Gregory Fenves for such a nobal act. It's unfortunate that capitalism has set its branches so firmly into education. Schools are supposed to be non-for-profit institutions, but instead of using student loans to line their pockets they are lining their sidewalks with expensive shrubbery and building $10M buildings year after year.

Jose A  on  5/16/2015 1:04:07 AM commented:

I read first about that 1 million salary offer and I though that it's just not right for a president to have such a salary, especially when all students end up with thousands of dollars in loans. University should rather offer grants to deserving students or more academic scholarships, since UT has the best students - top 7%. I think that will be really helpful. I do commend him to lower his salary. He will still be very well off even with 750,000.

The coronavirus pandemic has affected nearly everything about college – and for some schools, that includes tuition. Beyond tuition freezes or removing application fees, these colleges have gone one step further in reducing costs for their students. A tuition discount recognizes not only the economic difficulties many students and their families are facing due to COVID-19, but also acknowledges that mostly or entirely online classes are generally not perceived as being worth the same amount of money as a full residential college experience. Some of these institutions also plan to offer additional scholarship funding to the students who need it most.

Schools Offering Tuition Discounts This Fall

August 14, 2020 11:41 AM
by Izzy Hall
The coronavirus pandemic has affected nearly everything about college – and for some schools, that includes tuition. Beyond tuition freezes or removing application fees, these colleges have gone one
You may be surprised to learn that many of your fellow college students struggle with hunger. About 1 in 5 students are affected by food insecurity. In a normal time, not getting enough to eat can impact students’ grades, health and ability to finish their degrees. And a loss of campus jobs, housing and meal plans due to the pandemic puts more students in danger of going without the food they need. That’s where student-run food banks and pantries come in.

Student-Run Food Banks Making a Difference on Campus

August 11, 2020 10:57 AM
by Izzy Hall
You may be surprised to learn that many of your fellow college students struggle with hunger. About 1 in 5 students are affected by food insecurity. In a normal time, not getting enough to eat can
Philanthropist MacKenzie Scott, founder of the Giving Pledge charity, has been looking to donate her considerable wealth to worthy causes. Among the charities and institutions where she has donated money are a number of Historically Black Colleges and Universities (HBCU), including Howard University and Tuskegee University.

Charitable Donations to HBCUs from Noted Philanthropist

August 6, 2020 11:29 AM
by Izzy Hall
Philanthropist MacKenzie Scott, founder of the Giving Pledge charity, has been looking to donate her considerable wealth to worthy causes. Among the charities and institutions where she has donated
The federal work-study program is a way in which college students can work part- or full-time while simultaneously attending school in order to help pay for college-related expenses. The program, available at the undergraduate, graduate and professional level, may face some changes amid the novel coronavirus pandemic.

College Work-Study Jobs Face Changes During Pandemic

August 4, 2020 4:04 PM
by Susan Dutca-Lovell
The federal work-study program is a way in which college students can work part- or full-time while simultaneously attending school in order to help pay for college-related expenses. The program,
Senator Lamar Alexander of Tennessee, the current chairman of the Senate education committee, has recently proposed the Student Loan Repayment and FAFSA Simplification Act, a piece of legislation that would allow students with no income to forgo federal student loan repayments. His recommendations, which he developed with bipartisan support, would also simplify the FAFSA and reduce the number of federal loan repayment options from nine to two.

Senator Outlines Student Loan Relief in New Proposal

July 30, 2020 11:49 AM
by Izzy Hall
Senator Lamar Alexander of Tennessee, the current chairman of the Senate education committee, has recently proposed the Student Loan Repayment and FAFSA Simplification Act, a piece of legislation
Have your financial circumstances changed due to COVID-19? You’re not alone. Many students and their families have faced unemployment, reduced job hours and general loss of economic stability in the wake of the pandemic. And as the FAFSA determines your Expected Family Contribution (EFC) based on income from the previous year, students may have greater financial need now than they did when they initially filed for federal aid. Unfortunately, the deadline to submit the FAFSA passed at the end of June. However, it is not too late to appeal your student financial aid from your chosen institution.

It’s Not Too Late: Guide to Appealing Financial Aid

July 28, 2020 1:20 PM
by Izzy Hall
Have your financial circumstances changed due to COVID-19? You’re not alone. Many students and their families have faced unemployment, reduced job hours and general loss of economic stability in the
The FAFSA is a critical tool for both applying to colleges and applying to scholarships – in fact, need-based scholarships often require that you submit the FAFSA as part of your application. So, in a time of economic uncertainty caused by the coronavirus pandemic, it’s surprising to learn that many low-income and minority students did not submit the FAFSA for the upcoming academic year even though they would’ve been eligible for federal aid. At Scholarships.com, we don’t want students to miss out on any form of college financial aid. Applications for the next academic year will open soon, so get prepared by reviewing these FAFSA facts.

The FAFSA: Why You Should File (And How!)

July 23, 2020 3:47 PM
by Izzy Hall
The FAFSA is a critical tool for both applying to colleges and applying to scholarships – in fact, need-based scholarships often require that you submit the FAFSA as part of your application. So, in
While the CDC has not finalized their guidelines for reopening schools for the Fall 2020 semester, the New York Times discovered an unreleased document in which the organization reviews the safety protocol of a handful of institutions of higher education. How are the reviewed schools planning on confronting the coronavirus on campus this fall?

CDC Reviews Higher Ed Reopening Plans for Fall 2020

July 21, 2020 11:47 AM
by Izzy Hall
While the CDC has not finalized their guidelines for reopening schools for the Fall 2020 semester, the New York Times discovered an unreleased document in which the organization reviews the safety