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?

ADVERTISEMENT

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.

Get instantly matched to scholarships that meet your skillset, strengths and unique talents. Our search algorithms match you to scholarships that fit your profile. Access a complete list of college scholarships now by conducting a free college scholarship search at Scholarships.com.

ADVERTISEMENT

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.

ADVERTISEMENT
ADVERTISEMENT
College is just around the corner, but you still have plenty of time to win scholarships for high school seniors. Now is the best time to start applying because it is your last chance to qualify for awards available only to high school students. Scholarships are one of the best ways to pay for college because you don’t have to pay them back.

Top Scholarships for High School Seniors Graduating 2023

August 17, 2022
by Ashley Eneriz
College is just around the corner, but you still have plenty of time to win scholarships for high school seniors. Now is the best time to start applying because it is your last chance to qualify for
College is a big commitment and burnout is easy if you don’t pace yourself. That said, taking a semester off is a normal thing to do while pursuing your degree. Whether you need a quick break for personal reasons or exciting opportunities, like a once-in-a-lifetime trip or work experience, here’s what you need to know about your scholarship money before taking time off.

Will Taking a Semester Off Hurt My Scholarship Money?

August 5, 2022
by Ashley Eneriz
College is a big commitment and burnout is easy if you don’t pace yourself. That said, taking a semester off is a normal thing to do while pursuing your degree. Whether you need a quick break for
The Free Application for Federal Student Aid — more commonly known as FAFSA is the key to funding your college education. Not only can the FAFSA connect you to grants, scholarships, and work-study opportunities, but filling out the form is 
also the first step to applying for federal student loans. Even though filling out the FAFSA is simple and straightforward, several misconceptions still fly around it. Here are the top FAFSA myths you need to stop believing.

FAFSA Myths You Need to Stop Falling For

July 26, 2022
by Ashley Eneriz
The Free Application for Federal Student Aid — more commonly known as FAFSA is the key to funding your college education. Not only can the FAFSA connect you to grants, scholarships, and work-study
The new semester is just around the corner, which means it is time to start thinking about how you are going to afford the new school session. Student loans can be taken out any time of the year and are useful for paying for textbooks, special classes or summer terms and additional living expenses. Choosing the right student loan can help you reach your education and career goals while still keeping your finances balanced. Here’s what to look for before you take out a student loan this summer.

Which Student Loan Is Best for Me?

June 13, 2022
by Ashley Eneriz
The new semester is just around the corner, which means it is time to start thinking about how you are going to afford the new school session. Student loans can be taken out any time of the year and
As we celebrate Asian Pacific American Heritage Month, we reflect on the enormous contributions of Asian Americans and share their culturally rich history. Asian Americans and Pacific Islanders make up the fastest-growing racial group in the United States, with more than 23 million it total. However, API individuals, communities, and businesses have been disproportionately impacted by discrimination and criminal acts that have only been exacerbated by the pandemic in recent years. Now more than ever, we need to stand united as Americans against anti-Asian racism.

Asian Pacific American Heritage Month 2022 Scholarships

May 25, 2022
by Liz Montenegro
As we celebrate Asian Pacific American Heritage Month, we reflect on the enormous contributions of Asian Americans and share their culturally rich history. Asian Americans and Pacific Islanders make
The   Voyager Scholarship was implemented by the Obamas in partnership with Brian Chesky, Co-founder and CEO of Airbnb, who donated $100 million to this program. The mission of this scholarship is to help students pursue careers in public service and solve some of our world’s greatest challenges. The Voyager Scholarship provides students access to education and travel opportunities to help expand their horizons and bring about significant change. During this scholarship’s first year, and it is estimated that 100 college juniors will receive up to $50,000 to cover tution and educational expenses, plus up to $30,000 in international travel stipends and credits. Recipients have the option to renew as seniors.

The Obama-Chesky Voyager Scholarship for Public Service

May 18, 2022
by Liz Montenegro
The Voyager Scholarship was implemented by the Obamas in partnership with Brian Chesky, Co-founder and CEO of Airbnb, who donated $100 million to this program. The mission of this scholarship is to
Summer is a great time to experience new things outside of the hectic school year routine. For students who want to beef up their resume, make some money, and have a little fun along the way, working a summer job is a great option! A part-time job gives you the unique opportunity to gain real-world experience and begin forging your own career path. You’ll also get the chance to become a better communicator by working with a wide range of customers and co-workers from all walks of life. Explore which types of work environments you might enjoy with these top 4 summer jobs (and related scholarships)!

Top 4 Summer Jobs For High School Students

May 13, 2022
by Liz Montenegro
Summer is a great time to experience new things outside of the hectic school year routine. For students who want to beef up their resume, make some money, and have a little fun along the way, working
Applications are currently open for the Pacific Gas & Electric (PG&E) Corporation Foundation’s  Better Together STEM Scholarship! Ranging from $2,500 to $10,000, the program is available to students who are pursuing STEM-related careers at universities in California and Historically Black Colleges and Universities (HBCUs) in the U.S. Eligible applicants include graduating high school seniors, college students, veterans, nontraditional students, and adults returning to school and plan to enroll in a full-time undergraduate program at an accredited four-year college or university. Don’t delay, applications close on June 3, 2022 at 3:00 PM CT.

PG&E Better Together STEM Scholarship

May 11, 2022
by Liz Montenegro
Applications are currently open for the Pacific Gas & Electric (PG&E) Corporation Foundation’s Better Together STEM Scholarship! Ranging from $2,500 to $10,000, the program is available to students