U of Michigan President Urges Obama To Address Increasing College Costs
Escalating costs are making higher education inaccessible, and it is time to resolve the issue, University of Michigan President Mary Sue Coleman wrote in an open letter to President Barack Obama.
"College is costly — too costly for some families," Coleman wrote in the letter, which was published on U-M's website on Friday. "To meet the myriad needs of students and society, we absolutely must find ways to provide a college education at a cost that is sustainable.
"President Thomas Jefferson was rightfully adamant that a cornerstone of democracy is education for all 'from the richest to the poorest.'"
Coleman was invited to a private meeting earlier this month with Obama, Education Secretary Arne Duncan and presidents of other universities to address the cost of a college education. But Coleman, chairwoman of the Association of American Universities, was unable to attend due to her schedule, spokeswoman Laura Lessnau said. The letter was a follow up.
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Talk is cheap
If Pres. Coleman truly wants wants to cut college costs, she can start with her own salary and perks. While Coleman donated back most of a 3% raise for 2011, her base salary remains at $570,105. In addition to her base, Coleman also gets a reported $75K deferred compensation, $100K retention bonus, $24.5K retirement pay, and $30.85K supplemental retirement pay, plus a house and car. Giving back 3%, while laudable in itself, is but one small step in the right direction. If she and other college presidents really want to change the direction of college costs, they need to set an example by dramatically reducing their salaries and perks. Higher ed alumni also should make their contributions contingent upon presidents scaling back their exorbitant compensation packages.