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Twenty-three private college presidents had a salary of over $1 million in 2008, according to The Chronicle of Higher Education annual executive compensation survey.

Of the 419 private colleges and universities surveyed, the median pay increased 5.5 percent over the previous year to reach $358,746.

Jeffrey Selingo, editor of the Chronicle of Higher Education, said, “I think the answer you’d get from the governing boards that set these salaries is that it’s a market and it’s increasingly hard to find these people,” as he discussed why the dramatic increase in salary. “That said, almost every year, presidential salaries have gone up faster than inflation, and faster than tuition, which rankles some people on campus,” he added.

While salaries for presidents may level off next year due to the economic crisis, tuition is still on the rise. Fifty-eight of the private colleges charge over $50,000 for tuition, fees, room and board. Last year, the number of colleges to draw such a sum was only five.

The highest paid private university executive was Shirley Ann Jackson, president of Rensselaer Polytechnic Institute in Troy, N.Y., with a pay package totaling $1,598,247 in fiscal year 2008. In second place was David J. Sargent of Suffolk University in Boston, the top earner in last year’s survey, who took in $1,496,593 in fiscal 2008. Third was Steadman Upham of the University of Tulsa, whose pay package was $1,485,275.

These salaries are a recent pattern. In 2002, only four college presidents earned more than $800,000.

Many colleges have frozen salary increases since the economic downturn.

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