Chancellor Nicholas Zeppos is pretty open when it comes to his view on world events these days, especially as they relate to the economy. A "tough, tough" job market, rising housing costs and general uncertainty about the future are all fears he acknowledges as realities of student life here on campus.
But the 54-year-old former law professor, who took a voluntary pay cut last fall after watching the economic "storm clouds" gather, says Vanderbilt is strong and so are the students. He sat down with The Vanderbilt Hustler to discuss the crisis at hand.
"I could tell it was going to be a tough time (for the university). It was something I thought was the right thing to do," he said.
The cut, which will go into effect next year, went unpublicized until last week when Living Income for Vanderbilt Employees' No Cuts campaign delivered a letter asking the chancellor to consider decreasing his salary.
The decision was a personal one, the administrator said. Vice Chancellor for Public Affairs Beth Fortune said it is a matter of policy that the university not release salary information, but she described the cut as "substantial."
In late February, The Chronicle of Higher Education listed Zeppos' pay amount as $1,046,751 for the fiscal year of 2007, a figure Fortune called misleading because it represents his entire benefit package.
The chancellor did not have specifics on whether or not other administrators would follow suit but said he suspects they will.
"As you know, everyone is taking a pay freeze. That is very painful. That is pretty significant," Zeppos said. "The spirit that motivates me to do this is pretty strong among the others and I expect some will as well."
He also took the opportunity to announce the creation of a scholarship he is setting up for students pursuing golf. "I just thought: What better time - and it's for scholarships - than when people really need help?"
The administrator explained that in light of the recent request by students to preserve jobs and preserve current salaries, it is important to consider the give and take that must go on during this period.
The chancellor confirmed that due to rising utility costs, which make up 15 to 20 percent of annual costs, the school will be raising housing prices, although concrete numbers are not yet available.
"Our utility costs are going up dramatically, and they are going up for things we largely don't control," he said.
The situation is a difficult but clear one, he said.
"We are asking ourselves, how do you prioritize to preserve those communities? We really hope to make progress," Zeppos said. Nevertheless, he added that the situation boils down to money in the end. "There is no question, if someone says don't cut that, the savings have to come from somewhere," he said.
The chancellor said he is concerned but remains optimistic.
"I've been at Vanderbilt since 22 years ago; it was great when I came, and it is getting better," he said.
These days, though, some students are more concerned about life after Vanderbilt than what happens before commencement exercises, a sentiment the father of two understands, he says. He admitted this is the most dire of economic situations he has encountered.
"It is a really tough, tough job market ... but what I tell students is that first of all, you are very young, you might have had plans to do this or that. Those plans might have to change, though," he said.
Zeppos said it will not be easy, especially as graduates confront the reality that they are entering the market at a difficult time, but students should look at the situation with as much optimism as possible. His message to students is to "find your passion" and take advantage of the freedom youth offers.
"You are going to live a long life. There is some tremendous freedom in only being responsible for your self. Go live in interesting places and find your passion," he said.
To listen to the full interview, click here.
