Colleges pay presidents millions while raising tuition

NEW YORK (CNNMoney) - Some private colleges are paying their top executives millions of dollars, at the same time they're hiking tuition prices for students.

Vanderbilt University paid its chancellor, Nicholas Zeppos, $1.9 million in 2009, according to the school's most recent tax filings - enough for up to 43 students to attend Vanderbilt at current prices. His total pay includes a base salary of $673,002, as well as bonus and other compensation.

That same year, Vanderbilt's tuition jumped 4.3%. Since then, the college has hiked tuition more than 3% annually, and now totals $41,332, according to the university.