Tuition revenue and enrollment for colleges are falling, but the people at the top aren’t feeling the pain.2011 was a banner year for executive pay on campus, with college presidents raking in more money than ever before. Including bonuses and benefits, 42 presidents took home $1 million. This is already difficult to defend, but it will look even worse when colleges begin tightening their belts.

College enrollment is down across the board, but small private schools are feeling the pinch especially hard, and the changing demographics of college students are doing them no favors. How many of these schools will still exist in 20 years?