Of course, NYU has plenty of money to loan now that they’re cutting lucrative deals with China.

Robby Soave of The Daily Caller reports.

NYU funds lavish vacation homes for top faculty, staff

New York University has loaned millions of dollars to select faculty and administrators for them to buy vacation homes, an unprecedented compensation deal critics say is excessive.

Elite colleges and universities have been known to offer their chief executives all sorts of bonuses, including high pay, cars and second residences. But NYU may be the first university to help pay for luxurious vacation homes in the Hamptons for not just its president, but also high profile faculty and administrators.

NYU loaned its president, John Sexton, $1 million to buy a three-lot beach house on Fire Island. The university helped Law School Dean Richard Revesz pay for two homes: one in West Village and the other on a 65-acre property alongside the Housatonic River, according to The New York Times.

The university defended the loans as necessary to recruit and retain elite faculty members.

“The purpose of our loan programs goes right to the heart of several decades of sustained and successful effort at N.Y.U.: to transform N.Y.U. from a regional university into a world-class research residential university,” said John Beckman, a university spokesperson, in a statement.

The university would not disclose the interest rates on any of the loans.