At a time when so many college grads are saddled with debt and looking for work, this sort of thing looks pretty bad.

Robby Soave of The Daily Caller reports.

NYU president will collect millions, then step down

New York University President John Sexton has decided to resign, following weeks of criticism over the lavish perks he received — including a vacation home financed with university loans.

He is set to leave NYU in 2016 — after collecting a $2.5 million bonus.

Sexton makes $1.5 million a year, and is one of the highest paid college presidents in the country. He also took advantage of a university loan program that helps top faculty and administrators afford luxurious vacation homes on New York’s Fire Island and the Hamptons.

His tenure as president was marked by a dramatic shift toward growing the business prestige of the university, as well as its physical boundaries. He has enacted a $2 billion expansion of the campus, angering residents and some faculty members, who voted “no confidence” in his leadership.

NYU’s board of trustees stressed that his decision to leave was his own, and that they remained happy with his leadership.

The loan program for vacation homes ruffled feathers after its existence was revealed in a New York Times article in June.

“It’s hard to see how the student with a lifetime of debt benefits from his university leaders’ weekend homes in the Hamptons,” said Iowa Republican Sen. Chuck Grassley in a statement about NYU’s loan program.

NYU announced last week that it would modify the loan program to only cover first homes. Faculty and administrators will no longer be allowed to finance vacation homes, according to a press release.