The number and complexity of state and federal regulations governing U.S. colleges and universities is on the rise. Consumerism, soaring tuition costs, burgeoning student loan debt and the high expectations of parents are all converging to put higher education under increased scrutiny. Two related issues: students feeling like they do not get their money's worth and dismay over excessive executive pay, exacerbate this situation. These two trends--educational malpractice and executive compensation--are interlocked. As students continue to pour money into their educations and take on mountains of debt, they increasingly feel as though they are not getting their money's worth. This discontent is fueled by stories about overpaid administrators who live the high life while students barely scrape by. The challenge for schools today is to find a way to break this cycle and avoid the litigation that will inevitably flow from it. In response, and in the interest of self-preservation, many colleges are adding layers of oversight to their executive compensation systems by using independent compensation committees, outside auditors and consulting firms. Meanwhile, Sarbanes-Oxley, the federal law designed to reform corporate America by enhancing "transparency" and accuracy in the accounting industry, casts a long shadow over the future of executive compensation in all fields.