New York University (NYU), the country's most expensive school, will not bring back president John Sexton after 2016 and will abandon a controversial loan program, Inside Higher Ed reported.

The loan program, spotlighted by a New York Times article from June, was designed to provide Sexton and other high-ranking school officials with easy loans for luxury vacation homes.

As the Times reported, Sexton had a loan for $600 thousand dollars that ended up at $1 million when it was forgiven. Comparatively, students of the school pay at least $62,000 per year in total fees and often end up with student loan debt totaling or surpassing $200 thousand.

In an open letter to the university community, NYU trustees said Sexton's contract as university president, set to expire in 2016, would not be renewed. Sexton became NYU's president in 2002 and in 2009; trustees requested he stay on until at least 2016. While it was expected that his contract would not be renewed past that date, this was the first official confirmation of the news.

In March, the College of Arts and Sciences passed a vote of no confidence in Sexton, citing displeasure with his attention fixed on global campuses. Sexton also faced criticism for the loan program and how the school was spending its money.

According to Inside Higher Ed, Sexton's supporters pointed out NYU's growth during his tenure. Popularity among undergraduates had risen, higher caliber academic minds began attending and the school's diversity had also grown.

He was also revered by other college presidents and his opinions in higher education debates were highly valued.

Criticism against him began with the reports of vacation home loans. Many other college presidents and administrators frown upon salaries being made public, but will defend compensation. What many took offense to was the already-high price of homes in New York. While some schools help their administrators and faculty find housing and good loans, vacation home loans was frowned upon.

"Universities are tax-exempt to educate students, not help their executives purchase vacation homes," Senator Charles E. Grassley, (R-Iowa) said in a statement to the Times 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."