An estimated 20% of business school grads are not making payments on their student loans, according to government data. And biz school grads are the best among the lot. Are we fast becoming a nation of over-educated debtors?
— via CNNMoney.com
The Sacrifices of Ken Ilgunas
To avoid student loan debt after accumulating $32k for his undergraduate degree at SUNY Buffalo, Ken Ilgunas decided to attend grad school at Duke University while living in a van near campus and eating non-perishables: peanut butter, beans, noodles, rice.
Presumably, I did not think of this first for the same reason I am not attending Duke for grad school.
Visit Ken’s blog here.
Monday.
I’ve actually just completed an interview with Yahoo! Finance, which will be posted on their site shortly. Behind the nerves I’m pretty excited to at least be able to use my experience to inform people of what not to do. I regret that my name isn’t out there for more positive reasons, but again, hopefully this will do some good.
I also came across this article by Michael Karnjanaprakorn on the Education section of GOOD.is called “Why College is Overrated” - don’t let the title alone fool you; it’s pretty interesting to see who speaks up about the cost of education vs. the likelihood of “success.”
Thanksgiving Weekend Update
Thank you so much to everyone for their contributions. This past week the support that I have gotten has been more than I could have ever imagined. I’ve been receiving so many encouraging emails, some including similar stories. I’ve also received a great deal of attention from a number of media outlets: since first talking with Gawker only a week ago, I have spoken with the likes of The Boston Herald, WGN Radio in Chicago, WCCO in Minnesota, Radio Boston, Crushable, Out of the Storm News, Daily Mail, and various University news outlets nationwide. The more exposure my story can get, the better chance that something will change within the lending system.
I wanted to thank everyone again, and explain how much all of this support means to me — no contribution has been forgotten. These donations have also made me realize how important it will be to update the site more frequently; I will continue to update as frequently as I can, as I owe this to all those who have found it in their hearts to help me in my current situation.
PS Big thanks to Fox & Friends!
update
Hi all,
While I’m extremely grateful to everyone who’s donated, I fear I’ve misrepresented myself in one way or another, as there have been many misconceptions the past couple of days.
I never intended to pass my loans along to someone else and absolve myself of all responsibility. I also never intended to come across as a “beggar.” This website was about putting it out there that I made a mistake, letting people know the extent of the debt burden I’m under because of it — that I’m not the only one in this position — and asking for help if anyone was so inclined to give it. If not, absolutely fine. If this is what it took to address the issues of student loan practices, I’m happy to have helped get the dialogue going, as obviously I’m an extreme case.
My loans are absolutely my cross to bear alone, and I’ve been making regular payments since I began my payment plan. I never intend to default, and since I have such a small chance of declaring bankruptcy, I don’t intend to take that “easy way out” either.
I don’t believe my college years were in any way glamorous, though I do realize I chose to give myself an experience that many other people can not and will not experience for themselves. It is MY fault, and mine alone, then, that I am in this debt due to “needing” to attend Northeastern 5 years ago. My gross abuse of finances to pay for my education should not be passed along to anyone else.
I do not expect donations from anyone — how could I? There was no way for me to know the kind of response I’d receive. Those who have donated have shown their support and that has encouraged me a great deal. People have provided me with various links, causing me to look deeper into legislation on student loans; people have asked questions to understand student loan situations better; and people have shared their own related issues, and I absolutely feel for them as well. I admire those who have told me they’ve paid off their loans, or those who didn’t take out more than they could handle from the onset.
By all means, please donate to any of the many causes out there over me. I’m aware that my issue will remain an issue for some 20 years due to my own poor decision-making, and other immediate causes deserve any amount you can give. Please, do not think I expect anyone’s money, particularly over any other cause.
Thank you to everyone who has been open and honest on how they feel. I appreciate all conversation on the topic and, trust me, no one has been harder on me than myself.
Thanks again,
Kelli
• http://www.collegescholarships.org/research/student-loans/
