Enlow who is an Indiana University-Purdue University Indianapolis graduate said his degree did not help him get a job that paid enough to cover his $470 monthly loan bill to Sallie Mae. Enlow, 29, said he considers himself stuck in indentured servitude to Sallie Mae, his lender, because he is unable to get a decent-paying job with his current degrees to start paying a $470 monthly student loan bill. In addition to the Purdue diploma, he obtained a philosophy degree from IU through IUPUI. That one is not for sale.
The eBay sale is part stunt and part hopeful act of desperation that an "eccentric millionaire" will pick up the tab. Either way, the Indianapolis native is serious about kick-starting conversations on the worth of a college education and how it can be paid off. "The universities are handing out too many degrees that have zero real-world application," Enlow said. "It seems to me, almost any major in the humanities or liberal arts will not gain you employment with a bachelor's degree."
Purdue officials also noted that Enlow's degree was issued by Purdue's School of Science at IUPUI, not the College of Liberal Arts on the West Lafayette campus. Purdue's department of psychology will become part of the new College of Health and Human Sciences in July.
Enlow is unsure how he will pay off his debt. The $36,000 is considerably above the national average. Enlow said he would like the government to offer more opportunities for graduates to work in communities as a way to pay off higher education loans.
A report last year from Project on Student Debt found average debt levels for 2008 graduating seniors with student loans rose to $23,200, a 24 percent increase from $18,650 in 2004. Those who graduated from IUPUI in 2008 with student loans had an average balance of $25,253. The eBay auction ends Saturday. Bids for the used "authentic" diploma start at $36,000, plus $3.50 shipping.
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