Homecoming week is one of the best weeks on the Northwestern campus. It’s a time to when alumni return from around the world to reminisce about Northwestern and reconnect with friends. It’s also a time when alums naturally look back and think about what they could have done differently over the years.

I hope that at least a few future alumni will benefit from my advice when I say that you should aggressively plot a course to get out of debt. I truly wish someone had told me that when I was a student. Most of you will spend the next 15-20 years struggling with student loan payments, car payments, and credit card debt. Personal debt limits your options in life. It can leave you stuck in a job that you hate. Your credit score is nothing to brag about, it’s just an indication of how faithfully you share your paycheck with other people.

When I left NU I had two credit card accounts that I opened on campus in exchange for free t-shirts. STUPID. I’ve never understood why the university allows that practice. Alumni who are not in debt to credit cards are far more likely to make donations to the university.

Pay cash. Don’t borrow money. Get out of debt. What I am suggesting isn’t “normal” and it isn’t easy, but it is a path worth following. I don’t know anyone who is in debt who enjoys it. When the alumni gather at your dorm or Greek house this week mention this letter and ask them how they feel about owing money. No one will tell you it is a fun way to live. Learn from our mistakes and put yourselves in a position to pursue your dreams.

Jim Leonard, McCormick ‘97