Why student loans are a scam

Подписаться 3,8 млн

Просмотров 1,8 млн

50% 1

Why student #loans add up more than you think!
✰ 𝐀𝐁𝐎𝐔𝐓 𝐌𝐄 ✰
I’m Dr. Dana Brems, also known as Foot Doc Dana. As a Doctor of Podiatric Medicine (DPM), I treat everything from trauma including broken bones, other sports injuries, foot wounds, calluses, thick or ingrown nails; you name it! Being a #doctor is a serious job, but we can have a lighthearted side too. That's why I created this channel- to make medical themed #shorts videos for fun, while also helping to answer your questions.
𝐁𝐎𝐎𝐊 𝐀𝐍 𝐀𝐏𝐏𝐎𝐈𝐍𝐓𝐌𝐄𝐍𝐓 𝐖𝐈𝐓𝐇 𝐌𝐄 𝐈𝐍 𝐋𝐎𝐒 𝐀𝐍𝐆𝐄𝐋𝐄𝐒 → footdocdana.com/book
Please SUBSCRIBE & tap the bell for new #finance #shorts videos! ru-vid.com?s...
𝐋𝐄𝐓'𝐒 𝐂𝐎𝐍𝐍𝐄𝐂𝐓:
Instagram / footdocdana
TikTok www.tiktok.com/@footdocdana?l...
Twitter / footdocdana
Facebook / footdocdana
Pinterest / footdocdana
Clubhouse joinclubhouse.com/@footdocdana
Snapchat → footdocdana
𝐅𝐎𝐎𝐓 𝐂𝐀𝐑𝐄 𝐅𝐀𝐕𝐎𝐑𝐈𝐓𝐄𝐒:
Insoles footdocdana.com/powerstep 10% off code footdocdana
Fun socks footdocdana.com/socks 10% off code footdocdana
Callus Cream footdocdana.com/callus
Pumice Stone footdocdana.com/stone
Electric File footdocdana.com/file
𝐒𝐇𝐎𝐏 𝐌𝐘 𝐋𝐎𝐎𝐊:
Amazon store footdocdana.com/amazon
White coat footdocdana.com/coat
Scrubs footdocdana.com/scrubs
Stoggles eye-shields footdocdana.com/eyes use code footdocdana
TULA skincare footdocdana.com/TULA use code footdocdana
𝐃𝐈𝐒𝐂𝐋𝐀𝐈𝐌𝐄𝐑𝐒:
→ Links in this video description are affiliate links, which means I will make a small commission if you click them and make a qualifying purchase, at no extra cost to you.
→ Opinions expressed are solely my own and do not express the views or opinions of my employer.
→ The information in this video is not intended nor implied to be a substitute for professional medical advice, diagnosis or treatment. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your own doctor/health professional.
𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐄𝐌𝐀𝐈𝐋: Footdocdana@gmail.com
#reaction #react #financialliteracy #loancalculation #loans #studentdebt #studentloandebt #college #daveramsey

Опубликовано:

4 ноя 2021

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 2,7 тыс.

@FootDocDana Год назад

Thanks for watching! 😊 If you like the video, *SUBSCRIBE* for more! I’m also at → instagram.com/footdocdana & vm.tiktok.com/ZMRh5Atyj

@Dr_Steve.N 2 года назад

Man I need to learn exel.

@umangdbz 2 года назад

That's Google Sheets

@danl.4743 2 года назад

Excel

@AlexeiArntzen 2 года назад

You can learn what she did in less than 30 min. It's useful! Give it a try

@kayf_ahmad 2 года назад

Literally

@mohibelahi2189 2 года назад

Yea bro once you do you can really excel at life.

@rmsfavoritelilcrab4006 2 года назад

Loans, doing taxes, managing money in general should all be taught in school 100%. I’m 20 years old and I learned the quadratic formula 6 years ago. I have not used the formula in 6 years and probably won’t use it much for the rest of my life...

@Azoth5876 2 года назад

Compound interest is a pretty standard part of our curriculum in Australia. Pretty sure it was either yr 10 or 11 maths.

@vedantharwani9278 2 года назад

Yea I’m sure you did compound and simple intrest in math along with that, school teaches a variate of things for all different carriers some information might not be applications your future but you might be to others and at that age you can’t be sure what you want to do so you learn it all. Second the reason simple math is taught is not because math is important knowledge rather it builds critical thinking

@user-nz5gy2dv6u 2 года назад

@@blank-vj1mc That’s… such an ignorant thing to say lmao. Not everyone has a parental figure in their life.

@alexlanyi2329 2 года назад

The quadratic formula is really important though...

@TheTashaDrama 2 года назад

Tbh I wouldn't have listened

@SwrveYT 2 года назад

Never taught Interest, Loans, Mortgage, Purchases, Money Averages, Taxes, Bills, Payments, Money handling, expenses, Self Employment, Tax Brackets - so just the basic life stuff…thank god I know about Pythagorus’ Theorem though! I can safely say that I’ve learnt much more ‘life-handy’ information from RU-vid videos than school. And I paid a lot of attention in school…

@JinTheAceStar 2 года назад

Most math is actually important and especially basic trigonometry

@pokegamerXD 2 года назад

I'm very grateful that we actually got taught lots of useful stuff in school like this. Far from perfect, we could still lesrn how to do our taxes n stuff but personal finance they nailed it down in school in Austria.

@potato1084 2 года назад

Don’t forget investing too!

@potato1084 2 года назад

And credit scores

@zaydabbas1609 2 года назад

I thought every school taught about loans, I was every year of high school

@AlphaEngineer2022 2 года назад

Schools won’t ever teach you this because they want you to go into debt with them, you are their customer😦

@dctribute9865 Год назад

Finally a genius

@nikitamakarchuk6225 Год назад

My College literally taught me this

@richradtylr4 10 месяцев назад

More like the potential slave. " The borrower is slave to the lender"

@rickyanke9407 9 месяцев назад

We literally taught this information in Freshman Seminar, as does thousands of colleges. College professors and instructors want their students to be informed members of society. We prefer an educated public to an uneducated one.

@matthewcaldwell8100 6 месяцев назад

Public high schools want you to go into debt to colleges? How does that benefit them?

@qyannam7375 2 года назад

Seeing this make me feel really grateful to be born in a country where it's still considerably easy to apply and pay for college without having to get a loan. There are a lot of scholarships with low requirements.

@caitlinjopepe541 2 года назад

Bro where are you?? Adopt me?

@jackduncan7214 2 года назад

Aussie?

@jessiegustine1486 2 года назад

lmk where?

@user-nx3iu8op7w 2 года назад

@lugia741 subsidy? scholarship? Or something else is what you meant right? (im guessing its prolly close to subsidy or scholarship)

@BrunaSilva-hs9sv 2 года назад

In Portugal it's HELLA cheap too

@mabrysumner1358 2 года назад

Yes, they used to teach that in school. It’s not just “student loans”, but that is how “Interest” works. It works the same if you are saving and earning money on Interest.

@evelynabrahamwesley2809 2 года назад

Why did they stop?

@wadebrewer7212 2 года назад

@@evelynabrahamwesley2809 why do you think.

@evelynabrahamwesley2809 2 года назад

@@wadebrewer7212 so that we could blissfully be dumdum ?

@shanescatsandcannabisfarm2965 2 года назад

Exactly! She is a dr and seriously didn't know that. I grow weed for a living and apparently know more about math than a dr.

@hamzamian6048 2 года назад

@@evelynabrahamwesley2809 They didn't stop. I don't know why he said, "they used to" because they still do. If you are educated in the U.S. at some point in high-school math you will be taught the formula for simple interest and compounding interest. They won't tell you to make wise financial decisions but definitely are taught the formulas to figure out how much you'll pay in interest. Most loans actually breakdown the amount that goes towards the principal as well as the amount from each repayment that is towards the interest. The total interest paid at the end of loan period is shown when you accept the loan terms. You actually don't even need to be taught how to calculate it. She's just a idiot.

@nataliearciniega2103 2 года назад

The funny thing is we were taught this, i remember learning about compound interest. What the school system doesnt do but should is always relate real world examples to the math. Some kids aren't as smart (or at least i wasn't) and cant relate therefore we forget these things we were taught because we deem them unimportant. Edit: changed teachers to school system

@luis6633 2 года назад

You mean the school system, not teachers.

@nataliearciniega2103 2 года назад

@@luis6633 I'm edit that :) good to point out

@luis6633 2 года назад

@@nataliearciniega2103 👍

@Built2kill 2 года назад

We were all taught this. We just didnt care

@aliciarousey7815 2 года назад

It wasn’t “taught” it was mentioned! Much like slavery and reconstruction, you are not going to be given any real world applications, or enough information to relate it back to your own life. Both omissions perpetuate racism and inequality.

@harrisonbicknell8482 2 года назад

Granted interest was taught in school it wasn’t taught in a way someone would actually use it in real life, it was taught through some booty cheek math classes

@tropingreenhorn 2 года назад

if you are a moron

@harrisonbicknell8482 2 года назад

Could I also be an idiot? There’s so many options

@user-ty2fm3ge9m 2 года назад

Isn’t this just a simple interest question with the starting amount as 50000 and interest rate as 5%?

@ehekatzin.belai-al-rumi 2 года назад

Teachers can explain things but they can't understand them for you.

@paulchristopherlittle 2 года назад

Booty snatchers!!!

@maximumovermuslim6337 2 года назад

3rd year med student here. I chose to apply to NHSC's scholarship program which covers your tuition and offers a monthly stipend. It's not the same as HPSP which is tied to the US military. NHSC's deal is that they'll cover you as long as you dedicate yourself to FM, IM, Ob/Gyn, or Psych and work 2-4 years at a health-professional shortage area, which could be a lot of places you live near, not just rural. Downsides: specializing becomes a real challenge. It will require going back into a fellowship you desire AFTER completing your service term and competing with fresh residency graduates. Also, it's a binding contract so no one should apply unless they are 100% certain they will abide by all the rules. Read the scholarship program guidance completely. Upside: you will not have a dollar of debt out of med school.

@senseiturtle 2 года назад

Attending physician, and medschool asst. prof here. Read the fine print extremely carefully. I've watched this exact program not live up to its promises. On top of that, the work you do in the undeserved area might pay you very little. Speak with your counselors and mentors in your medschool before committing. I hope that, whatever you choose, it works out.

@blank_line 2 года назад

Same for me. In my country we don't really have student loans, so many students just apply for this kind of program and after the uni they are sent to some regions, where doctors are needed and work there for 2 years. If they want to stay for longer, they are provided by an apartment and have a higher paycheck

@Molly-vo2nx 2 года назад

Thank you for this comment. I’m planning on becoming an Ob/Gyn and this comment was extremely helpful to me.

@maximumovermuslim6337 2 года назад

@@senseiturtle you're right I have seen stories of where this goes south, and I absolutely expect to be paid less working at those HPSAs for 4 years. However, slightly less pay for an extremely finite amount of time is far better than a lifelong debt

@maximumovermuslim6337 2 года назад

@@senseiturtle tldr backing out of the contract is a massive problem. It could cost you $1M+. If you choose to commit, it needs to be a deeply deliberated choice as you'll be signing a binding contract.

@williambishop4508 2 года назад

As someone looking into a degree that could easily get into the 6 figures in terms of debt. What advice would you give for student loans of that nature? Looking back would you have done different?Anything? Student loans are by far one of the greatest problems in America.

@STMARTIN009 2 года назад

Start off at a community college and then a 4 year state school to save thousands of dollars.

@casandrasmith2955 2 года назад

You

@NickKnightx 2 года назад

Don't pay less than the minimum. It's be slow but it won't increase

@64imma 2 года назад

Go to Norway and get your degree there. That's my advice

@amieparham7657 2 года назад

Be sure there are actually jobs available in that field. Intern in that field or get some experience and be 100% sure you actually want to do that thing before you start school.

@rosiearts7199 2 года назад

More kids need to be paying attention to this shit. All my friends went to college immediately when they graduated and changed their majors multiple times, prolonging the amount of time they’ll have to spend in school, and half of them have already dropped out without finishing even an associates butt “it’s the college experience that matters” and were confused that I waited 2 years to fully decide what I wanted to study and then went to a tech school when I could afford it with no loans. Now they’re all stressed about money, and I don’t have the heart to tell them that their money troubles haven’t even started. Bc their loans r still on hold.

@janetyingy Год назад

Damn

@stanis8431 10 месяцев назад

They won't. They are more interested i hanging out, making out, and smoking weed. School didn't teach them how to waste years of their lives, but they learned it.

@angelkat333 24 дня назад

Taking a year off between high school and college should be normalized! Do some soul searching, research, volunteering. I know too many people who realized $20,000+ later that they were not happy with the path they were taking.

@vesislavaofficial 2 года назад

I went for bachelor and masters degree in arts and I was able to pay for all of it plus room and board by working a side job after my classes. I love Europe

@whatisrealknowtheformula6137 2 года назад

Oh, burn…

@FADGhost70 2 года назад

@@whatisrealknowtheformula6137 Hey but you have real Freedom given to you by the US constitution! Sadly most lack the currency that grants freedom. That’s right not your constitution is freedom money is. Without money you’re worthless. Thats what they tell children when saying be good in school. Without huge money reserves which „work“ for you passively in some investment portfolio and generating interest. Which is basically the labor of all working people. Let’s be real money cannot work ever tried giving the old Franklin a shovel?

@dillon6280 2 года назад

@@FADGhost70 youre weird bro. get off the internet for a while.

@FADGhost70 2 года назад

@@dillon6280 You’re just another person who does not understand our economic system.

@dillon6280 2 года назад

@@FADGhost70 what made you come to this conclusion? me calling you weird?

@michaelsnell4034 2 года назад

so, you have the skill, the drive and the knowledge, yet your "higher paycheck" is nullified. geeze

@ffrai3094 2 года назад

@Riss A how will your loans be paid off "fairly quickly" if you only pay a little more than what the interest rate adds?

@elken16 2 года назад

Not to mention, being a Dr you have learned how to keep yourself healthy so that you can live and work longer, thereby earning much more than someone with a high school education. A good education teaches you how to keep adding to your knowledge base and also how to apply that knowledge yourself. As doctors, they have to be good examples to those for whom they care. That said, there are ways to pay more towards the principal and push down your interest. Not to mention refinancing once you have better credit scores. Investing and having a retirement account are a must from day 1 if not earlier.

@chrisjohnson7872 2 года назад

@@iamrobot396 Wondering, what would you recommend a guy who doesn't want to go to law or med school, but fears the inevitable outdating of tech degrees?

@dancechica 2 года назад

@@elken16 Except that the job is pretty tough on healthcare workers, so knowledge of keeping one healthy. Working night shift and getting bad sleep almost guarantees heart disease

@williamfranklin6283 2 года назад

@@chrisjohnson7872 Get a trade. To do it all over again I would be an electrician, it easiest on the body. Then plumber, carpenter, welder in that order. Get into a union with retirement plan or after you are experienced start your own business. BTW I'm an auto mechanic, turned shop owner, turned real-estate investor.

@novemberrobinson5584 2 года назад

It's actually so true, we should be taught such things. They're far more important than some of the crap we study

@-Sam69 2 года назад

Don’t blame the school when you were sleeping or skipping classes 😂😂 we all were taught basic interest

@natemelfi1578 2 года назад

It's annual interest not monthly. She applies it to each month as 5% not the whole year. If it's compounded monthly she should use (.05/12)

@sorry2527 2 года назад

You can learn these things though. Maybe if you were an adult 40 years ago, then it might be hard. You are using RU-vid. There is no excuse why you can’t teach yourself these things. If you are able to use the internet to look at videos, there is no reason you can’t learn how to take care of your finances.

@abhinavs0994 2 года назад

We were taught this in school and not just one class but an entire month.

@ThatsaToilet 2 года назад

@@-Sam69 not me

@BarocaS2 2 года назад

They should teach Americans to start refusing to accept those outrageous student fees. It makes no sense to start your adult life with that much debt. It doesn't benefit, the person, the community, the country. Only the banks.

@MariaGarcia-mi1xs 5 месяцев назад

we need a general strike on paying this crap. the gov has enough money for war but wont unburden us. im so done

@jamesmurphy449 4 месяца назад

and the employers, who *always* have a stream of competing qualified candidates with loans to pay!

@msplaingray 2 года назад

When I was a kid my mom drilled it into my head to always pay more than the minimum on any debt, even if it was only $5 more and holy crap that has saved me so much anxiety! I’m dealing with student loans too and even at my absolute brokest points I’d pay an extra $10/month and looking at this math I’m thanking my lucky stars I did because I’ve had my loans continually go down as I pay on them more aggressively.

@jeremiahborders2959 2 года назад

If you don't mind me asking, what do you mean about "always paying more than the minimum"? I'm about to graduate college in 5 months and I've heard people say that but never explain what that means. Do the loan company give you a certain amount to pay every month?

@msplaingray 2 года назад

@@jeremiahborders2959 yeah they do. The thing that most loan companies (sharks) neglect to tell you is depending on the terms of your loan and how the interest is calculated, your monthly minimum is paying on the interest and may not even touch the principle(the money you actually borrowed). So in theory you could spend the rest of your life paying on interest because you’re not paying off the principle. When you pay more than the minimum, that over payment automatically goes towards that principle which in turn lowers the amount of interest that can accrue. If you look up amortization tables that can help you get a visualization of it and plug some numbers into repayment calculators online. They can show you how much time and money an extra $20 over the minimum *really* adds up.

@Kimeikus Год назад

@@jeremiahborders2959 Yes, they tell you how much you’re supposed to pay each month. But don’t listen to their numbers and pay more. Even just a little bit more if you’re in a touch spot. It will go down.

@datnohi8612 Год назад

Or do a huge lump sum principle only payment, and specify this to your lender it is principle only, paying the principle only means they can not charge interest on what you paid off in the lump sum payment which reduced interest and for me when I did this also pushed my due date back, when I paid mine off my due date was 2 years into the future meaning if i could not pay for what ever reason, there was nothing they could do until those 2 years came around 😀

@stanis8431 10 месяцев назад

Thanks for your comment.

@julietrae526 2 года назад

There should be a class that gets students learning how paying taxes works, government forms, bill paying and even help them set up a student credit card once they are seniors. Also prepare for how to find a rental safely and what paperwork goes into that, renter's insurance etc. Basically how to be more independent and deal with adulthood. But the credit card is kind of a big one. Because if you don't get a credit card by the time you finish college, you will likely be unable to get one without jumping through major hoops and spending money. This will make your life difficult when it comes to renting, buying, certain utilities companies etc. I am 27 and still have no credit score because of this issue. It can be very frustrating.

@FasterthanLight11 2 года назад

They taught taxes and bill paying in home economics.

@will1122 2 года назад

Your parents are supposed to teach you how to be an adult, blame yourself and parents not the school system.

@madisonWwww 2 года назад

@@FasterthanLight11 that's a dropped course. It's not important, that's lame, it's not required. = Everyone in the last 35 years.

@pi5pnj 2 года назад

Yeah it’s called accounting 😂 I’m taking it

@electricbeing993 2 года назад

Damn, my parents taught me alot of this. I'm grateful alot of their focus was money and credit. I learned alot.

@jacklynwood2008 2 года назад

That’s why you always pay more to principal. Get your payment to be 100 a month and pay 200 extra to principal on top of that 100.

@faustsin9366 10 месяцев назад

ARE YOU HIGH litterally 350$ a month payment only 20$ goes to principal

@NicoleMay316 9 месяцев назад

"Just have more money"

@Bleu_Sky 5 месяцев назад

Credit line

@off_mah_lawn2074 2 года назад

Most schools used to have classes about “Home Economics” where they taught stuff like this. However, life skills aren’t tested on standardized tests, so they dropped them.

@Tara-hx4td 2 года назад

I think that’s just where your from every school where I’m from had home ec in it Edit: I’ve seen the replies and I’m not from America so I think that’s why lol. I’ve done home ec and personally it’s not the best class you do cooking and sewing and all but it’s pretty stressful since most of it you have to be very organized. But some like it

@ScoobyandShaggy5554 2 года назад

@@Tara-hx4td most places don’t we never had home economics

@off_mah_lawn2074 2 года назад

@@Tara-hx4td Grew up in WA, they had dropped home ec about 20 years ago and I was in the last shop class at my school in 2013

@TheHEATnas 2 года назад

Normal economics teaches this stuff

@sammieh9695 2 года назад

@Josh Sacks yeah. That's what I was about to say. Home ec was for teaching how to use a stove, take care of a baby and sew. Economics is where we learned how to balance a checkbook but they didn't teach us about loans

@campbell107 2 года назад

That means you’re not paying enough installments every month, you should always pay more then just the interest so you can pay less and less on interest and clear off your principal eventually

@Aryomful 2 года назад

It depends on your job. Getting a degree does not guarantee you a job as before. Even if you have a job, it might not be extremely well paid (specially at the beginning), then you better stay single, once you have kids, you have other money priorities adding up. My doctor friend has a loan of 500 000 $ (bc medicine studies take a loooong time) and even if she pays a lot and has a good salary, her debt keeps adding up. I was accepted at a very good university in the US and they ask me 50000 to pay the tuitions for 1 year... even with the scholarship i got, it was impossible to pay. I decided to not attend that university and to study in France and I am happy to start my life without loans. So it is not as easy as “pay more”. Plus, she is only giving an example, i am sure her debt is higher and she pays much more that 200$/month

@05khanha 2 года назад

Agreed with the general idea. This would be a good example of line of credit. With loans the payment is high enough that your principal amount goes down month to month. Try changing that $200 to $400. You will see both interest go down (slowly) and the loan that's owed.

@johnslawecki1448 2 года назад

To use a simple medical analogy, a monthly dosage of $200/month is insufficient to eliminate the $50,000 condition. The dosage has to be at least $208.33/month to stabilize it! There are all sorts of loan payment calculators on the Internet that let you calculate various loan amounts (total amount to borrow; monthly payments; years to pay off completely; interest rate given loan amount, monthly payment and term, etc.). Conversely, the "magic of compounding" also works in favour of those with savings goals, e.g. mortgage for the house in Malibu, financing to open own practice, retirement, etc. :)

@Reactionize 2 года назад

Still it is 16 years

@johnslawecki1448 2 года назад

@@Reactionize 176 months at $400/month and a smaller payment at month 177. For the Excel users in the crowd, the PMT function will return the montly payment based on the interest rate, number of months, loan amount, future value (0 in this case), and type 0 (end of period).

@Reactionize 2 года назад

@@johnslawecki1448 student loans offered by the federal government to undergraduate students who demonstrate financial need. They start accruing interest the day you receive your loan. So , you have to use compund interest to calculate loans to add more money such as 60,000 and 5 percent interest remain years. It is around like 13-16 years you pays 400 dollars a month regularly and job after graduations .

@rhiannonsaunders8650 2 года назад

Yeah, they were paying insufficient amounts with the 200 so of course it's gonna go up, the bank wouldn't let u pay an amount each month that would increase the total amount that's illegal lol

@michawegrzyn9893 2 года назад

At this point I realised how grateful I’am that I didn't have to pay for my higher education. Thanks for sharing!

@mattg27 2 года назад

I’ve never heard of a loan that has a payment lower than the accrued interest.

@gary4864 2 года назад

Because there is no such thing. Her numbers are wrong

@LisaAllyssa 2 года назад

@@gary4864 don’t know about that. I have a friend who started with $5,000 loan and 10 years later owns $15,000. She had some late payments at the beginning, but her wage has been garnished for last 8 years. And still no progress on the repayment.

@rivace9849 2 года назад

@@gary4864 uhh so - it sucks to admit this but I have $72k in loans and my monthly IDR is $50 (Income driven repayment plan) Unfortunately for me, every time the sun comes up my loans increase by $3.76 I’m kinda okay paying. $600 a year on my loans and prioritizing my mortgage - later in life I’ll either use home equity to pay off the student loans or see if the forgiveness after 25 years was just smoke or if it’s a real thing.

@gary4864 2 года назад

@@LisaAllyssa she mentioned in the video that thats how mortgages work. That is not how mortgages work. Regarding any form of student loan debt, I dont specialize or have a license in student loan dept so I cant comment if its correct or not.

@gary4864 2 года назад

@@rivace9849 she mentioned in the video that that's how mortgages work. That is not how mortgages work. Regarding any form of student loan debt, I don't specialize or have a license in student loan dept so I cant comment if its correct or not.

@0392Ryan 2 года назад

Yeah, between my wife and I, our minimum payments is like $1k in total every month. Definitely didn't think monthly payments would be that high but it is manageable for us at least.

@mirali4467 2 года назад

Pro tip: don’t go to college if all you can afford is a 200$ payment.

@yygg9786 Год назад

Lol then only 5% of population would be able to go to school then

@MrErzberg 2 года назад

Those who understand compound interest, earn it. Those who don't, pay it.

@maddoxjohnson9862 2 года назад

My mom is a financial advisor… just staring to realize how lucky I am to have picked up on a lot of this stuff. Also can’t wait to go to school

@ffrai3094 2 года назад

in sweden we have very low interest rates on student loans, it's barely anything. the lowest monthly payment you have to pay is about 60€. also we don't pay tuition. this way anyone can go to college and get an education and it won't put you in crippling debt for the rest of your life

@maxinvasionleet 2 года назад

The money is coming from somewhere. Nothing is free. People don't work for free. Im not sure how it works over there but you probably pay higher taxes in something to cover that cost.

@eldritchteletubby9319 2 года назад

@@maxinvasionleet Yes, people in Sweden pay higher taxes. However, the benefits they gain from the government far outweigh what they pay individually. For instance, an average family in the US may need to spend 500/month on childcare, 500/month paying for student loans, and 500/month on child things. That same family in Sweden would pay 1000 extra in taxes, but they also get a child tax credit, so they pay 800. So the American still pays almost twice as much on the same stuff. Numbers are random, of course, but that's the idea.

@Lana50500 2 года назад

I’m from Sweden but I don’t understand how this works, all my friends have this thing but not me and I’m not sure if I have to pay back or not

@ffrai3094 2 года назад

@@maxinvasionleet of course nothing is free, our social programs and benefits are tax funded. but it doesn't have to come straight from our own paychecks. VAT-tax, import/export tax and corporate taxes are big sources of income for our government. it's about wealth redistribution to help the poor and underprivileged. without that, only rich people would be able to go to college

@ffrai3094 2 года назад

@@Lana50500 har du studielån hos CSN? går du i gymnasiet eller högskola? studiebidraget som man får under gymnasiet behöver man inte betala tillbaka

@niansillabffs 2 года назад

The fact that you're that proficient in Excel makes me want you as a doctor

@jazviolet07 2 года назад

Wat, this is basic stuff

@-.TS.- 2 года назад

What?

@claudius_drusus_ 2 года назад

That Google docs. It's trash compared to the real excel. And she's intermediate in skill, but compared to noobs she's highly skilled.

@jjkpilapil 2 года назад

@@claudius_drusus_ but it's free. And it's fine for doing basic stuffs.

@Alienjoy2013 2 года назад

EXACTLY

@awesome9174 2 года назад

I'm going to say something crazy: don't go to school if you can't afford it, or at least if the job you expect out of college can't pay off your debt within a reasonable amount of time. I have no college education and don't have a 6 figure salary. But I'm able to save and invest 50% of my gross income because I have very little expenses and zero debt.

@hardnewstakenharder 2 года назад

What's your job.

@lanobear3362 2 года назад

I'm not American, but i got caught in that trap for a bank loan. My grandparents ended up paying off the loan, and now i pay them off every month with not interest rate or anything

@physicianskitchen 2 года назад

Omg that is terrifying. How is that legal

@the3rdmaster311 2 года назад

ok hit me being antisemitic (even though i am a Semitic) but ask the jews

@05khanha 2 года назад

No one sets up their loan this way. Usually monthly payment is higher to make sure your loan amount goes down. Otherwise you would be paying this for rest of your life. Literally no one does this...

@physicianskitchen 2 года назад

@@05khanha I understand, makes sense. I've seen people mentioning on social media their overall debt from college + med school is on average 250k+ so the monthly payment would have to be quite a high percentage of their cca 5k a month salary. As someone from EU with a government funded tuition I feel like a spoiled brat in comparison ngl

@TheCrazed1 2 года назад

@@physicianskitchen I think that I saw a TikTok in which FootDocDana said she had about $500,000 in student debt. To pay that off in 10 years at 5% interest she would need to pay about $5000 per month. In the U.S. a podiatrist earns an average of $212,000. She hasn't been practicing for long so let's put her at the bottom quarter making $175,000 per year which makes her gross monthly income of $14,600. If she has an average mortgage of $1,100 plus say a car loan of $600 her total debt payment would be $6,700. That would give her a debt to income ratio of 46%. That is not a crippling debt level, especially if you are a high income earner and have growth potential.

@joshhoward1289 9 месяцев назад

Look…democrats have figured out a way to keep you indebted to them. It is called student loans. They are not bankrupt-able. They keep you in debt to the government while their powerful teachers unions and higher education system raise the rates. It is a self licking ice cream cone. If they can’t register you to vote at 16, putting you in their debt is the next best thing.

@kelf114 2 года назад

The sad thing is, stuff like this USED to be taught in school. We even had to take a year of Street Law (ie; knowing and understanding your rights). Taxes, income, interest, understanding how business works.... How to think, not what to think. How to be an independent person. I'd love to see schools go back to that stuff.

@Davefitz04 2 года назад

It’s not in the best interest of the government citizens to know their rights. That way the people don’t know when they’re being taken away. And it’s not in the best interest of big business for people to understand how business works. So i don’t think anything will change lol.

@FullmoonPhantom-dn2sr 2 года назад

Schools do teach this. Well, mine did. Graduated in 2015. It’s just a matter of not all schools do. Honestly, back then I didn’t take it seriously even though I was taught. That stuff just isn’t real to teenagers. My teachers did their best to put it into perspective and the problems were fun to work out when they were real life scenarios. Still, there was just a mental block of sorts when I was younger. It just doesn’t seem real when you’re that age. I’m lucky enough to not have debt, but that’s because my mom helped make sure I was debt free when I left school.

@nataliearciniega2103 2 года назад

I was taught this in school... Ppl just forget because everyone hates math. But i loved math. I never forgot how interest works and its sad that ppl decide to hate math so much that it can really hurt them like this. Forgetting they WERE taught this in school

@mandalorianjedi880 2 года назад

If you know about compound interest you earn it. If you don't you pay it. The fact you can't get a 10K business loan but can get a 100K student loan at 18 gives you all the info you need to know.

@breerowe2721 2 года назад

THANK YOU for spreading awareness, and accurately. I work in finance and there’s so much ignorance on this subject

@HillDill 2 года назад

Personal finance should be part of high school home economics. But that's usually cut from curriculums first. The vertex42 sheets template is killer for listing out and visualizing the scale of PhD level student loans.

@Ashley-bg6kg 2 года назад

This is why I am using my moms GI Bill and scholarships so I don’t have to do student loans. My dad is still paying off his from 20 years ago

@thehomiedan6378 2 года назад

Oh she was in the military huh? Yea that was very smart thing to do. I'm planning on going to the airforce myself & knew if I ever did want to go to college the gi bill will pay for that.

@kyliee8586 2 года назад

Same here. My mom was in the Air Force, so I am just using a scholarship (not a GI Bill, but another military scholarship). I am so glad that I won’t have to pay, since my parents had to pay student loans from 30 years ago until just recently.

@rentonarc 2 года назад

Got to love being a tradesman . I didn’t need any expensive school loans and I make money like a dr . Thank you kindly

@jbthestoner5504 2 года назад

Yessir, paid 1500 for a year of classes at the local community college, got a job and made all the money back in 3 weeks.

@madeinitalyasmrofficial8340 2 года назад

You make 200k to multiple million dollars a year?

@sadvenom7826 2 года назад

@@madeinitalyasmrofficial8340 do you need that to live an acomplished life? Heck does everyone who went to college, make that kind of money?

@madeinitalyasmrofficial8340 2 года назад

@@sadvenom7826 I’m just asking. Genuinely curious

@rentonarc 2 года назад

@@madeinitalyasmrofficial8340 this year I’ll make about 260k . Worked about 7-8 months out of the year . I’ve made 400k working 10+ months a year before . I pipeline . I’m a welder and run my own welding truck . The money is out there . You just have to work hard for it and takes time to get there . It’s not a easy life though . You live out of a suitcase . But if you are smart with your money . The time you do have off I dedicate it to my family and enjoy the better things in life and not stress about day to day bills .

@cramsa 2 года назад

Compound interest (either positive or negative) is very very important to learn… I wish I had learn basic financial planning in school…

@andcat7162 2 года назад

That’s why you don’t pay minimums lol. Taught in school, yes. Common sense however used to be common.

@L44tsmasher735 2 года назад

I’m honestly so sick of people paying the minimum, then complaining it takes too long to pay off.

@nzMaddles 2 года назад

I'm actually very jealous of your Excel skills. Also, in New Zealand, our student loans come from the government and are 100% interest free. You only need to pay them back when you earn more that $19k a year, and the payment comes out of your wages automatically at a rate of 12%. Depending on your/your parents income, you can also apply for living costs of about $250 a week which come out of your loan and need to be paid back, or if you're in the lower income bracket, you can apply for a student allowance of $275 a week that doesn't need to be paid back. It's wild reading these comments and seeing how different student loans work in different countries and it's making me feel extremely lucky to be in NZ

@jbanks9491 2 года назад

Basic formulas... a quick google search you can learn it too

@LinneAzalea 2 года назад

Same in Sweden, or rather it's not 0% but 0.05%. The American system seems insane to me

@gannaglobina6509 2 года назад

It is not rather be in NZ but be its citizen

@randomyoutuber308 2 года назад

Student loans, at least a massive majority of them, 92% last time I checked, come from the government here too, plus state universities and community colleges are subsidized by the government. What a lot of people don't understand here is under Obama, when the affordable care act was passed, one of the gimmicks used to not make it look as expensive as it was, was to earmark federal revenue on student loan interest to be spent on health insurance subsidies and Pell grants, which are grants for low income people to have their college paid for. So in other words, with our screwed up system, student loan borrowers who may be struggling to pay their own debts are doing so partially so someone else can get their college paid for by the government lol. Its so dumb I wish I was making it up, but that is how "progressives" in this country work, they just count on people being ignorant to the ways their "progressive" policies screw them over....and well, its working.

@richardchafe2986 2 года назад

school is an absolute waste of time. i'll take lower taxes and guns and trucks to keep living in the USA instead

@Zakrox99 2 года назад

And everyone thinks the “university kids are intelligent” their just obedient. Like a dog.

@TititoDeBologay 2 года назад

One could add They have been bred and raised, like a dog, for exactly that purpose. You don't want the masses to be too smart, they might want to question the status quo and whatnots

@Zakrox99 2 года назад

@@TititoDeBologay I agree 100%

@etchieSketchie 2 года назад

This is EXACTLY why I dropped out of College after about 4 months. I did the math - IT’S NOT WORTH IT! I ended up with only $8,000 in loans and paid it off after a couple years. You can earn a living without a degree! Several of my friends went to College and have degrees, and almost all of them get paid less than me. The only one that earns more than me doesn’t even count, cause his loan payments are so high it eats-up a lot of his income.

@will1122 2 года назад

Compound interest is definitely taught, most just weren’t paying attention or didn’t apply that knowledge in their life.

@ktsterlin9304 2 года назад

Agreed. I did learn it but not in the situations that I’d actually be using them, which I’d argue would be much more beneficial to everyone moving forward.

@iandiriri 2 года назад

@@ktsterlin9304 agreed and kids have short attention spans, and usually don’t know what’s going on. They probably didn’t even know why they were learning about compound interest. They need context and for you to be specific. Teacher: “today we are learning compound interest, it may seem small to you now… and honestly it is… but in a few years when you enter the working world after college if you decide to go there this will help you to know how the future will look for you in regard to debt,” and I feel like if they choose to ignore that… fine you can’t force them. But just saying “this unit we are learning compound interest.” Its like okay… “we just learned y=mx+b im sure this is useless too.” But if you tell them WHY it’s important and the relevance as l well as the risks to not pay attention, I think that’s the first step to help educate kids better. We need to have a more useful and verse education system that will actually be helpful for adulthood. School should be a place to where even if your parents die tomorrow… you at least have the knowledge to survive. If my parents die tomorrow… excuse my language but tf am I gonna do with the quadratic formula? Lol

@happy153ful 2 года назад

I believe I had an SAT question about interest. I think people aren't taught how banks/loans work. Minimum payments aren't always enough to avoid interest.

@ThatsaToilet 2 года назад

Not in my school

@jbdragon3295 2 года назад

I think parents need to explain things to their kids before taking out a student loan. If you're only paying $200 a month on your 50,000 loan. You clearly aren't paying enough per month. You would be paying that off for decades. Dont get into huge debt to earn a worthless degree. Now she a Doctor. That will pay off in time as she makes more and more money. Collage makes sense for some jobs!!! Key word, some!!! When you buy a house, same, which us why you pay a lot more per month and why early in the loan, most of that money us going to pay for interest. Learn a trade!!!

@thetriggerman5909 2 года назад

For those thinking about enlisting into the military for free college (For active duty). 1. Look into your job description (MOS) and see if it'll benefit you after your end of service (Infantry usually never find jobs outside secruity work). 2. You can start using your military benefits while serving. You don't have to wait until you finished serving to start your higher education (you can even apply for Fafsa). 3. After you finish your time in the military, you don't have to rush into college. Take as long as you need before deciding what you want to focus on. College might not even a thought for some at this point. 4. For those collecting disability from the VA, consider looking into chapter 31 (VR&E). Bonus tip. While using your post 9-11 G.I bill, consider going to campus to gain your full housing benefits while studying. You only get the national average if online only (when covid hit, all on campus and hybrid classes became online, but the VA continued to honor the on campus benefits). Sorry for the long off-topic rant. Wanted to provide additional information I was never told while serving in the Marines.

@xmoney-pb5uo 2 года назад

Thanks for the information

@frankcoleman8421 2 года назад

thank you for your service

@TheFitTherapist 2 года назад

They also don’t tell you that student loan repayment (if you already have a degree when you get recruited) is quite taxed and then counts as income 🙃 thought my loans would be paid off my the army. They were inadvertently, through using all of my saved deployment $, but not via the promised student loan repayment. IMO it’s way better to use GI benefits + VA that you outlined.

@michaelevans1193 2 года назад

This is an example of why the CPA profession wants “financial literacy” taught in every high school in the US. Unfortunately, there is bipartisan push back due to a lack of qualified teachers and where to fit the subject between all of the core classes that states require.

@stillsearching5816 2 года назад

People stop studying maths in school and then complain that school didn’t teach us this and that.

@MaximC 2 года назад

It's basically criminal. And what's crazy, that we just accept it, as normal.

@nategibbons172 2 года назад

She’s just explaining how any loan with interest works. The example she’s using, is giving way too low of a payment for a $50,000 loan. If you bought a $50,000 car your payment would be around ???? not 200.

@SimplyHappy101 2 года назад

Will all the finance majors please stand up 😂😂

@bruhmoment5145 2 года назад

As someone who is pursuing his career in finances I would like to urge everyone to have basic knowledge about finances irrespective of the fields you choose to prosper. Sure you can hire people to do it for you but it would be better if you can do the basic stuff and understand it by yourself, it doesn't take very long to understand and it sure is rewarding.

@dallys6144 2 года назад

So true, me too💯

@angelcake6869 2 года назад

same here, financial literacy is such an important skill.

@meherd1853 2 года назад

Maybe just my school but my teacher taught me about simple and compound interest in 6th grade. She also taught us about bonds and loans and stuff

@Farathus 2 года назад

While I agree that 5% interest is pretty high.. 200$ a month on a 50k loan is way to little. Even without interest you'd be paying over 20 years on that. For a 50k loan I'd expect something on the order of at least 500-700$ a month to pay it back in a reasonable amount of time.

@Redbullluva 2 года назад

20years payback on university loan is normal in the UK. Although the loan is written off at that point.

@blueeyedbatman 2 года назад

Most students can't afford $700 a month while going to school. Once they graduate and get out in the workforce, maybe. But you can't expect a full time student in demanding courses to be able to afford almost $1,000 per month....not everyone has their parents money to pay their way 🙄

@Farathus 2 года назад

@@blueeyedbatman usually how student loans work is that you get them while you are a student and pay them back when you have a job after your studies. I only paid back the monthly interest while I studied (which slowly increases while you draw the loans) and once I was done and got a job I lived cheaply and paid back 1k a month for 40months... No parents involved. If you pay 20 years on those loans you're paying in this case here almost double because of interest, which is crazy.

@CodyTheDevout 2 года назад

@@blueeyedbatmanGood job telling me you don't know how student loans work without telling me you don't know how student loans work.

@bonsai_is_a_lie1537 2 года назад

we learned ab loans and interest and credit and all that for a while when learning ab the 1920’s in 8th grade history my 6th grade pre-algebra teacher taught us about credit vs debit cards and dept but unfortunately it looks like my experience is fairly uncommon 😅

@bigdiglett3258 2 года назад

Extremely uncommon

@Introverted_Extrovert99 2 года назад

Went to college and drop out my second year. Decided to get a CDL and that was one of the best decisions I ever made.

@MadisonFalco 2 года назад

I agree. I didn’t know what I was signing up for and I don’t understand why we have interest loans anyway. I could pay them back in they didn’t have interest.

@souprauwu 2 года назад

Most of Indian parents pay for their child’s uni fee and other expenses, I’m lucky to be in an Indian family

@yogeshkumarallum2540 2 года назад

Yeah

@misojimo2154 2 года назад

most asians do. i’m asian and my parents and i agreed i would pay for it myself-in order to train myself for the real world and truly understand the concept of money. i think it’s right for students to pay for it themselves and be independent. we aren’t children anymore.

@souprauwu 2 года назад

@@misojimo2154 yeah but also think about the amount of stress the students have to go through, plus parents have at least 18 years to save up all this money. I mean this is just my opinion

@animetrash6657 2 года назад

@@misojimo2154 if your parents are the ones who are pressuring you to go to college then they should pay for it. If not, then they should still pay for it. You may not be a child anymore but they are still a parent and it is a parent’s duty to provide for their kid, no matter what stage in life they are in. Plus tuition is dependent upon your parent’s income if you are trying to get something out of fafsa. Since it’s dependent upon their income, it’s expected that they would pay. If your parents are making over 100k a year then chances are you’re paying full price for tuition unless you get a ton of scholarships. If you’re going to a really good school, then you’re most likely paying $25-35k (if it’s public) and $40+k (if it’s private) per YEAR. So really there’s no way you, as a high schooler, could get that much money within a few years before you even start college, much less if you are in college for 4 years. Best advice, go to community college and get a job and internships over the summer. You could probably pay for a years worth of tuition when you transfer and then you have a much less loan to pay off.

@visomething3207 2 года назад

Either way you end up paying thousands of dollars. If your parents pay your college. Then it's your obligation to pay for your kids college, so you still end up having to pay regardless

@ixyzyxi 2 года назад

In the Netherlands student loan interest is 0.1% Also you pay a percentage of your income, so if you don’t earn a lot because of whatever you pay less per month. After 25 years (or 20) if there’s anything remaining the government just whipes it. Also it only costs 2100 euro per year to go to college, even medicine is the same price. My cousin is a certified cardiologist

@AlexKall 2 года назад

0.05% here in Sweden but there is a plan to increase that to 0.1% to finance a new loan.

@AlexKall 2 года назад

Forgot to say that you always get €326 each month for full time studies. For national students college is free*. * Payed through taxes.

@olivereliasson799 2 года назад

@@AlexKall i think the proposal was to raise it to 0.5% not 0.1

@AlexKall 2 года назад

@@olivereliasson799 Yeah saw that now, remembered it wrong! Thanks!

@robmaas3356 2 года назад

Problem with the Netherlands is because the interest is this low students are in high debt cause they use their loan for all things but study.

@malloryturner5735 2 месяца назад

I got cold feet about college (ultimately ended up going) after taking 2nd semester accounting in high school as an elective. That class changed my life and when this speaker came to talk to us about student loans I freaking panicked. Everyone around me, including my parents, were telling me to take out these atrocious loans like it didn’t matter when the class I literally just took taught me how insane it was.

@richardpowell4281 2 дня назад

Never pay the minimum on any loan. I pay $400 extra on ny mortgage but it will save me nearly $80,000 in interest over the life of the loan

@arianagrandefeetpics1587 2 года назад

I live in America and this was taught to me my freshman year of high school.

@tmusa2002 2 месяца назад

Yes, people just want somebody else to blame.

@crazycat2344 2 года назад

I’m in my senior year of high school and am now learning about personal finance with a school Dave Ramsey course. Glad I am learning this.

@sarahdoyle3126 2 года назад

Spread the knowledge

@timwoodger7896 2 года назад

I’m glad I’m British, I can’t imagine living in a country that scams their workers for life 😱

@MyGuitarAD 2 года назад

What 😂

@lanceward7048 Год назад

They aren’t a scam. They just aren’t for everyone. And every major isn’t one that promises a good job outlook. Masses of people who didn’t take school seriously and didn’t take employable majors will suffer from them!

@Allen2 2 года назад

This is just an example of how certain facts turn out ... not a scam. Use increasing wages to pay higher monthly amounts. The rate used, 5%, means $208.33 of interest monthly.

@adamlittle9941 2 года назад

If the monthly repayment was $10 more and made at the beginning of the period, and with interest being charged at the end of the period, which is when the interest will be charged, the principal loan amount will decrease.. in this scenario, the loan balance at the beginning of month 2 would be $49,997.46 (decreasing slowly but surely)

@Andrew-hx9tz 2 года назад

Or you could work during school and pay some off as your go while there is no interest and then use the 40k or so a year from residency saving 10k or so and putting that towards it per year and then make 3 and 4+ times more than anyone else will ever make after that so the 2k a year in interest is legit 100% irrelevant either way

@nataliearciniega2103 2 года назад

@@Andrew-hx9tz doctors cant work through school. They courses are already to rigorous to have any personal time let alone a job. Then when they get residency which is 2 years of 60hr weeks unpaid... Again it's really difficult to work. Hence why they can't stay paying their loans until after residency when they get a job. Which is 2 years after schooling

@Andrew-hx9tz 2 года назад

@@nataliearciniega2103 doctors are irrelevant though. They can easily pay back their loans and will be top tier earners for the rest of their life. You have to understand even if your interest rate is AWEFUL you will ALWAYS out earn your student loans. You just cant het a house in a major city and a new car and fancy things at the same time when you first start getting payed. Its not that complex. Doctors make millions more than the average in a life time. Their 250k student loans are irrelevant. They are the last people that need student loan help. Also you have 4 years before things get that rigorous and even then people still work at the same time as med school

@nicolesawyer7117 2 года назад

@@Andrew-hx9tz 🙄

@Benwut 2 дня назад

I'm so lucky my school offered a 3 year course during high school called Accounting and Finance. Taught. me about loans, how to budget, how to file taxes, and how to invest and stuff. It was an optional course, and I took it cos I had just moved to australia a year prior from Tunisia, so didn't know how stuff like HECS and credit scores worked. Now I manage my finances better than most of my friends and I help teach THEM how to file their own taxes

@JGSnipes 7 месяцев назад

$200 a month is way to little to be paying on a $50,000 loan. I’m in college making $200 a week payments on a $6000 loan and even that seems to be going pretty slow. I get your point though interest is terrible.

@pinjari6010 2 года назад

I feel pity for people who have student debt....we should really appreciate our parents or education system...

@shady610 2 года назад

Why do you feel pity for them? It's what they wanted.

@pinjari6010 2 года назад

@@shady610 because for them its the only way.....education in my country till jr. College is free and after that if ur financially not capable enough government provide half of the college fees . And guess what in my country its very normal for parents to provide their children till they have a proper job...so things like student debt is a term which we never or rarely hear . And i am not alone to think like that ... most of the countries are like this . Americans are not even aware that the are pitiful...ah sigh

@shady610 2 года назад

@@pinjari6010 College isn't free in your county. Other people pay for it. The school staff, teachers, office people don't work as volunteers. It's not free. Education isn't the only way to succeed or make a career. And making a huge decision to jump into debt suggests they weren't ready for said education.

@pinjari6010 2 года назад

@@shady610 well atleast our government is using tax payers money for well being of future tax payers so they could pay taxes without any worries not like they are bulding a wall which apparently have no use😇😇

@donny3183 2 года назад

If you’re on a doctors salary I suggest paying more than 200 a month😂

@Ben-mx1ip 2 года назад

Mind blown she uploaded this video

@CC-ju6vo 2 года назад

Medical interns make low salaries, they’re still in training. The big doctor salary doesn’t come until many years later.

@donny3183 2 года назад

@@CC-ju6vo don’t you get like 20+ years to pay it? I have no sympathy they’re very kushty loans

@CC-ju6vo 2 года назад

@@donny3183 no one is asking for your sympathy. It’s just a hurdle that should be seriously considered before committing to the career. More students should be taught these things so they can make an informed decision.

@isosoriharrison9556 2 года назад

I have only pulled out a tiny loan but I now realize that paying for school completely independently is definitely a good idea. Because I’m gonna be going to school for a long time not to be a doctor of medicine but to be a doctor of theological studies which within itself is hard to pay back. Also with it being a theology degree we’re not even allowed to really pull out loans for it because it makes us look unethical… 😅 I’m glad I’m a private contractor so money isn’t a concern.

@christianaquino5230 Год назад

They teach u how loans work with interest in medical school, they just don't tell u when the interest has went up. You have to figure that out all by yourself

@cabbagedestroyer1693 2 года назад

Let's say you pay $200 a month on a $50,000 and there is 0 interest. It would still take over 20 years for you to pay it off. Paying $200 a month on a $50,000 is just way too little. What you want to do is pay about $210 a month to stabilize the interest rate and pay $600 a month once you find a stable job.

@DoumaUppermoon2 2 года назад

For me, as I'm doing art classes, it's perspective. They haven't taught a single thing about it and now we have like five assignments on it. It may be considered minor, but perspective is a good thing to know.

@AustinTXRealEstatebyFelix 7 месяцев назад

it's called amortization. simple math. To get out, double your minimum payment. If you're educated you can pay.

@exhebetche 2 года назад

Carlin would say that the owners of this country don't want you to know about interest. They just want obedient workers, who don't think critically about a loan's interest. Then again, would it stop someone from going to school and achieving their dream, if they have to take loans to do it?

@ibleedgreen92 2 года назад

I think the point a lot of people are missing is that these are also very low numbers. My student loan interest loans are up to 8% and I know some students who's interest is even higher. Taking into account that pretty much any medical profession will put you into 6 figure debt, most people will have to pay 2-3x the amount they originally borrowed. But yeah, everyone focus on the point about how she should be paying more than $200 a month 🙄

@comochinganconesto 2 года назад

Compounding interest is taught in the introductory college math course... Everybody takes it... It's right there -_-

@danstrikker6465 2 года назад

Thats why you don't pay off the minimum amount. You pay as much as you can so they go away faster.

@danandoliver3613 2 года назад

Elon musk- ‘the bank won’t give a kid a $10,000 business loan but they’ll let them fall $100,000 in student debt.’

@michaelsalazar1665 2 года назад

Much like a negative amortization loan on property.

@Emma_78 2 года назад

I’m so glad I saw this. I want to go to college, but now that I know this I’m going to be very careful about how I proceed. Thank you so much for sharing this!

@Danilio. 2 года назад

Me too Fam

@SgtJoeSmith 2 года назад

Skip college. Go to trades school.

@SgtJoeSmith 2 года назад

People with no college making $50k cleaning houses

@Emma_78 2 года назад

@@SgtJoeSmith yeah. My mom does that. I’ve thought of that but I love helping people. And being a doctor is something I’ve wanted to do for a long time. But I appreciate your input! Seriously. I will take that into consideration too!

@SgtJoeSmith 2 года назад

@@Emma_78 go into military. Be a medic there. Get college paid for to become doctor. Free health care rest your life. Maybe even get to travel to other countries in military to provide medical care to people there. There's all women helicopter medical crews in army. Pilot is woman and medics on chopper are women. You could end up on chopper rescue crew. Talk about exciting job to brag about. Or else coast guard is an option too. Just tossing some ideas out there for you to consider. Navy has Drs on ships. Hospitals on air craft carriers. Maybe you become a doctor on a carrier sailing the globe and taking care of them top gun flyboys. A friends daughter just turned 18 and enlisted in army for medic. Go talk to recruiters for army/ navy/ coast guard etc see what's available and offered now days. Might save you couple hundred thousand in student debt burden and help you develop into a person you never thought possible. Best wishes

@angelcake6869 2 года назад

i'm a finance major and i'm doing everything i can to pay out of pocket so i don't have student loan debt (taking only community college courses for as long as i can, etc). i haven't taken out any loans and, if it ever got to the point where i would have to, i would take a break to save money. i don't want a lifetime of debt for a degree i received in my early 20s.

@mannymedia6311 Год назад

Invest and it wont be 😄

@Kimeikus Год назад

I’m pretty sure you’re supposed to be paying more than 200 in that situation. 😅

@melissagoddessa1102 2 года назад

This seems very smart. I wish I knew how to use a spreadsheet. 📊

@JasonRyanWilson 2 года назад

Dr. Dana, I remember freshman orientation at U.K. in 1997. The first thing I saw was representatives from credit card companies giving out applications, as if they were tests! Edit, terrible at math, but great at biology, and the sciences. JK

@thedancingdogs4400 2 года назад

college drop out, became a tattoo artist. no loan debt, just lots of cool art :-) don’t let anyone tell u college is a must. you can do anything, and there are so many jobs out there you’d be surprised you don’t need school for.

@winterbird4069 2 года назад

That's assuming your loan amount is compounded monthly... If you find a good loan it's literally an interest free loan for the duration of your studies which is still infinitely better than taking any other kind of interest loan... But I agree that the education system is broken and this stuff should definitely be taught in school

@Ok_Friend-il9of 2 года назад

I was in sped class in high school, my teacher actually taught us stuff like this I feel bad that others didn’t get to be taught.

@BadMannerKorea 2 года назад

Before you take out federal student loans you are required to complete mandatory education that teaches you all about how loans work, and they actually encourage you to borrow less. No excuses.

@crentistDaDentist 2 года назад

This was really taught in school. It's basic compound interest that during initial years a bulk of ur monthly payments comprises of intrest payments actually. There's nothing to surprised over here

@Walker_96365 Месяц назад

While I didn’t take the class as I wanted to take a harder math class, my high school offered a financial algebra class that teaches that sort of thing.

@arneshsingh7239 2 года назад

Oh my god I literally did my math IA on this , the reason for the loan to go up is that the interest per month is higher than the principal per month

@Aryomful 2 года назад

Ok, number wise is correct but you clearly don’t get it... in real life you also have to take into account other things. My doctor friend has a loan of 500 000$, even with a good salary, she can’t pay a higher principal than the interest rate bc she has other expenses (kids, health expenses, etc). So yeah, you don’t need to have a math IA to understand she should pay a higher amount per month to cover at least the interest, but you have other expenses and the debt keeps adding up

@arneshsingh7239 2 года назад

@@Aryomful what are you on about where tf did anyone mention anything about her life situation. All I did is mention the reason for her loan to go up. What are you talking about not being able to pay a higher principal than the interest per month, that's the point THE PRINCIPAL IS LOWER THAN THE INTEREST RATE HENCE the debt is ever-increasing look random person I can explain it to you but I can't understand it for you.

@Aryomful 2 года назад

@@arneshsingh7239 it’s you who doesn’t understand MY POINT. I understand perfectly your basic maths, I am only telling you to take into account other things that are NOT mathematical because it is obviously a more complex problem than a compound interest formula.

@yaliza.rodriguez3012 2 года назад

En mi escuela nunca nos enseñaron nada sobre los préstamos estudiantiles, gracias a Dios que mis padres y mi abuela me enseñaron todo sobre este tema. (Btw la mayoría de las escuelas públicas no lo enseñan a menos que estes en 12 y le preguntes al maestro)

@MrJohnchatfield 9 месяцев назад

What's really important is learning about compound interest

@amarug 2 года назад

As someone from Switzerland this really sends chills down my spine. Education should be essentially "for free", all you should need to do is put in some good effort. A country full of highly skilled people from all fields is a win for the country. I don't get how the US is still so "mighty" while having so many broken elements....

@Maestroxxx1 2 года назад

The USA is like the company Apple. It's really good at advertising how great it is when there are better products.

@izzyh.3581 2 года назад

It's not captain Nemo. Will you adopt me, a 28 year old with no career because it's too damn expensive and didn't want to put my parents on my paperwork and now I'm worried about my future?

@ericfarley1475 2 года назад

for free? sounds too good to be true.

@jasonlacroix6083 2 года назад

We're only mighty because we're psychotic.

@amarug 2 года назад

@@ericfarley1475 Well you gotta live and feed yourself, but that can be done with a part-time job. We have a top 10 world-ranked uni here, which will just cost you a few hundred bucks in tuition per semester, thats it. I would know, because I teach there...

@Huffmommy 2 года назад

There’s no way theyd put you on a plan that would accrue more debt. They’ll give you an amount you have to pay to pay it off in ten years. If you’re paying less than that recommendation then yes you’ll accrue more debt. Bottom line is that if you pick a field that won’t pay you enough to pay back the school that taught you the field, you made a bad decision. Bad school, bad field or both. Teaching people about loans wouldn’t do anything if you don’t teach people about realistic expectations. Don’t goto Ivy League or high dollar schools for an art degree. Don’t goto a top dollar engineering school for a business degree. People need to learn to look past the name and into the future and their work ethic and decide if all their overly lofty goals are actually feasible.

@triciamoon6312 2 года назад

Bottom line is that the schools are vampires sucking the life blood of Americans with the government supporting their limitless piggy bank schemes.

@brownproud22 2 года назад

You provide great points but my comment is focused on the first one. In the example she provided the minimum payment required would need to be no less than $209 per month. $200 doesnt even cover the monthly interest rate regardless of the term of the loan. So you're right, if this is a real loan situation, either someone is getting scammed or the person is not making their minimum payment requirements (in that case interests are not the only thing they should be worried about).

@fmed2412 5 месяцев назад

You do not need to know or learn anything other than how amortization works. We all have smart phones that have amortizations schedules built into them very simple. Enter your loan information, including amount, rate, months, and you will see how much you should be paying every single month to pay down not only interest, but principal as well. If you did that you will that 50k requires minimum of $268 a month for this to be paid off in 30 years, the payment would be much higher for a shorter term. What does this tell you? That you are not making a big enough payment to cover even just the interest alone. That is what’s being added every month. Note it doesn’t take a medical degree to know this. I don’t even have a college degree.

@ElGranSanto 2 года назад

This is horrifying. I'm punching the air dealing with smaller loans, I couldn't even imagine this.

@philohanna5262 2 года назад

The interest should be calculated to the remaining amount at end of the year so the maths is wrong here, but making a payment of 2400 dollars in the first year will put around a 20 dollar dent in the loan. So I guess your point is still somewhat accurate

@Ilyas_-ee6rt 2 года назад

That's what I thought as well. I was so confused when she was adding the interest every month

@frostie4228 2 года назад

Interest rates can be converted from annual to monthly so her math checks out to me but regardless if there are mistakes (which there very well could be), its still a pretty shitty realisation of an example of how bad the whole student loan scam is smh