Why student loans are a scam

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.

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#reaction #react #financialliteracy #loancalculation #loans #studentdebt #studentloandebt #college #daveramsey

[FootDocDana]

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[rmsfavoritelilcrab]

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...

[qyannam]

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.

[SwrveYT]

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 YouTube videos than school. And I paid a lot of attention in school…

[nataliearciniega]

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

[mabrysumner]

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.

[maximumovermuslim]

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.

[AlphaEngineer]

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

[harrisonbicknell]

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

[vesislavaofficial]

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

[williambishop]

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.

[novemberrobinson]

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

[julietrae]

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.

[msplaingray]

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.

[rosiearts]

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.

[Ryan]

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.

[khanha]

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.

[campbell]

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

[off_mah_lawn]

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.

[michaelsnell]

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