Cleveland, Ohio – When young Wade Williams started medical school he knew it would be expensive. He didn’t have time to work during school and hadn’t saved anything previously, so he took out loans for both tuition and living expenses. He did not, however, expect to owe more than the entire United States when he finished. Williams owes nearly 23 trillion dollars.
“When I first started, I remember them saying I needed to think about interest compounding during school or something,” Williams said. “For example, they said ‘if you buy a pizza for $20, it will really cost you like $80 by the time you pay it back,'” he continued. “So, instead of buying a pizza and just wasting that money, I took out a loan big enough to buy the entire Pizza Hut empire!”
Williams said this trend continued throughout all of medical school. “Instead of just buying a new pair of shoes, I bought Nike. Phil Knight is at my house right now in fact,” Williams said. Apparently, Williams now owns the holdings company for Ramen Noodles, Charmin toilet paper, and various other food suppliers. “They just kept giving me loans, so I kept taking them!” The only problem is Williams has no idea how to run a business.
Apparently, the loans came at higher and higher interest rates each time he took them out. Williams is now paying an average interest rate of %1,563,093 on his total loan amount. “Just we are sitting here talking, I built up enough additional debt to match the annual GDP of Latvia,” Williams said proudly.
Williams plans to match into pediatrics and work as a primary care physician, meaning that instead of getting paid he will continue to fall further into debt. If he can keep taking out enough loans, he plans to buy the loan servicer company and then forgive his own debt. White Coat Weekly is thankful for this amazing story and will now sign off.