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Understanding Student Loan Debt Forgiveness · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J.
• 0:20
  Speaker 2: Trump's leadership.
• 0:21
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 0:25
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 0:29
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 0:33
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 0:37
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 0:41
  Speaker 1: and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally.
• 0:50
  Speaker 2: Do what's right, leave now.
• 0:53
  Speaker 1: Under President Trump, America's laws, border and families will.
• 0:57
  Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 4: So do you ever think there's a time where it
• 1:01
  Speaker 4: is all student loan will be forgiven?
• 1:04
  Speaker 5: Why would that be beneficial?
• 1:06
  Speaker 4: Well, if people, if it's a student loan crisis, right,
• 1:10
  Speaker 4: and you have millions of people who just can't pay
• 1:14
  Speaker 4: their student loans, then that probably would have.
• 1:17
  Speaker 5: More of our statistically who can't pay their student loans.
• 1:20
  Speaker 4: Who can't I'm baiting or lower income people, middle class?
• 1:26
  Speaker 5: What do they look like?
• 1:28
  Speaker 4: Black people?
• 1:28
  Speaker 5: Okay, So here's the thing. When we talk about the
• 1:31
  Speaker 5: largest holders of student loan debt, they're African American women
• 1:35
  Speaker 5: thirty through fifty.
• 1:35
  Speaker 4: Five percentage wise are numbers wise?
• 1:40
  Speaker 5: Well, percentage of the borrowers in total, Who owns the
• 1:43
  Speaker 5: most to the loan debt, who has the most degrees?
• 1:45
  Speaker 5: Is that group of people. So it's interesting. You remember
• 1:48
  Speaker 5: when they were talking about the number of forgiveness they
• 1:50
  Speaker 5: were going to give out either ten or twenty thousand.
• 1:52
  Speaker 5: Did you ever wonder why they ended at that number?
• 1:55
  Speaker 5: So statistically, if they gave out twenty thousand, that cleared
• 1:59
  Speaker 5: the population of white, white male barbers.
• 2:02
  Speaker 6: Yeah, completely still race.
• 2:04
  Speaker 3: Yeah, because the amount that they.
• 2:05
  Speaker 5: Owe was around it was under twenty thousand.
• 2:08
  Speaker 6: So I think the average I remember reading this, the
• 2:10
  Speaker 6: average was like sixteen point five thousand dollars that they owed. Yeah,
• 2:14
  Speaker 6: if they had a twenty the entire let's.
• 2:16
  Speaker 5: Just keep going. I've got time. So now when you
• 2:18
  Speaker 5: clear out all of these women, black women with student
• 2:21
  Speaker 5: alone dead and I know that other people have student
• 2:24
  Speaker 5: loans that are black obviously, but statistically, now we put
• 2:31
  Speaker 5: this population with no debt, most agreed. Now they can
• 2:35
  Speaker 5: become homeowners. You say, now it changes the whole landscape
• 2:39
  Speaker 5: of Welcome to America. So when you ask me, do
• 2:43
  Speaker 5: I think they're going to eliminate? No?
• 2:46
  Speaker 4: Why so you think that? Okay, so it's a trap
• 2:51
  Speaker 4: pretty much.
• 2:52
  Speaker 5: I'm not saying it's a trap. What I'm saying is
• 2:54
  Speaker 5: this is where our community when we talk about the
• 2:56
  Speaker 5: black community, and I hate to just always take it
• 2:58
  Speaker 5: to race, but statistically it just it's very glaring. Has
• 3:01
  Speaker 5: to be wiser and be informative about borrowing practices. Now,
• 3:06
  Speaker 5: the challenge here is is that a lot of times
• 3:08
  Speaker 5: when we look at this number, that person is also
• 3:10
  Speaker 5: the first to graduate in their family from college. So
• 3:12
  Speaker 5: we don't want to take the pride away from those numbers,
• 3:15
  Speaker 5: and the first to have a graduate degree, the first
• 3:18
  Speaker 5: to have a doctoral degree. So we don't want to
• 3:20
  Speaker 5: take any of that pride away. But what I'm saying
• 3:22
  Speaker 5: is now mom, grandmom, even let's say your grandmam. At
• 3:27
  Speaker 5: this point how do we help your child and your
• 3:30
  Speaker 5: grandchild not be in that same number in same boat.
• 3:33
  Speaker 5: One of the things that we're concerned about is if
• 3:35
  Speaker 5: we see our clients get out of student loan debted,
• 3:37
  Speaker 5: like let's say age forty forty five, we see that
• 3:40
  Speaker 5: person going back to the STAD loone deb at age
• 3:42
  Speaker 5: fifty to fifty five because of parent plus loans, because
• 3:45
  Speaker 5: there's not a plan for their child or grandchild.
• 3:48
  Speaker 6: Yeah, so the plan is really, yes, if you want
• 3:51
  Speaker 6: to achieve the same goal, all for it, how do
• 3:54
  Speaker 6: we do it more effectively? How we do it more efficiently?
• 3:57
  Speaker 5: So I really love your platform, right because if somebody
• 3:59
  Speaker 5: is a black woman that's thirty five and she's really
• 4:02
  Speaker 5: tuning the stuff you guys are saying, and she's following
• 4:04
  Speaker 5: some of your strategies, she's thinking about real estate, I
• 4:08
  Speaker 5: hate what I you know, use my friend over there,
• 4:11
  Speaker 5: but she has, like we had, like ten properties. She's
• 4:14
  Speaker 5: she's a homeowner, she's a landlord's so she's changing the
• 4:18
  Speaker 5: narrative for her daughter. So you know, her daughter shouldn't
• 4:21
  Speaker 5: even have to know what a student loan is if
• 4:23
  Speaker 5: we do this right, because there should be enough cash
• 4:26
  Speaker 5: loan income from her properties, or maybe when her daughter
• 4:29
  Speaker 5: goes to school, it's time to sell one that is
• 4:32
  Speaker 5: college tuition. So when we start changing the narrative by
• 4:34
  Speaker 5: how we think about our finances and our wealth now,
• 4:37
  Speaker 5: then we can set our children and grandchildren up differently.
• 4:41
  Speaker 5: So we don't want to make anybody feel bad about
• 4:43
  Speaker 5: what they did or didn't borrow. But what I'm saying
• 4:46
  Speaker 5: is is the conversation has to change so that we
• 4:50
  Speaker 5: don't see this cycle keep being repeated because I don't
• 4:53
  Speaker 5: think there's going to be a wave of forgiveness to
• 4:56
  Speaker 5: help out a significantly group population such.
• 5:01
  Speaker 6: Can I go back for just like a second, because
• 5:02
  Speaker 6: you said something and I understood from the standpoint of
• 5:05
  Speaker 6: having a loan forgiveness and that coming off of you know,
• 5:08
  Speaker 6: your debt to income ratio in a sense, and your
• 5:11
  Speaker 6: credit score plumbing right, so most people wouldn't even understand that.
• 5:14
  Speaker 6: They'll think, well, it got cleared, my credit score short
• 5:17
  Speaker 6: proved yep, But it really doesn't.
• 5:19
  Speaker 5: Can you just explain there's no more debt to factor like,
• 5:22
  Speaker 5: not to be funny, you've had that debt probably for
• 5:24
  Speaker 5: over ten years years, so it's used to your debt.
• 5:27
  Speaker 5: So now you take it off the board. It's like, oh,
• 5:30
  Speaker 5: how do we factor that into your mix, into your score?
• 5:33
  Speaker 5: So now when you just take it off the board,
• 5:35
  Speaker 5: and what's going to be a shocker to people the
• 5:38
  Speaker 5: next sixty days is it's not gradually paying itself down.
• 5:41
  Speaker 5: It's off. So when you held the seven forty, that
• 5:45
  Speaker 5: seven forty might look like a six forty. All jokes aside,
• 5:49
  Speaker 5: because that was a heavy part of your mix that's
• 5:53
  Speaker 5: going to be going now. Then somebody asked me the
• 5:55
  Speaker 5: other day, well, how do I keep that score up?
• 5:57
  Speaker 5: You want the real answer? You need a mortgage, you
• 6:00
  Speaker 5: need another debt similar ernerds, what's up?
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• 7:53
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 7:56
  Speaker 1: in Massachusetts. An MS thirteen gang member from Salvador accused
• 8:01
  Speaker 1: of murdering a Texas. Man of Venezuelan charged with filming
• 8:05
  Speaker 1: and selling child pornography in Michigan. These are just some
• 8:09
  Speaker 1: of the heinous migrant criminals caught because of President Donald J.
• 8:13
  Speaker 2: Trump's leadership. I'm Christy Noman, the.
• 8:15
  Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
• 8:20
  Speaker 1: illegal border crossings are at the lowest levels ever recorded,
• 8:24
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 8:27
  Speaker 1: If you are here illegally, your next you will be
• 8:31
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,
• 8:35
  Speaker 1: you will never return. But if you register using our
• 8:39
  Speaker 1: CBP home app and leave now, you could be allowed
• 8:42
  Speaker 1: to return legally.
• 8:43
  Speaker 2: Do what's right. Leave now.
• 8:46
  Speaker 1: Under President Trump America's laws, border and families will be protected.
• 8:51
  Speaker 3: Sponsored by the United States Department of Homeland Security to a.
• 8:53
  Speaker 5: Place of the same mail. I would hope if you
• 8:55
  Speaker 5: would do that, it would be a mortgage and not
• 8:57
  Speaker 5: another seat of level.
• 8:58
  Speaker 6: Yeah, you got to balance that out.
• 8:59
  Speaker 4: Yeah.
• 9:00
  Speaker 6: Other part is from a tax standpoint. Sometimes when loans
• 9:03
  Speaker 6: are forgiven, does that go into your taxable income?
• 9:06
  Speaker 5: In seen, you bring that up. So it is tax federally,
• 9:10
  Speaker 5: federally tax free until twenty and twenty five. This is
• 9:16
  Speaker 5: not a for everything.
• 9:17
  Speaker 6: Oh yeah, do explain.
• 9:19
  Speaker 5: So after twenty and twenty five. That's why it matters
• 9:22
  Speaker 5: who gets selected too. That might be texts. These these
• 9:27
  Speaker 5: are what we call provisions. These are not laws. So
• 9:30
  Speaker 5: provision is in place until twenty and twenty five to
• 9:33
  Speaker 5: say you will be tax free. Let's say Biden gets
• 9:36
  Speaker 5: reelected prosted loan. He might extend it to two thousand
• 9:39
  Speaker 5: and thirty, right or whatever his termins. But that's a provision.
• 9:45
  Speaker 5: That's that's like president the president. So you got to
• 9:48
  Speaker 5: understand the tax laws during that president's era. Certain states say,
• 9:52
  Speaker 5: I don't care what the federal government's doing. If you
• 9:55
  Speaker 5: get forgiven for two hundred K, we're taxing at his income.
• 10:00
  Speaker 5: I would do so I would probably move. There's about
• 10:03
  Speaker 5: thirteen states I think it is, and I don't know
• 10:05
  Speaker 5: them off hand, and just google it and you live
• 10:07
  Speaker 5: in one of them, and you know you got that
• 10:10
  Speaker 5: letter I got to move, like I don't even know,
• 10:12
  Speaker 5: Like I'm being funny and serious at the same time.
• 10:14
  Speaker 5: You're going to get text for that two hundred thousand
• 10:16
  Speaker 5: in this example, good to know, Good to know. Yeah,
• 10:20
  Speaker 5: And actually I had a client that was a true story.
• 10:22
  Speaker 5: Like I had a client say she was like, so,
• 10:24
  Speaker 5: I'm excited. She was like, but one hundred thousand texts
• 10:28
  Speaker 5: She was like in my state. She was like, I
• 10:30
  Speaker 5: don't know. She's like, I think I need to move
• 10:31
  Speaker 5: back in with my parents they live and so and so.
• 10:33
  Speaker 5: And I'm like, well, can you move, Like can we
• 10:36
  Speaker 5: put that change of address in? Like can we file
• 10:38
  Speaker 5: text at a new address? Because yes, she's going to
• 10:41
  Speaker 5: get text. M All right, Well it sounds so heavy today.
• 10:47
  Speaker 6: It's a lot.
• 10:47
  Speaker 2: It's a lot.
• 10:48
  Speaker 6: My last day before we go, you just talked about
• 10:51
  Speaker 6: scholarships and I know kids and parents. Is so, is
• 10:55
  Speaker 6: there a place that kids can go? I remember when
• 10:57
  Speaker 6: you used to go to your guns council, they had
• 10:58
  Speaker 6: this book of all these scholarship if you were left handed,
• 11:01
  Speaker 6: is a scholarship? Is there one place or a concrete
• 11:03
  Speaker 6: place that they can go for scholarships and grants? Because
• 11:06
  Speaker 6: we know grants don't have to be repaid as well.
• 11:08
  Speaker 5: So I mean then there are many places you can go.
• 11:12
  Speaker 5: It's just hard to shout out places that I think
• 11:14
  Speaker 5: are still reputable, Like the Scholarly app is one of
• 11:17
  Speaker 5: my favorites if it's still around. I know, like college
• 11:21
  Speaker 5: Girl JP, I think it's her name. She's awesome. Let
• 11:26
  Speaker 5: me see HBCU money Guide on Instagram. She is amazing
• 11:30
  Speaker 5: with her work. I tend to post different scholarship strategists
• 11:34
  Speaker 5: on my page here throughout because I know that they
• 11:37
  Speaker 5: go hand in hand. We don't get into it because
• 11:39
  Speaker 5: it's just we don't have the capacity. What I will
• 11:42
  Speaker 5: say is, you know, you want to identify your child,
• 11:48
  Speaker 5: if your parent watching this, you want to identify your
• 11:50
  Speaker 5: child's strengths early on. And that's the scholarship money. We're
• 11:54
  Speaker 5: going to start gearing ourselves too, Like you're going to
• 11:56
  Speaker 5: know pretty soon is your child sports or academics, is
• 11:59
  Speaker 5: your techie or not? Because there's so much money out there,
• 12:03
  Speaker 5: and there is really a lot of money there. But
• 12:06
  Speaker 5: here's and I do have to say this because I
• 12:07
  Speaker 5: used to sit on scholarship committees. Everybody thinks they're not eligible. Women,
• 12:14
  Speaker 5: young ladies particularly always think they're not eligible. I never forget.
• 12:18
  Speaker 5: I had a young lady that was trying to go
• 12:19
  Speaker 5: for nursing. The requirement was a three point h and
• 12:23
  Speaker 5: some other things. She had a way above all the
• 12:26
  Speaker 5: other requirements. She was super active. She had a two
• 12:29
  Speaker 5: point nine. So I'm looking at her application, but she
• 12:32
  Speaker 5: didn't do one last thing to apply. So I called
• 12:35
  Speaker 5: her personally. I'm like, hey, he was Jasmine. I'm like,
• 12:38
  Speaker 5: I need you to put this in by midnight. She's like, no,
• 12:41
  Speaker 5: it sead a three point oho. So there's a psychology
• 12:43
  Speaker 5: here that women, even with jobs, they look at one requirement,
• 12:47
  Speaker 5: go not eligible. Men go I'm about to try anyway.
• 12:52
  Speaker 5: So we would see young men at our committee get
• 12:55
  Speaker 5: scholarships over young women, and I realized the psychology is
• 12:58
  Speaker 5: a lot of young women with because they missed one thing.
• 13:01
  Speaker 5: So she thinks me to this day she got the
• 13:03
  Speaker 5: money it was like ten thousand because she just applied anyway.
• 13:07
  Speaker 5: Because now here's what happens with a lot of people
• 13:09
  Speaker 5: don't know behind the scenes. When there are private donors
• 13:12
  Speaker 5: that are giving, like the three in the five thousands, however,
• 13:14
  Speaker 5: they are asking the committee's opinion. So if I'm looking
• 13:19
  Speaker 5: at Bobby, who has a three point two, but Bobby
• 13:22
  Speaker 5: joined no activities in school. But I'm looking at Jasmine,
• 13:25
  Speaker 5: who's a two point nine, but she was class president,
• 13:27
  Speaker 5: she was this, she was this, she was this. I
• 13:29
  Speaker 5: don't know. I'm probably gonna go with Jasmine because she
• 13:32
  Speaker 5: still had good grades and she managed all of this stuff,
• 13:35
  Speaker 5: and then Bobby just was in school. So then I
• 13:39
  Speaker 5: have to tell the person who's given the money. My
• 13:41
  Speaker 5: professional opinion would be, let's go with Jasmine because we
• 13:44
  Speaker 5: know when she gets to school and becomes an active
• 13:46
  Speaker 5: member of her community at school, she's going to do
• 13:48
  Speaker 5: good and still add to the value of their community.
• 13:52
  Speaker 5: Oh that's a good perspective. Let's give it to Jasmine.
• 13:54
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 13:58
  Speaker 1: in Massachusetts. Thirteen gang member from Al Salvador accused of
• 14:03
  Speaker 1: murdering a Texas. Man of Venezuelan charged with filming and
• 14:07
  Speaker 1: selling child pornography in Michigan. These are just some of
• 14:11
  Speaker 1: the heinous migrant criminals caught because of President Donald J.
• 14:14
  Speaker 2: Trump's leadership.
• 14:16
  Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security
• 14:20
  Speaker 1: under President Trump. Attempted illegal border crossings are at the
• 14:23
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal aliens.
• 14:28
  Speaker 2: Have been arrested.
• 14:29
  Speaker 1: If you are here illegally, your next you will be
• 14:33
  Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.
• 14:37
  Speaker 2: You will never return.
• 14:38
  Speaker 1: But if you register using our CBP home app and
• 14:41
  Speaker 1: leave now, you could be allowed to return legally.
• 14:45
  Speaker 2: Do what's right, leave now.
• 14:47
  Speaker 1: Under President Trump America's laws, border and families will be protected.
• 14:52
  Speaker 3: Sponsored by the United States Department of Homeland Security,