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Cliff Notes: Latest Information on Student Loan Forgiveness · Earn Your Leisure

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  Speaker 2: All right, I'm going to transition and talk about Barber's Defense.
• 1:56
  Speaker 2: This is another program I'm a big fan of. Although
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  Speaker 2: I should tell you that if you apply for this,
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  Speaker 2: Barber's Defense will probably take about two years. Two years
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  Speaker 2: to get these loans forgiven. Okay, Now this is important
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  Speaker 2: to know because your loans can be placed into an
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  Speaker 2: administrative for parans and what that means is is that
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  Speaker 2: no payment isn't required. But if they find you are
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  Speaker 2: not eligible for Barber's Defense, any interest that would have
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  Speaker 2: accumulated in accrued over year one year two, it will
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  Speaker 2: be back applied, all right, and Barber's defenses really for
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  Speaker 2: if you attended a school that engaged in misconduct, you
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  Speaker 2: could have resulted in some type of harm as a result.
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  Speaker 2: And I want you guys to look at this lot
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  Speaker 2: and take a picture of it if you think this
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  Speaker 2: is for you, because you have to meet this criteria
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  Speaker 2: based off of your own cognizance. So when you're doing
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  Speaker 2: the application, they will ask you have you suffered harm
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  Speaker 2: as a result of the school's misconduct. If you put no,
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  Speaker 2: then that's the no go. So please pay attention to
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  Speaker 2: this side because this is telling you what it needs
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  Speaker 2: to be now. Schools that are automatically eligible for this
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  Speaker 2: will be like University of Phoenix, devirivee Itt Tech. I'm
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  Speaker 2: just thinking of some schools off Heying, Sanford, Brown, so Capella.
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  Speaker 2: You want to know these schools. If you are following
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  Speaker 2: my Instagram page the student on Doctor and the link tree,
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  Speaker 2: I have a list there for you very important to
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  Speaker 2: see if your school is on the list. There's about
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  Speaker 2: two hundred schools. I would love for you guys to
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  Speaker 2: just kind of verify and we know that most of
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  Speaker 2: the schools on this list if not, all are for
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  Speaker 2: profit schools. So if you're like I went there for
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  Speaker 2: my Masters, you might want to get this application. Complete
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  Speaker 2: it because this will give you a good amount of
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  Speaker 2: money back. It takes care of the long death that
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  Speaker 2: you spent at that institution. All right, what is that's
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  Speaker 2: a one time account adjustment. This is a big deal.
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  Speaker 2: So let me just kind of read this verbatim and
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  Speaker 2: I'm going to break it down to you. So this
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  Speaker 2: is for those that are in an IDR plan or
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  Speaker 2: PSL left. This will count all periods of repayment, regardless
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  Speaker 2: of the type of loan and repayment plan, towards IDR forgiveness.
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  Speaker 2: It also will count periods of forbearance in deferment that
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  Speaker 2: were not previously eligible. So this time, I'm going to
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  Speaker 2: put it to you. If I was doing a live
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  Speaker 2: survey right now, I would ask you, was there ever
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  Speaker 2: a time that you were enrolled in forbearance, meaning you
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  Speaker 2: just told them I cannot pay I cannot afford to
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  Speaker 2: pay my loans. And then let's just say you called
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  Speaker 2: in and you needed some help, but they were like,
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  Speaker 2: you know what, don't worry about it, Bob, We'll give
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  Speaker 2: you six months. That ever happened to you. If so,
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  Speaker 2: you probably were a part of what's called forbearance steering.
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  Speaker 2: Forbearan steering says you didn't take the time to ex
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  Speaker 2: Bob about his financial situation and then allow Bob to
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  Speaker 2: make some suggestions as to what he could pay. The
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  Speaker 2: way this works is, let's say you had a payment
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  Speaker 2: of two hundred dollars a month, but you really could
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  Speaker 2: just afford fifty, Or there was a document that was
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  Speaker 2: supposed to be utilized as said based off of what
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  Speaker 2: you shared here, we assess your new financial plan as.
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  Speaker 3: X, Y, and z.
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  Speaker 2: That didn't happen, and as a result, you lost traction
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  Speaker 2: and time towards paying your loans. A lot of people
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  Speaker 2: don't know this, but according to the repay plan, save Plan,
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  Speaker 2: IBr plan, there's a time period in which you are
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  Speaker 2: supposed to be in repayment. For example, the safe plan
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  Speaker 2: may say no more than fifteen years. Well, when your
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  Speaker 2: loans are in forbearance, you're not in repayment. And where
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  Speaker 2: you could have made a fifty dollars payment and kept
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  Speaker 2: it up, now you cannot because you didn't have the option.
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  Speaker 2: So there's going to be an adjustment that's happening like now,
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  Speaker 2: and I want to give you up to thirty six
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  Speaker 2: months back credit towards for bear and steering. So I
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  Speaker 2: hope I made that as clear as possible that you
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  Speaker 2: want to keep track of on studenta dot gov and
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  Speaker 2: with your lender. Studenta dot gov is going to also
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  Speaker 2: by the end of December update where you are at
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  Speaker 2: in terms of repayment of the IDR plan. Just kind
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  Speaker 2: of similar to a PSI left payment tracker as well. Okay,
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  Speaker 2: my next favorite one that's happening in real time and
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  Speaker 2: this one would be wrapping up by the summer if
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  Speaker 2: you took our loans before two thousand and three. We
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  Speaker 2: do help people follow this complaint. We have ebook about
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  Speaker 2: it's pretty cool.
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  Speaker 3: You should not.
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  Speaker 2: Have student loans if you were in repayment. And when
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  Speaker 2: I say repayment again, doesn't mean you made the payment.
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  Speaker 2: You were in repayment. We love to help, so let
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  Speaker 2: me give you a gist of what that looks like.
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  Speaker 2: If you have older loans, you also want to make
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  Speaker 2: sure before April thirtieth that you consolidate your loans so
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  Speaker 2: that you can be eligible for any form of forgiveness.
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  Speaker 2: Says available now and what's coming to the pipeline. So
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  Speaker 2: just to give you perspective, about nine million people, probably
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  Speaker 2: more like twelve when we think about some of the
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  Speaker 2: parent Plus and Perkins and hell loans were skipped. So
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  Speaker 2: you probably got skipped if you're like girl, I didn't
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  Speaker 2: get loan forgiveness before two thousand and three. I know
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  Speaker 2: this is what we're talking about this tonight. So I'm
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  Speaker 2: really really excited for you guys to explore this concept
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  Speaker 2: with us further because you probably are overdue for forgiveness
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  Speaker 2: and you simply put got skipped. That was what the
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  Speaker 2: announcement had said, all right, So I'm really excited to
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  Speaker 2: see who can be eligible for this. This is a
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  Speaker 2: process in which we would submit a complaint and say hey,
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  Speaker 2: could you look at our loans? And as a result,
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  Speaker 2: we have been seeing people get forgiven last slide and
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  Speaker 2: I definitely want to go into some Q and A tonight.
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  Speaker 2: I think that the serving of time will be best spent. Oh,
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  Speaker 2: I do want to give you guys the latest update
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  Speaker 2: with Biden. Can't forget that. I'm actually probably going to
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  Speaker 2: read verbat them to you guys, because I don't have
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  Speaker 2: a slide for it just came out of what is
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  Speaker 2: happening with the BIDO administration and forgiveness. Lastly, if you
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  Speaker 2: do not work for a nonprofit, you may want to
• 8:19
  Speaker 2: consider owning your own nonprofit. Now, of course, you want
• 8:23
  Speaker 2: to have it towards a good cause, so you want
• 8:26
  Speaker 2: to make sure that you actually care to have the nonprofit.
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  Speaker 2: Get it up and go and work in the nonprofit
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  Speaker 2: and setting it up correctly very important. So you would
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  Speaker 2: start your own nonprofit, you would file your federal and
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  Speaker 2: state paperwork, you would complete the PSLF paperwork. Afterwards, you
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  Speaker 2: would then complete an employee designation form, and then you
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  Speaker 2: would and well into an IDR program such as SAVE. Now,
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  Speaker 2: we do have programs and services that help with this.
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  Speaker 2: The reason why this is very very important. We've helped
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  Speaker 2: thousands with this. This is great is because they've become
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  Speaker 2: more lenient as to who can get credit in the
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  Speaker 2: PSLF program. And they've even changed your FAQ around to
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  Speaker 2: assist people that have just started their nonprofit to be
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  Speaker 2: eligible for PSLF. Somebody said, well, can I enroll my
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  Speaker 2: mom into it? Can I roll my boyfriend?
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  Speaker 1: You?
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  Speaker 2: And the thing is, you just don't want to take
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  Speaker 2: on too many employees because there's a four year window
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  Speaker 2: in which you have to get the nonprofit off the ground,
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  Speaker 2: so to speak. But by year four you have to
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  Speaker 2: show that it's profitable making income the equivalent of your salary,
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  Speaker 2: and in this example, you probably would say your salary
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  Speaker 2: is minimum wage of at least thirty hours a week
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  Speaker 2: in which the state in which you live in that
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  Speaker 2: makes sense just for context. So super cool option to
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  Speaker 2: help more people get onboarded with PSLF. Another thing that
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  Speaker 2: I like about what's happening with PSLF. By July, we're
• 9:47
  Speaker 2: hoping that they're going to announce that you can make
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  Speaker 2: multiple payments in a month, very very exciting. So let's
• 9:53
  Speaker 2: say your payments two hundred dollars, but you can afford
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  Speaker 2: that month to make a six hundred dollars payment, or
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  Speaker 2: that could be three payment miss out of one twenty.
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  Speaker 2: The goal is as soon as you get to one
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  Speaker 2: hundred and twenty payments, you will be forgiven. So anybody
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  Speaker 2: excited about that. That's a big, big deal because of
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  Speaker 2: the way that you're able to expedite repayment if YOU'REPSLF
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  Speaker 2: in general, or let's say you start the nonprofit and
• 10:19
  Speaker 2: get enrolled in PSLF. Okay, and then last thing Biden
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  Speaker 2: loan forgiveness. Let me pull that up for you.
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