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Study Hall: Keys to Mastering Student Loans · Earn Your Leisure

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Speaker 3: Let's say kids are listening to it that's in college,
1:02
Speaker 3: or they trying to make a decision, So it's the
1:05
Speaker 3: I CR the IV.
1:09
Speaker 2: I was actually gonna go there.
1:10
Speaker 4: OK, So the fourth was paid Repay, the IBr and ICR.
1:14
Speaker 4: The reason I found out is because when I was
1:17
Speaker 4: trying to get a loan forgiveness plan, I wasn't part
1:19
Speaker 4: of one of those, right, and so I got declined yes,
1:22
Speaker 4: and I was like, wait, what is this? And so yeah,
1:24
Speaker 4: can you go into the depth of the parameters of.
1:26
Speaker 5: The each, So let's go through it.
1:27
Speaker 6: So Obama, the Obama administration gave us the pay and
1:31
Speaker 6: the repay plan. So pay came out first, and that's
1:34
Speaker 6: for those that have new loans or newly consolidated loans
1:37
Speaker 6: and the direct loans program, your payment is kept at
1:40
Speaker 6: ten percent. Repay came out like because people went off.
1:44
Speaker 6: They were like upset, like, so I can't get my
1:46
Speaker 6: payments lower. So then they came out what was called
1:48
Speaker 6: repay that said, if you just have a direct loan,
1:51
Speaker 6: doesn't have to be newly consolidated, you can get ten
1:53
Speaker 6: percent too, although more is forgiven over time under the
1:57
Speaker 6: pay plan than the repay plan. The IBr plan is
2:01
Speaker 6: the old fashion income based repayment plan that everybody knows,
2:05
Speaker 6: and anybody listening should check their loans to see which
2:08
Speaker 6: plan they normally are under. Most people never switch out,
2:11
Speaker 6: and they could actually lower their payment by going to
2:14
Speaker 6: repay from IBr.
2:16
Speaker 4: So you have based on how much you make, will
2:17
Speaker 4: determine how much you're gonna have to pay.
2:19
Speaker 6: Yes, okay, so IBr is at a fifteen percent margin.
2:23
Speaker 6: ICR is at a twenty percent repayment. And if anybody's listening,
2:27
Speaker 6: they will write down if they had parent plus loans.
2:30
Speaker 5: Some time you teach you.
2:30
Speaker 6: I want to write out No, I'm like okay, So
2:34
Speaker 6: ICR is twenty percent. Now, what Biden is proposing is
2:38
Speaker 6: the plan that they're saying that he's coming out with
2:40
Speaker 6: will be at five percent.
2:42
Speaker 5: So some people are really going to see a good
2:44
Speaker 5: win in.
2:44
Speaker 3: Terms of five percent of.
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Speaker 6: Your of your expectation to be able to repay back loans.
2:52
Speaker 3: So if you borrow one hundred thousand, you only have
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Speaker 3: to pay back five thousand.
2:56
Speaker 5: Oh no, five percent of your.
2:57
Speaker 2: Your income income five thousand.
3:00
Speaker 4: So like if somebody had was making a one hundred thousand,
3:02
Speaker 4: like with a teacher salary in New York, that could
3:04
Speaker 4: happen easily, right, and you have to pay fifteen percent.
3:06
Speaker 4: That's fifteen hundred dollars, right, and so like you have
3:10
Speaker 4: to make to get the forgiveness of the one I
3:12
Speaker 4: was singing.
3:12
Speaker 2: I think it's the.
3:13
Speaker 4: PSLF right the public service. So if you're a teacher,
3:16
Speaker 4: if you're anything in a public service, you can get
3:18
Speaker 4: this loan forgiveness. You'd have to make one hundred and
3:20
Speaker 4: twenty consecutive payments to qualify for it, and that started
3:25
Speaker 4: dates back to two thousand and seven.
3:26
Speaker 2: So this was the problem I ran into.
3:27
Speaker 4: I'm like, oh, bet, two thousand and seven, I haven't
3:29
Speaker 4: missed a payment, and twenty seventeen it was my tenth year,
3:32
Speaker 4: and I was like, oh great.
3:33
Speaker 6: So then you need to look into what's called the TEPSLF.
3:37
Speaker 2: So I did it. I got forgiven for another loan.
3:39
Speaker 5: Okay.
3:39
Speaker 4: Yeah, So then that's when I started researching. Wait I could,
3:42
Speaker 4: there's more loans out there for teachers, and so I
3:44
Speaker 4: did the Teacher Loan Forgiveness where it was like, if
3:46
Speaker 4: you are a highly qualified teacher in the subject in
3:49
Speaker 4: five years, and it has to be a title one
3:51
Speaker 4: school less perfectation.
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Speaker 2: Yeah, there's two different.
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Speaker 6: The podcast so what you say it is, okay, So
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Speaker 6: let me make your question. Say you got to teach
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Speaker 6: your lont forgive.
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Speaker 2: This, but did you get the te I did not.
4:02
Speaker 2: I did not.
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Speaker 4: Did you apply yet I did, but they told me
4:04
Speaker 4: I wasn't in one of those four qualifying ones. So
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Speaker 4: I wasn't in paid repay.
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Speaker 5: IBr Oh wait, no, TE is different than PSLF.
4:12
Speaker 2: Okay, no, then I wasn't. I didn't get that. Ye
4:14
Speaker 2: yeh okay, I'm.
4:15
Speaker 6: Going to offline show you the other perfect so the
4:18
Speaker 6: government and then money might still be available. They gave
4:23
Speaker 6: a window of money for people that like him, had
4:26
Speaker 6: been paying since two thousand and seven, but was on
4:29
Speaker 6: a standard plan. Let's say, and he like, I've been paying,
4:32
Speaker 6: so why am I not? And I worked for and
4:34
Speaker 6: so it's under a different program. It's just like a
4:37
Speaker 6: spin off of the PSLF. A lot of people don't
4:40
Speaker 6: know about it. They talked about it one time on
4:41
Speaker 6: the news. I'm like, so, so I'll show you where
4:45
Speaker 6: they're sayt Yeah, last time I checked, there's still money available.
4:47
Speaker 2: Yeah. Because it was like a bunch of people applied.
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Speaker 4: They had did the ten years, they had one hundred
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Speaker 4: and twenty payments, and I think less than one percent
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Speaker 4: of people actually God forgiveness.
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Speaker 5: So then they told them to go back and apply
4:56
Speaker 5: for the second plan. I'm telling you about.
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Speaker 6: It, but it got confusing and people didn't do they
5:01
Speaker 6: closed it, they reopened it. So last time I check,
5:04
Speaker 6: I look, literally the other day it's still open.
5:06
Speaker 2: Your DM is about to blow up.
5:07
Speaker 6: Okay, but that's you know, so I have to be
5:11
Speaker 6: weirdly knowledgeable about these things.
5:13
Speaker 5: And let me be very clear, like I don't work
5:15
Speaker 5: for solid man.
5:15
Speaker 6: I don't even like student loans and a concept I
5:18
Speaker 6: like that people that come to us or come to
5:21
Speaker 6: me initially can get the help to move forward in life.
5:24
Speaker 6: Because like if you walk away with one hundred percent forgiveness,
5:27
Speaker 6: after that, he gonna be light as a burder around here, right,
5:29
Speaker 6: And then you want to do something different with your money,
5:31
Speaker 6: Like I don't know how much you pay towards your
5:33
Speaker 6: student loans out of COVID, but that additional money can
5:35
Speaker 6: go to all the things you.
5:37
Speaker 5: Guys talk about rightly, state and investment.
5:39
Speaker 6: But that'd be the number one reason why people do
5:41
Speaker 6: not get into growing their money because the student loans.
5:45
Speaker 2: That it makes you.
5:46
Speaker 4: It can make you sag it right, It can make
5:49
Speaker 4: you depressed. It could leave you to a point where
5:51
Speaker 4: it's like, yo, now I have to live at home
5:52
Speaker 4: longer than I expect it. Now I can't afford to
5:55
Speaker 4: get a car. Now I can't afford to even being
5:58
Speaker 4: a real relationship right because I can't help with you.
6:02
Speaker 2: I can't I can't get married.
6:03
Speaker 4: I can't afford to do it, and so it stagnates
6:05
Speaker 4: your life from decision that you made at eighteen.
6:07
Speaker 5: I gotta tell the story.
6:09
Speaker 3: Okay, so this is real, and if.
6:11
Speaker 6: Somebody's watching, it's gonna understand what I'm about to say.
6:13
Speaker 6: So if you are particularly like a black woman and
6:17
Speaker 6: you're dating and you got six figures student on that,
6:19
Speaker 6: I know I come up being mine at one point,
6:21
Speaker 6: like how I'm not going to tell this man, right? So,
6:23
Speaker 6: so what happens when I used to do one on
6:25
Speaker 6: one appointments in person?
6:26
Speaker 5: I missed those days.
6:27
Speaker 6: Those were fun guys who used to book their fiance
6:31
Speaker 6: and girlfriends for like appointments that the girls didn't know about.
6:34
Speaker 6: So they were coming like, well where are we at?
6:36
Speaker 6: I'm like, Hi, I'm thinking everybody knows. Nobody knows but him,
6:40
Speaker 6: And I'm like, so you didn't tell her? He's like no,
6:43
Speaker 6: I'm gonna get some lunch.
6:44
Speaker 5: He like just dropped the girl off trash.
6:46
Speaker 6: She's arms folded, she's tight, and I'm like, oh god,
6:49
Speaker 6: you might have like Penny bides at work.
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Speaker 5: No, I don't have that at office. So I was like,
6:53
Speaker 5: oh okay.
6:54
Speaker 6: So I was like, so here's what's gonna happening to
6:56
Speaker 6: growth through your loans? And I said, and to the girl,
6:58
Speaker 6: I remember, she was so upset. She that bad attitude.
7:01
Speaker 6: And then I just had to get real for like
7:02
Speaker 6: two seconds, you know, I was like, look, so look
7:04
Speaker 6: this was about to be I was like, I really
7:06
Speaker 6: think that this man likes you. He likes you enough
7:08
Speaker 6: to have booked disappointment. He thinks highly enough of you
7:11
Speaker 6: that probably means he may want to propose get married soon.
7:15
Speaker 6: But he's very serious about his money, and he's not
7:18
Speaker 6: going to propose to you unless you tackle your student
7:20
Speaker 6: loan dead. Because I think she told him right. So
7:22
Speaker 6: I said, so what we're going to do is we're
7:24
Speaker 6: going to put you on this plan. And I think
7:26
Speaker 6: she was eligible for PSL left. I said, and then
7:28
Speaker 6: when he comes back, you're going to tell him the
7:31
Speaker 6: game plan, like all excited, enthusiastic, you got it.
7:33
Speaker 5: But I don't know, like I just think of a
7:34
Speaker 5: whole different person. And she was like okay.
7:36
Speaker 6: So we did work it out. To where a payment
7:38
Speaker 6: would be one thirty. She was enrolled on PSL left
7:40
Speaker 6: and then you could see his face was like, oh,
7:43
Speaker 6: all right, okay, so what you're saying is all she
7:45
Speaker 6: got to do is so he was like real light
7:47
Speaker 6: after that because it was real tense.
7:48
Speaker 5: And then sure enough, you know, I stopped him.
7:51
Speaker 6: I wanted to see, like six months later he proposed,
7:53
Speaker 6: but now, like, I don't think he would.
7:55
Speaker 5: Have not proposed it. Well, we don't know, really.
7:57
Speaker 6: But he really needed to feel comfortable. She was on
8:01
Speaker 6: top of her loan day, and so it does come
8:03
Speaker 6: up in dating and trying to buy them together.
8:06
Speaker 2: Student loan doctors, marriage counselor.
8:08
Speaker 3: Salute salute that man. So let me ask you this. Okay,
8:11
Speaker 3: So me, I'm a slow learner and fortunately I never
8:16
Speaker 3: had to deal with any of this stuff. So all
8:20
Speaker 3: of this stuff is like kind of foreign to me.
8:22
Speaker 3: So for people that you know, might be in the
8:25
Speaker 3: same boat as me, and they might have children. They
8:27
Speaker 3: might not affect them, but they might have children. So
8:30
Speaker 3: let's try to let's try to unpack this a little bit.
8:32
Speaker 3: So it's like all these different loans, which one is
8:36
Speaker 3: the best loan to get in? I know, that's like
8:38
Speaker 3: a hard question. But which one is the best loan
8:40
Speaker 3: to get in? And then if you are in a
8:43
Speaker 3: bad loan, how can you maneuver into a good one.
8:48
Speaker 5: So with the federal government, there's only like one type
8:51
Speaker 5: of loan. It's just a federal loan.
8:52
Speaker 6: Right, And so when we have students going to college,
8:56
Speaker 6: was called an award letter. They'll be told if they
8:58
Speaker 6: get any grants, any scholarshi, and then on the award
9:01
Speaker 6: letter it'll say unsubbed and sub right. And so submeans
9:05
Speaker 6: loans that have interests that's paid for by the government.
9:09
Speaker 6: Unsub means the interests. You're responsible from day one. As
9:12
Speaker 6: to Howard A. Cruz, parents get jammed up when they
9:15
Speaker 6: apply for what's called the parent plus loan. It's like
9:18
Speaker 6: the double child of student loans. Like it's bad, but
9:22
Speaker 6: they really make it to where parents get trapped with
9:26
Speaker 6: it's like kind of a private loans.
9:27
Speaker 4: Yeah, I was just gonna say that's a difference from
9:29
Speaker 4: the federal the federal and the privates.
9:31
Speaker 6: Yeah, right, And because the interest rate is horrible, like
9:33
Speaker 6: seven point eight, most times they want you to go
9:36
Speaker 6: into repayment right away. They do hit and look at
9:39
Speaker 6: your credit, and so they you gotta decide who has
9:42
Speaker 6: better credit, mom or dad when doing the application. If
9:45
Speaker 6: mom or Dad gets denied, the child can get two
9:47
Speaker 6: thousand additional per the semester. But if you're going anywhere
9:51
Speaker 6: outside of the state school, like if we're here in
9:53
Speaker 6: New York, that that money should be enough to cover
9:56
Speaker 6: that tuition. But when people go to more expensive school,
10:00
Speaker 6: what happens?
10:00
Speaker 5: What do they got to take out private? Private loans?
10:03
Speaker 6: And now private loans are really like the depth of
10:06
Speaker 6: our economy, particularly for black millennials, because everyone wants to
10:12
Speaker 6: go to an HBCU, right, but everybody's not getting full
10:15
Speaker 6: funding to go.
10:16
Speaker 5: To an HBCU.
10:18
Speaker 6: So I see a lot of graduates that come out
10:21
Speaker 6: the most they can borrow is fifty seven thousand, five
10:23
Speaker 6: hundred undergrad and then they have like one hundred thousand
10:28
Speaker 6: and private loan debt. Let me be really clear, one
10:31
Speaker 6: hundred thousand private loan is different than one hundred thousand
10:34
Speaker 6: federal And the reason that is is because if you
10:37
Speaker 6: owe one hundred thousand, your payment could still only be
10:39
Speaker 6: two hundred dollars based off your income and who you
10:42
Speaker 6: take care of. But with a private loan, that payment
10:45
Speaker 6: is going to be one thousand dollars with a period
10:47
Speaker 6: behind it.
10:47
Speaker 2: Then the f work comes for bearing. So well, no
10:51
Speaker 2: private loan, not with private federal.
10:53
Speaker 3: Again, so federal loans, all of these programs, income based programs,
10:57
Speaker 3: all of that, but private loans, there's no kind of
11:00
Speaker 3: program to lower the payment.
11:02
Speaker 6: No, your lender may have something like naving, may say, well,
11:06
Speaker 6: we'll allow you to do something forbearance, but then the
11:09
Speaker 6: interest is still capitalizing. The time you come out of it,
11:12
Speaker 6: the payment's now like thirteen hundred a month, so it's
11:15
Speaker 6: really no relief.
11:17
Speaker 5: Now let me say this.
11:18
Speaker 6: There are only two states Pennsylvania and Texas that will
11:22
Speaker 6: not allow private loan debt to take over your income
11:25
Speaker 6: like garnish your wages. But New York definitely, we get
11:30
Speaker 6: a lot of clients that call and crying literally because
11:33
Speaker 6: they get their paychecks snatched up to twenty five percent. Georgia,
11:37
Speaker 6: particularly Florida. I'm just thinking about where we get the
11:40
Speaker 6: most costs from with that issue. Boston, Massachusetts. So if
11:44
Speaker 6: you're listening to this and you have private loan debt, right,
11:46
Speaker 6: because I know that's the question that comes up a lot.
11:49
Speaker 6: The goal is to get your credit up as best
11:51
Speaker 6: as possible so that you can refinance your loans. This
11:55
Speaker 6: is the best time to refinance private loan debt. But
11:58
Speaker 6: I have an asterisk so because I do believe with
12:02
Speaker 6: the Biden administration that there is going to be a
12:04
Speaker 6: form of loan forgiveness ten thousand and fifty thousand or
12:07
Speaker 6: one hundred percent through the Higher Education Act of nineteen
12:10
Speaker 6: sixty five. The President elect is already allowed as soon
12:14
Speaker 6: as he takes office. He could just sign it off
12:17
Speaker 6: in one stock.
12:20
Speaker 2: So that's that's a that's a good point.
12:22
Speaker 4: It's still a known that And so those are some
12:24
Speaker 4: of the proposals right there is the everybody who has
12:27
Speaker 4: student federal student on the outside, we want to confuse
12:30
Speaker 4: it with private. They're going to get ten thousand dollars
12:32
Speaker 4: if he signs it right or or the other proposal
12:35
Speaker 4: is we can do ten thousand for five years, right
12:38
Speaker 4: or completely wipe away everybody stood loan his.
12:41
Speaker 6: Program ten thousand for five years. That'll just pass probably
12:44
Speaker 6: through the Congress in the House.
12:46
Speaker 5: That's fine.
12:46
Speaker 6: But what we what we know he has the authority
12:49
Speaker 6: to do. Every president has already had the authority to do.
12:52
Speaker 6: Is literally signed one hundred percent at one point nine
12:56
Speaker 6: trillion away.
12:57
Speaker 2: So here's my question.
12:58
Speaker 4: Right, Let's say, because the average person right has under
13:02
Speaker 4: twenty five thirty two thousand dollars and should have loaned that,
13:05
Speaker 4: there's no interest being applied right now, only the principle
13:09
Speaker 4: you can pay toward that. If we can do it,
13:12
Speaker 4: should we pay it off or should we wait till
13:13
Speaker 4: the administration to come in and see what happens?
13:15
Speaker 6: So I get that question like almost every day. So
13:18
Speaker 6: here's what I would say. There is going to be
13:21
Speaker 6: something coming, and you know a president likes to make
13:23
Speaker 6: his mark in the first one hundred days. Yeah, so
13:25
Speaker 6: for real, for real, you you could wait, like you know,
13:28
Speaker 6: about one.
13:28
Speaker 2: Hundred I'm asking for a friend, I'm asking for a front.
13:31
Speaker 5: Everyone's watching this like right now.
13:32
Speaker 6: You know, by one hundred and thirty days out, I
13:34
Speaker 6: would be on the minimum payment type of situation because
13:36
Speaker 6: if something did come, let's say the big number that
13:39
Speaker 6: the Democrats are pushing him to is fifty thousand, you
13:42
Speaker 6: would have your loans right clear, but you're not getting
13:44
Speaker 6: any money back that you put out. So I think,
13:47
Speaker 6: you know it's bad to say this out loud, but
13:49
Speaker 6: I would probably be a minimum payment to see what happens.
13:52
Speaker 2: Ernest what's going on.
13:53
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17:44
Speaker 2: Sit on the side, y'all so unloaded.
17:46
Speaker 3: Let me ask you this as far as all right, so,
17:49
Speaker 3: I guess the best student loan to get in is
17:52
Speaker 3: a federal loan out of private loan, Yes, the best one.
17:55
Speaker 3: So when you get in, So those options are just
17:58
Speaker 3: repayment options, like only one federal student loan, right, it's
18:02
Speaker 3: not like different types of federal loans.
18:03
Speaker 5: No, it's just one type of federal loan.
18:05
Speaker 6: The other federal loans that they used to have, which
18:07
Speaker 6: are called f f EL or f f E, l
18:09
Speaker 6: P or Perkins loans, Yeah, those are more so with colleges.
18:16
Speaker 6: Universities would give out on behalf of the government. Those
18:19
Speaker 6: loans and programs have stopped. If you are listening to
18:22
Speaker 6: this and you have an f f EL or f
18:24
Speaker 6: f E l P or Perkins loan. You should look
18:27
Speaker 6: into consolidating your loans into the direct loans program so
18:31
Speaker 6: that you can take advantage of any forgiveness that's coming,
18:34
Speaker 6: because this current administration does not get paid or even
18:39
Speaker 6: the Cares Act. If you had a loan that wasn't
18:42
Speaker 6: a direct loan, even in the Cares Act, they didn't
18:44
Speaker 6: pay for your loans right now and they didn't cover
18:45
Speaker 6: your loan deck. So you probably want to look into
18:49
Speaker 6: consolidation and see if it's a good fit.
18:50
Speaker 4: So, I mean it puts especially parents, you know who
18:53
Speaker 4: come from working class you know homes, because a lot
18:57
Speaker 4: of times when you apply for student loans and your
18:59
Speaker 4: parents to make a certain amount or a decent living,
19:02
Speaker 4: you're not going to get any right most times, Like
19:04
Speaker 4: I remember applying for pseudent loans and I got like
19:07
Speaker 4: two hundred and forty six dollars. I'm like, this is
19:10
Speaker 4: like one book, and so it forces you almost to say,
19:12
Speaker 4: like I got to take out this loan and I
19:13
Speaker 4: got to go to private route.
19:15
Speaker 2: So what are we doing those scenarios? Is it just
19:17
Speaker 2: like try your basket scholarships or look for grants.
19:19
Speaker 6: What are we supposed to do so a student going
19:21
Speaker 6: into college. Yeah, right, So a couple of things. If
19:24
Speaker 6: you're a student listening to this, I know you guys
19:26
Speaker 6: do have a good audience that's younger.
19:28
Speaker 5: You know, I believe it what's called scholarship Sundays. So
19:31
Speaker 5: I would recommend.
19:32
Speaker 6: That started sophomore in junior year, you start looking for
19:37
Speaker 6: the scholarships you're gonna apply to most times.
19:39
Speaker 5: In junior year.
19:41
Speaker 6: Right, And the challenge where all of this is and
19:43
Speaker 6: what it comes down to is as parents, we don't
19:47
Speaker 6: prepare weld enough. And by no fault to anybody listening, like,
19:51
Speaker 6: don't feel bad that you didn't prepare, but just know
19:54
Speaker 6: that this generation right here, the millennial generation, has to
19:57
Speaker 6: be the one that ends student loan. That like, first,
20:00
Speaker 6: if you're listening to your podcast and they're listening, they
20:02
Speaker 6: shouldn't even be thinking about their child having to take
20:05
Speaker 6: off SOT loans, Like that's kind of true. Did everything
20:07
Speaker 6: you guys teach in terms of well field?
20:10
Speaker 4: We just had this conversation of the night, like whose
20:11
Speaker 4: responsibility is it?
20:12
Speaker 2: Is it the left? The parents are acting preparation issue looking.
20:18
Speaker 4: We first, like, so a lot of us are first
20:20
Speaker 4: generation college graduates and so like our parents. My parents
20:22
Speaker 4: are not from this country. They didn't they don't know
20:24
Speaker 4: these things. And so like now I'm looking at my
20:26
Speaker 4: responsibility for my children. It's like, we don't We're never
20:29
Speaker 4: gonna have to.
20:29
Speaker 3: Say so, all right, so let me ask you this
20:31
Speaker 3: because fortunately, like I said, I don't have to go
20:33
Speaker 3: through this process because I played basketball and I had
20:35
Speaker 3: a scholarships.
20:35
Speaker 2: He's a scholarship. I'm not a little different. That's what
20:42
Speaker 2: you don't got student loans. That that's what you look like.
20:45
Speaker 5: Girls right now over there.
20:48
Speaker 2: He's like, what is this? F h A you're talking
20:50
Speaker 2: about Troy.
20:51
Speaker 3: You got to work on your jump shot.
20:55
Speaker 6: Yeah, I had scholarships in college. Can I be believe
20:59
Speaker 6: really honest with you, I just didn't have guidance to
21:02
Speaker 6: tell me then not take out the refund check.
21:04
Speaker 5: So I didn't have a lot.
21:06
Speaker 6: Gonna be real, like, in college, Yo, I was living.
21:09
Speaker 6: I'm living good now, but in college I was living
21:13
Speaker 6: right under this level.
21:14
Speaker 4: And I know that's not weird, but I had a
21:15
Speaker 4: full ride.
21:18
Speaker 6: Nobody as a young black kid, somebody saying, come to
21:21
Speaker 6: the bursar's office and pick up five thousand every semester.
21:25
Speaker 6: What true religious yo, I listen, true religious if you
21:30
Speaker 6: was my friend, I got you up here. I didn't
21:32
Speaker 6: want to walk on campus and we didn't look far together.
21:34
Speaker 6: We're not eating campus food. We're gonna run lobster and
21:37
Speaker 6: I'm like the first ha of card you a college
21:39
Speaker 6: was so fun. But that's because I had a lot
21:40
Speaker 6: of money coming in from scholarships that the refunds that
21:44
Speaker 6: I did take was like play money because I didn't
21:46
Speaker 6: understand them.
21:47
Speaker 5: If that makes sense. Yeah, Like Sundays we're all here
21:50
Speaker 5: eating bread.
21:51
Speaker 2: Yo, it was made over head.
21:53
Speaker 5: You know, if I had real friends.
21:55
Speaker 6: I kind of brought a lot of friendships because I
21:57
Speaker 6: I've always been very generous and I have a hard
22:01
Speaker 6: if I eat, you eat, That's how I feel.
22:03
Speaker 5: And it used to be to the point look at
22:04
Speaker 5: the Brian's like.
22:05
Speaker 6: You said yes yeah, So like on Sundays, it's like
22:09
Speaker 6: so digress.
22:10
Speaker 5: But like I was like, all right, I'm cooking. I
22:12
Speaker 5: not a cook.
22:12
Speaker 6: I'm like, if you want to contribute to stories, I'm like,
22:16
Speaker 6: put the pack of fish with your name on the
22:18
Speaker 6: city so I know that you can come back.
22:19
Speaker 5: Because they would drop up all types of food. Ah,
22:21
Speaker 5: My guy friends and a lot of guyfriends like you
22:23
Speaker 5: could do five fishes dropped off at the door.
22:27
Speaker 3: Like that, and all that I needed you In college
22:31
Speaker 3: I had. I had just this a true story. I
22:35
Speaker 3: know one year, for one year straight, I ate tuna
22:37
Speaker 3: fish every day for one year.
22:39
Speaker 5: I feel one year straight.
22:40
Speaker 6: Eight mom and noodles, And imagine that wall being stacked
22:43
Speaker 6: up with roma noodles.
22:44
Speaker 5: Beef shrimp you want today, I don't want that.
22:48
Speaker 2: I was like, we got options, beef oil.
22:51
Speaker 3: I haven't had to fish, and I still eat it
22:53
Speaker 3: every once in a while, but now I eat it
22:55
Speaker 3: in a salad. I was eating on a sandwich like
22:58
Speaker 3: playing jacked up. No, you know, think about it is
23:00
Speaker 3: playing sports. So so my first two years was in Maryland.
23:03
Speaker 3: My next two years was in Hawaii. So Maryland, the
23:07
Speaker 3: scholarship included just the cafeteria, food and dorm rooms and
23:11
Speaker 3: all that. When I went to Hawaii, everything was paid for,
23:14
Speaker 3: but they gave me a check. They gave me a
23:15
Speaker 3: check for like six thousand dollars, and then that was
23:17
Speaker 3: to pay for my off campus apartment, pay for food
23:20
Speaker 3: and all of that. So I was on my own.
23:23
Speaker 3: So I was just going grocery shopping. But I ain't
23:24
Speaker 3: I didn't know how to cook. I had a form
23:26
Speaker 3: and grow. I was just putting anything on the form
23:27
Speaker 3: and grow, and then I was just making friends.
23:31
Speaker 2: Yeah, we love it that we was. I mean we
23:33
Speaker 2: eleven hours away.
23:34
Speaker 3: It was back in New York. So yeah, so you
23:39
Speaker 3: know it was it was tough, but we made it through.
23:42
Speaker 3: We made it through. We made it through.
23:47
Speaker 4: You see what I'm saying that you could put tune
23:51
Speaker 4: in your salad when you got to pray student looe.
23:54
Speaker 3: So so let me ask you this. So yeah, so
23:56
Speaker 3: as far as parents, right, it's interesting what you just said.
23:59
Speaker 3: You said, if they listen to this, they shouldn't even
24:01
Speaker 3: be worried about that. So what is your advice for parents? Like,
24:04
Speaker 3: because it's like, all right, do it? So if they
24:08
Speaker 3: can't afford to send their kids to college, right, should
24:12
Speaker 3: they just go community college and then state school and
24:15
Speaker 3: just only do federal Like should they never do? At
24:19
Speaker 3: what point does it make sense to do student loans?
24:21
Speaker 3: Or does it really make sense to do student loans?
24:23
Speaker 6: So I'm licensed, but not a licensed in this section,
24:25
Speaker 6: so I'm going to teater lightly, but I think it
24:27
Speaker 6: would be best to be everyone to google the five
24:30
Speaker 6: to nine plan in their state and then talk to
24:32
Speaker 6: a licensed professional that can talk to you about a
24:35
Speaker 6: five to nine plan, because if you are I call
24:38
Speaker 6: what's called the sticky middle middle classes, what's called the
24:40
Speaker 6: sticky middle not enough to get a full grant ride,
24:43
Speaker 6: but not wealthy enough to pay out a pocket right,
24:47
Speaker 6: So that sticky middle is that's where a lot of
24:49
Speaker 6: people suffer. They're like, oh, you should be able to
24:51
Speaker 6: contribute to your child's education, and most people can't. So
24:55
Speaker 6: what happens is the student loan, that the private loan,
24:58
Speaker 6: that the parent plus loan that comes into place. But
25:00
Speaker 6: there is something called really a big proponent a fan
25:02
Speaker 6: of called the five to nine plan, where someone that
25:05
Speaker 6: has a child early on or a grandchild can start
25:08
Speaker 6: to contribute to their child's education. And we can have
25:11
Speaker 6: a five to nine party every year or on the birthday.
25:14
Speaker 6: So I know a few people that their child at
25:17
Speaker 6: age nine has their college fully paid for at today's prices.
25:20
Speaker 2: So the five to nine party, no gifts, would just
25:22
Speaker 2: contributed to the plane.
25:24
Speaker 6: Bringing it like you can a deposit, or you can
25:26
Speaker 6: just bring a twenty like that.
25:28
Speaker 3: You can write a check too, check book. The five
25:29
Speaker 3: twenty nine spoke a few times on the podcast. All right,
25:32
Speaker 3: so you so your philosophy is like you should be
25:35
Speaker 3: playing to pay for college. Don't rely on because you.
25:38
Speaker 6: Know that our culture and when I say our African Americans,
25:41
Speaker 6: we don't believe in picking up the tap for our
25:44
Speaker 6: kids in this extent. But in other cultures, like I've
25:47
Speaker 6: been studying this, it is expected that the.
25:49
Speaker 5: Parent pays for that.
25:51
Speaker 3: It's like a wedding.
25:52
Speaker 5: Yeah, but in our culture, what do we pay for? Right?
25:54
Speaker 2: We pay it all prom oh ah, yeah, problems we do.
25:57
Speaker 5: That any weddings, right car, baby child's baby.
26:00
Speaker 2: Shower, shower we get. The more baby showers and weddings,
26:05
Speaker 2: that's the fun.
26:05
Speaker 3: Right, shirt, the Birdberry shirt was a staple at a
26:11
Speaker 3: baby shower.
26:11
Speaker 2: That's how you know who the father was with the
26:14
Speaker 2: Birdberry shirt. That's h you know.
26:17
Speaker 4: You know what also too, and to go along with that,
26:21
Speaker 4: is that we got to change the stigma on community college.
26:23
Speaker 2: Yes, especially in New York.
26:25
Speaker 4: Man, it's like people feel like, oh, I feel like
26:28
Speaker 4: I'm not going anywhere.
26:29
Speaker 5: Great.
26:29
Speaker 4: Yeah, Like number one, if you get if you're getting
26:33
Speaker 4: a level arts degree, it won't matter because you're gonna
26:36
Speaker 4: be able to he's dying.
26:39
Speaker 2: It won't matter.
26:40
Speaker 4: I mean, you can still transfer after two years plus
26:42
Speaker 4: you're gonna save yourself maybe fifty to one hundred thousand
26:44
Speaker 4: dollars by just staying home.
26:46
Speaker 2: You know what I mean.
26:46
Speaker 4: You're not paying room and board, You're still eating that home.
26:48
Speaker 4: Here's the stigma is crazy.
26:50
Speaker 6: I'm a reformed college professor, right, and I could see
26:54
Speaker 6: each at a community college or I could see each
26:55
Speaker 6: at a private institution. It was the same class, the
26:59
Speaker 6: same textbook. I just got paid a little different. But
27:02
Speaker 6: the students were paying at the community college to see
27:05
Speaker 6: me on Tuesday three hundred dollars. At the private college,
27:07
Speaker 6: they were paying sixteen hundred class, same professor, same book.
27:14
Speaker 5: Just catch me on a different show.
27:16
Speaker 3: And once you it's like if you have a bachelor's
27:20
Speaker 3: degree and he went to community college, they don't count
27:23
Speaker 3: your associate The only thing that masteres your bachelor's degree.
27:25
Speaker 3: If you have a master's degree, the only thing that
27:27
Speaker 3: really manages your master's degree. So like a lot of
27:28
Speaker 3: people even think like the first four years if you
27:30
Speaker 3: want to, if you know you're going to be a doctor,
27:32
Speaker 3: like go to a good undergrad but don't spend all
27:35
Speaker 3: of your money on it like because your master's program
27:37
Speaker 3: is gonna be more important. Like, you know, who went
27:39
Speaker 3: to community college? Barack Obama, No, nobody knows that because
27:43
Speaker 3: they only look at Harvard. I think he went to
27:46
Speaker 3: where do you go before Harvard? Columbia? He went to Columbia,
27:49
Speaker 3: and he went to Harvard. So it's like they only
27:51
Speaker 3: look at that part of it, but they didn't look
27:53
Speaker 3: at the two years he spent in community college. Nobody cares.
27:56
Speaker 3: But now it's two years that you're going for next
27:58
Speaker 3: to nothing, and a lot of kids aren't mature enough
28:02
Speaker 3: to actually go away from home and they make a
28:04
Speaker 3: lot of mistakes. So that's like, you know, it's the
28:06
Speaker 3: time to actually develop and grow as a person, and
28:09
Speaker 3: now you got two years on your belt, and now
28:12
Speaker 3: you can get another two years if you want.
28:13
Speaker 5: I'm gon be honest with you.
28:14
Speaker 6: With COVID, I would be pissed if I was paying
28:18
Speaker 6: that tuition and I'm home with my friend that's home
28:21
Speaker 6: on the same platform paying way less tuition, Like that's crazy,
28:27
Speaker 6: Like I would be enrolling and switching over to another school,
28:30
Speaker 6: like personally.
28:30
Speaker 3: So let me ask you this. As far as forbearans,
28:33
Speaker 3: there's general forbearance and administrative forbearans. What is the difference
28:37
Speaker 3: between those two?
28:38
Speaker 5: So general for baras. I'll give you example.
28:40
Speaker 6: It's like when you need to call your Linden like,
28:43
Speaker 6: I don't got it, Like, so thirty six months in
28:45
Speaker 6: the lifetime of your loan that you can just extend
28:48
Speaker 6: in no questions asked. Then you have what's called administrative
28:51
Speaker 6: for barents from the government for whatever they determined as
28:55
Speaker 6: a permissible reason they can cover your interests, right. And
28:59
Speaker 6: then you have what's called economic deferment. That's when people
29:02
Speaker 6: don't know about this one, but that's when you get
29:04
Speaker 6: laid off or you lost your job. You have some
29:07
Speaker 6: paperwork that says that instead of using your general forbearance moms,
29:11
Speaker 6: you want to use your economic deferment. Or if you
29:13
Speaker 6: live in an area that has really bad weather like
29:16
Speaker 6: hurricanes and so forth, there's weather related deferments too that
29:20
Speaker 6: people can get so that you don't have to again
29:22
Speaker 6: run through your thirty six months.
29:24
Speaker 3: How do you how would you know that?
29:26
Speaker 4: Do you?
29:27
Speaker 3: Like, because I didn't know that? Do you have to
29:29
Speaker 3: call your lender?
29:30
Speaker 2: Like?
29:30
Speaker 3: Yeah, do you offer weather for a barons? Do you
29:32
Speaker 3: offer job?
29:34
Speaker 6: Well, it's a government program, but it's again it's not
29:37
Speaker 6: fully advertised. See that's the problem again with a lot
29:40
Speaker 6: of our lenders in their website. Some websites, some lenders
29:44
Speaker 6: is super easy.
29:45
Speaker 5: Click here, go here.
29:46
Speaker 6: Some are like contact that's an ingle hole for what
29:49
Speaker 6: thirty minutes and then people just like, oh, forget it,
29:52
Speaker 6: I'm not about to pay them now.
29:53
Speaker 5: It hits your credit. It's a cycle that happened.
29:56
Speaker 1: An illegal alim from Guatemala charged with raping a child
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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
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Speaker 1: some of the heinous migrant criminals caught because of President
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Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
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