WEBVTT - Understanding Student Loan Debt Forgiveness

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J.

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<v Speaker 2>Trump's leadership.

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<v Speaker 1>I'm Christy nom the United States Secretary of Homeland Security.

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<v Speaker 1>Under President Trump, attempted illegal border crossings are at the

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<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal

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<v Speaker 1>aliens have been arrested. If you are here illegally, your

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<v Speaker 1>next you will be fined nearly one thousand dollars a day, imprisoned,

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<v Speaker 1>and deported.

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<v Speaker 2>You will never return.

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<v Speaker 1>But if you register using our CBP home app and

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<v Speaker 1>leave now, you could be allowed to return legally.

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<v Speaker 2>Do what's right, leave now.

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<v Speaker 1>Under President Trump, America's laws, border and families will.

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<v Speaker 3>Be protected sponsored by the United States Department of Homeland Security.

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<v Speaker 4>So do you ever think there's a time where it

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<v Speaker 4>is all student loan will be forgiven?

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<v Speaker 5>Why would that be beneficial?

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<v Speaker 4>Well, if people, if it's a student loan crisis, right,

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<v Speaker 4>and you have millions of people who just can't pay

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<v Speaker 4>their student loans, then that probably would have.

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<v Speaker 5>More of our statistically who can't pay their student loans.

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<v Speaker 4>Who can't I'm baiting or lower income people, middle class?

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<v Speaker 5>What do they look like?

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<v Speaker 4>Black people?

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<v Speaker 5>Okay, So here's the thing. When we talk about the

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<v Speaker 5>largest holders of student loan debt, they're African American women

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<v Speaker 5>thirty through fifty.

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<v Speaker 4>Five percentage wise are numbers wise?

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<v Speaker 5>Well, percentage of the borrowers in total, Who owns the

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<v Speaker 5>most to the loan debt, who has the most degrees?

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<v Speaker 5>Is that group of people. So it's interesting. You remember

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<v Speaker 5>when they were talking about the number of forgiveness they

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<v Speaker 5>were going to give out either ten or twenty thousand.

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<v Speaker 5>Did you ever wonder why they ended at that number?

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<v Speaker 5>So statistically, if they gave out twenty thousand, that cleared

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<v Speaker 5>the population of white, white male barbers.

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<v Speaker 6>Yeah, completely still race.

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<v Speaker 3>Yeah, because the amount that they.

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<v Speaker 5>Owe was around it was under twenty thousand.

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<v Speaker 6>So I think the average I remember reading this, the

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<v Speaker 6>average was like sixteen point five thousand dollars that they owed. Yeah,

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<v Speaker 6>if they had a twenty the entire let's.

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<v Speaker 5>Just keep going. I've got time. So now when you

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<v Speaker 5>clear out all of these women, black women with student

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<v Speaker 5>alone dead and I know that other people have student

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<v Speaker 5>loans that are black obviously, but statistically, now we put

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<v Speaker 5>this population with no debt, most agreed. Now they can

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<v Speaker 5>become homeowners. You say, now it changes the whole landscape

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<v Speaker 5>of Welcome to America. So when you ask me, do

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<v Speaker 5>I think they're going to eliminate? No?

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<v Speaker 4>Why so you think that? Okay, so it's a trap

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<v Speaker 4>pretty much.

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<v Speaker 5>I'm not saying it's a trap. What I'm saying is

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<v Speaker 5>this is where our community when we talk about the

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<v Speaker 5>black community, and I hate to just always take it

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<v Speaker 5>to race, but statistically it just it's very glaring. Has

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<v Speaker 5>to be wiser and be informative about borrowing practices. Now,

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<v Speaker 5>the challenge here is is that a lot of times

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<v Speaker 5>when we look at this number, that person is also

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<v Speaker 5>the first to graduate in their family from college. So

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<v Speaker 5>we don't want to take the pride away from those numbers,

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<v Speaker 5>and the first to have a graduate degree, the first

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<v Speaker 5>to have a doctoral degree. So we don't want to

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<v Speaker 5>take any of that pride away. But what I'm saying

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<v Speaker 5>is now mom, grandmom, even let's say your grandmam. At

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<v Speaker 5>this point how do we help your child and your

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<v Speaker 5>grandchild not be in that same number in same boat.

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<v Speaker 5>One of the things that we're concerned about is if

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<v Speaker 5>we see our clients get out of student loan debted,

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<v Speaker 5>like let's say age forty forty five, we see that

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<v Speaker 5>person going back to the STAD loone deb at age

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<v Speaker 5>fifty to fifty five because of parent plus loans, because

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<v Speaker 5>there's not a plan for their child or grandchild.

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<v Speaker 6>Yeah, so the plan is really, yes, if you want

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<v Speaker 6>to achieve the same goal, all for it, how do

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<v Speaker 6>we do it more effectively? How we do it more efficiently?

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<v Speaker 5>So I really love your platform, right because if somebody

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<v Speaker 5>is a black woman that's thirty five and she's really

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<v Speaker 5>tuning the stuff you guys are saying, and she's following

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<v Speaker 5>some of your strategies, she's thinking about real estate, I

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<v Speaker 5>hate what I you know, use my friend over there,

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<v Speaker 5>but she has, like we had, like ten properties. She's

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<v Speaker 5>she's a homeowner, she's a landlord's so she's changing the

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<v Speaker 5>narrative for her daughter. So you know, her daughter shouldn't

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<v Speaker 5>even have to know what a student loan is if

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<v Speaker 5>we do this right, because there should be enough cash

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<v Speaker 5>loan income from her properties, or maybe when her daughter

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<v Speaker 5>goes to school, it's time to sell one that is

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<v Speaker 5>college tuition. So when we start changing the narrative by

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<v Speaker 5>how we think about our finances and our wealth now,

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<v Speaker 5>then we can set our children and grandchildren up differently.

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<v Speaker 5>So we don't want to make anybody feel bad about

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<v Speaker 5>what they did or didn't borrow. But what I'm saying

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<v Speaker 5>is is the conversation has to change so that we

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<v Speaker 5>don't see this cycle keep being repeated because I don't

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<v Speaker 5>think there's going to be a wave of forgiveness to

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<v Speaker 5>help out a significantly group population such.

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<v Speaker 6>Can I go back for just like a second, because

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<v Speaker 6>you said something and I understood from the standpoint of

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<v Speaker 6>having a loan forgiveness and that coming off of you know,

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<v Speaker 6>your debt to income ratio in a sense, and your

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<v Speaker 6>credit score plumbing right, so most people wouldn't even understand that.

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<v Speaker 6>They'll think, well, it got cleared, my credit score short

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<v Speaker 6>proved yep, But it really doesn't.

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<v Speaker 5>Can you just explain there's no more debt to factor like,

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<v Speaker 5>not to be funny, you've had that debt probably for

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<v Speaker 5>over ten years years, so it's used to your debt.

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<v Speaker 5>So now you take it off the board. It's like, oh,

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<v Speaker 5>how do we factor that into your mix, into your score?

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<v Speaker 5>So now when you just take it off the board,

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<v Speaker 5>and what's going to be a shocker to people the

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<v Speaker 5>next sixty days is it's not gradually paying itself down.

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<v Speaker 5>It's off. So when you held the seven forty, that

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<v Speaker 5>seven forty might look like a six forty. All jokes aside,

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<v Speaker 5>because that was a heavy part of your mix that's

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<v Speaker 5>going to be going now. Then somebody asked me the

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<v Speaker 5>other day, well, how do I keep that score up?

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Salvador accused

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<v Speaker 1>of murdering a Texas. Man of Venezuelan charged with filming

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<v Speaker 1>and selling child pornography in Michigan. These are just some

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<v Speaker 1>of the heinous migrant criminals caught because of President Donald J.

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<v Speaker 2>Trump's leadership. I'm Christy Noman, the.

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<v Speaker 1>United States Secretary of Homeland Security. Under President Trump, attempted

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<v Speaker 1>illegal border crossings are at the lowest levels ever recorded,

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<v Speaker 1>and over one hundred thousand illegal aliens have been arrested.

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<v Speaker 1>If you are here illegally, your next you will be

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<v Speaker 1>fine nearly one thousand dollars a day, imprisoned and deported,

0:08:35.840 --> 0:08:39.079
<v Speaker 1>you will never return. But if you register using our

0:08:39.080 --> 0:08:42.240
<v Speaker 1>CBP home app and leave now, you could be allowed

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<v Speaker 1>to return legally.

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<v Speaker 2>Do what's right. Leave now.

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<v Speaker 1>Under President Trump America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security to a.

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<v Speaker 5>Place of the same mail. I would hope if you

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<v Speaker 5>would do that, it would be a mortgage and not

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<v Speaker 5>another seat of level.

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<v Speaker 6>Yeah, you got to balance that out.

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<v Speaker 4>Yeah.

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<v Speaker 6>Other part is from a tax standpoint. Sometimes when loans

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<v Speaker 6>are forgiven, does that go into your taxable income?

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<v Speaker 5>In seen, you bring that up. So it is tax federally,

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<v Speaker 5>federally tax free until twenty and twenty five. This is

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<v Speaker 5>not a for everything.

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<v Speaker 6>Oh yeah, do explain.

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<v Speaker 5>So after twenty and twenty five. That's why it matters

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<v Speaker 5>who gets selected too. That might be texts. These these

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<v Speaker 5>are what we call provisions. These are not laws. So

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<v Speaker 5>provision is in place until twenty and twenty five to

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<v Speaker 5>say you will be tax free. Let's say Biden gets

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<v Speaker 5>reelected prosted loan. He might extend it to two thousand

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<v Speaker 5>and thirty, right or whatever his termins. But that's a provision.

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<v Speaker 5>That's that's like president the president. So you got to

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<v Speaker 5>understand the tax laws during that president's era. Certain states say,

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<v Speaker 5>I don't care what the federal government's doing. If you

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<v Speaker 5>get forgiven for two hundred K, we're taxing at his income.

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<v Speaker 5>I would do so I would probably move. There's about

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<v Speaker 5>thirteen states I think it is, and I don't know

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<v Speaker 5>them off hand, and just google it and you live

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<v Speaker 5>in one of them, and you know you got that

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<v Speaker 5>letter I got to move, like I don't even know,

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<v Speaker 5>Like I'm being funny and serious at the same time.

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<v Speaker 5>You're going to get text for that two hundred thousand

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<v Speaker 5>in this example, good to know, Good to know. Yeah,

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<v Speaker 5>And actually I had a client that was a true story.

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<v Speaker 5>Like I had a client say she was like, so,

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<v Speaker 5>I'm excited. She was like, but one hundred thousand texts

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<v Speaker 5>She was like in my state. She was like, I

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<v Speaker 5>don't know. She's like, I think I need to move

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<v Speaker 5>back in with my parents they live and so and so.

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<v Speaker 5>And I'm like, well, can you move, Like can we

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<v Speaker 5>put that change of address in? Like can we file

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<v Speaker 5>text at a new address? Because yes, she's going to

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<v Speaker 5>get text. M All right, Well it sounds so heavy today.

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<v Speaker 6>It's a lot.

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<v Speaker 2>It's a lot.

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<v Speaker 6>My last day before we go, you just talked about

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<v Speaker 6>scholarships and I know kids and parents. Is so, is

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<v Speaker 6>there a place that kids can go? I remember when

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<v Speaker 6>you used to go to your guns council, they had

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<v Speaker 6>this book of all these scholarship if you were left handed,

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<v Speaker 6>is a scholarship? Is there one place or a concrete

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<v Speaker 6>place that they can go for scholarships and grants? Because

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<v Speaker 6>we know grants don't have to be repaid as well.

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<v Speaker 5>So I mean then there are many places you can go.

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<v Speaker 5>It's just hard to shout out places that I think

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<v Speaker 5>are still reputable, Like the Scholarly app is one of

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<v Speaker 5>my favorites if it's still around. I know, like college

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<v Speaker 5>Girl JP, I think it's her name. She's awesome. Let

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<v Speaker 5>me see HBCU money Guide on Instagram. She is amazing

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<v Speaker 5>with her work. I tend to post different scholarship strategists

0:11:34.400 --> 0:11:37.199
<v Speaker 5>on my page here throughout because I know that they

0:11:37.240 --> 0:11:39.600
<v Speaker 5>go hand in hand. We don't get into it because

0:11:39.640 --> 0:11:42.560
<v Speaker 5>it's just we don't have the capacity. What I will

0:11:42.600 --> 0:11:48.080
<v Speaker 5>say is, you know, you want to identify your child,

0:11:48.120 --> 0:11:50.720
<v Speaker 5>if your parent watching this, you want to identify your

0:11:50.880 --> 0:11:54.520
<v Speaker 5>child's strengths early on. And that's the scholarship money. We're

0:11:54.520 --> 0:11:56.760
<v Speaker 5>going to start gearing ourselves too, Like you're going to

0:11:56.800 --> 0:11:59.640
<v Speaker 5>know pretty soon is your child sports or academics, is

0:11:59.679 --> 0:12:03.680
<v Speaker 5>your techie or not? Because there's so much money out there,

0:12:03.800 --> 0:12:05.880
<v Speaker 5>and there is really a lot of money there. But

0:12:06.280 --> 0:12:07.800
<v Speaker 5>here's and I do have to say this because I

0:12:07.880 --> 0:12:13.520
<v Speaker 5>used to sit on scholarship committees. Everybody thinks they're not eligible. Women,

0:12:14.080 --> 0:12:18.200
<v Speaker 5>young ladies particularly always think they're not eligible. I never forget.

0:12:18.200 --> 0:12:19.520
<v Speaker 5>I had a young lady that was trying to go

0:12:19.559 --> 0:12:23.240
<v Speaker 5>for nursing. The requirement was a three point h and

0:12:23.280 --> 0:12:26.640
<v Speaker 5>some other things. She had a way above all the

0:12:26.679 --> 0:12:29.280
<v Speaker 5>other requirements. She was super active. She had a two

0:12:29.360 --> 0:12:32.800
<v Speaker 5>point nine. So I'm looking at her application, but she

0:12:32.840 --> 0:12:35.360
<v Speaker 5>didn't do one last thing to apply. So I called

0:12:35.400 --> 0:12:38.480
<v Speaker 5>her personally. I'm like, hey, he was Jasmine. I'm like,

0:12:38.640 --> 0:12:41.400
<v Speaker 5>I need you to put this in by midnight. She's like, no,

0:12:41.880 --> 0:12:43.719
<v Speaker 5>it sead a three point oho. So there's a psychology

0:12:43.760 --> 0:12:47.600
<v Speaker 5>here that women, even with jobs, they look at one requirement,

0:12:47.640 --> 0:12:51.720
<v Speaker 5>go not eligible. Men go I'm about to try anyway.

0:12:52.240 --> 0:12:55.400
<v Speaker 5>So we would see young men at our committee get

0:12:55.440 --> 0:12:58.840
<v Speaker 5>scholarships over young women, and I realized the psychology is

0:12:58.960 --> 0:13:01.280
<v Speaker 5>a lot of young women with because they missed one thing.

0:13:01.760 --> 0:13:03.600
<v Speaker 5>So she thinks me to this day she got the

0:13:03.640 --> 0:13:07.439
<v Speaker 5>money it was like ten thousand because she just applied anyway.

0:13:07.600 --> 0:13:09.200
<v Speaker 5>Because now here's what happens with a lot of people

0:13:09.200 --> 0:13:12.000
<v Speaker 5>don't know behind the scenes. When there are private donors

0:13:12.000 --> 0:13:14.280
<v Speaker 5>that are giving, like the three in the five thousands, however,

0:13:14.760 --> 0:13:18.960
<v Speaker 5>they are asking the committee's opinion. So if I'm looking

0:13:19.000 --> 0:13:22.080
<v Speaker 5>at Bobby, who has a three point two, but Bobby

0:13:22.160 --> 0:13:25.240
<v Speaker 5>joined no activities in school. But I'm looking at Jasmine,

0:13:25.240 --> 0:13:27.520
<v Speaker 5>who's a two point nine, but she was class president,

0:13:27.559 --> 0:13:29.280
<v Speaker 5>she was this, she was this, she was this. I

0:13:29.280 --> 0:13:32.280
<v Speaker 5>don't know. I'm probably gonna go with Jasmine because she

0:13:32.440 --> 0:13:35.240
<v Speaker 5>still had good grades and she managed all of this stuff,

0:13:35.520 --> 0:13:39.080
<v Speaker 5>and then Bobby just was in school. So then I

0:13:39.160 --> 0:13:41.480
<v Speaker 5>have to tell the person who's given the money. My

0:13:41.559 --> 0:13:44.240
<v Speaker 5>professional opinion would be, let's go with Jasmine because we

0:13:44.320 --> 0:13:46.520
<v Speaker 5>know when she gets to school and becomes an active

0:13:46.559 --> 0:13:48.880
<v Speaker 5>member of her community at school, she's going to do

0:13:48.960 --> 0:13:52.160
<v Speaker 5>good and still add to the value of their community.

0:13:52.559 --> 0:13:54.720
<v Speaker 5>Oh that's a good perspective. Let's give it to Jasmine.

0:13:54.720 --> 0:13:58.360
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:13:58.400 --> 0:14:03.080
<v Speaker 1>in Massachusetts. Thirteen gang member from Al Salvador accused of

0:14:03.200 --> 0:14:07.200
<v Speaker 1>murdering a Texas. Man of Venezuelan charged with filming and

0:14:07.320 --> 0:14:11.120
<v Speaker 1>selling child pornography in Michigan. These are just some of

0:14:11.200 --> 0:14:14.880
<v Speaker 1>the heinous migrant criminals caught because of President Donald J.

0:14:14.960 --> 0:14:15.920
<v Speaker 2>Trump's leadership.

0:14:16.200 --> 0:14:19.800
<v Speaker 1>I'm Christy Noman, the United States Secretary of Homeland Security

0:14:20.120 --> 0:14:23.920
<v Speaker 1>under President Trump. Attempted illegal border crossings are at the

0:14:23.960 --> 0:14:28.720
<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal aliens.

0:14:28.280 --> 0:14:29.080
<v Speaker 2>Have been arrested.

0:14:29.400 --> 0:14:32.960
<v Speaker 1>If you are here illegally, your next you will be

0:14:33.000 --> 0:14:36.880
<v Speaker 1>fined nearly one thousand dollars a day, imprisoned, and deported.

0:14:37.320 --> 0:14:38.520
<v Speaker 2>You will never return.

0:14:38.840 --> 0:14:41.840
<v Speaker 1>But if you register using our CBP home app and

0:14:41.960 --> 0:14:44.840
<v Speaker 1>leave now, you could be allowed to return legally.

0:14:45.200 --> 0:14:47.440
<v Speaker 2>Do what's right, leave now.

0:14:47.760 --> 0:14:52.560
<v Speaker 1>Under President Trump America's laws, border and families will be protected.

0:14:52.640 --> 0:14:54.760
<v Speaker 3>Sponsored by the United States Department of Homeland Security,