WEBVTT - Cliff Notes: Latest Information on Student Loan Forgiveness

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<v Speaker 1>Earners. What's up. You ever walk into a small business

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<v Speaker 1>This episode is brought to you by P and C Bank,

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<v Speaker 2>All right, I'm going to transition and talk about Barber's Defense.

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<v Speaker 2>This is another program I'm a big fan of. Although

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<v Speaker 2>I should tell you that if you apply for this,

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<v Speaker 2>Barber's Defense will probably take about two years. Two years

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<v Speaker 2>to get these loans forgiven. Okay, Now this is important

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<v Speaker 2>to know because your loans can be placed into an

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<v Speaker 2>administrative for parans and what that means is is that

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<v Speaker 2>no payment isn't required. But if they find you are

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<v Speaker 2>not eligible for Barber's Defense, any interest that would have

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<v Speaker 2>accumulated in accrued over year one year two, it will

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<v Speaker 2>be back applied, all right, and Barber's defenses really for

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<v Speaker 2>if you attended a school that engaged in misconduct, you

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<v Speaker 2>could have resulted in some type of harm as a result.

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<v Speaker 2>And I want you guys to look at this lot

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<v Speaker 2>and take a picture of it if you think this

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<v Speaker 2>is for you, because you have to meet this criteria

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<v Speaker 2>based off of your own cognizance. So when you're doing

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<v Speaker 2>the application, they will ask you have you suffered harm

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<v Speaker 2>as a result of the school's misconduct. If you put no,

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<v Speaker 2>then that's the no go. So please pay attention to

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<v Speaker 2>this side because this is telling you what it needs

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<v Speaker 2>to be now. Schools that are automatically eligible for this

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<v Speaker 2>will be like University of Phoenix, devirivee Itt Tech. I'm

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<v Speaker 2>just thinking of some schools off Heying, Sanford, Brown, so Capella.

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<v Speaker 2>You want to know these schools. If you are following

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<v Speaker 2>my Instagram page the student on Doctor and the link tree,

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<v Speaker 2>I have a list there for you very important to

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<v Speaker 2>see if your school is on the list. There's about

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<v Speaker 2>two hundred schools. I would love for you guys to

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<v Speaker 2>just kind of verify and we know that most of

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<v Speaker 2>the schools on this list if not, all are for

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<v Speaker 2>profit schools. So if you're like I went there for

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<v Speaker 2>my Masters, you might want to get this application. Complete

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<v Speaker 2>it because this will give you a good amount of

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<v Speaker 2>money back. It takes care of the long death that

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<v Speaker 2>you spent at that institution. All right, what is that's

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<v Speaker 2>a one time account adjustment. This is a big deal.

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<v Speaker 2>So let me just kind of read this verbatim and

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<v Speaker 2>I'm going to break it down to you. So this

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<v Speaker 2>is for those that are in an IDR plan or

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<v Speaker 2>PSL left. This will count all periods of repayment, regardless

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<v Speaker 2>of the type of loan and repayment plan, towards IDR forgiveness.

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<v Speaker 2>It also will count periods of forbearance in deferment that

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<v Speaker 2>were not previously eligible. So this time, I'm going to

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<v Speaker 2>put it to you. If I was doing a live

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<v Speaker 2>survey right now, I would ask you, was there ever

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<v Speaker 2>a time that you were enrolled in forbearance, meaning you

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<v Speaker 2>just told them I cannot pay I cannot afford to

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<v Speaker 2>pay my loans. And then let's just say you called

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<v Speaker 2>in and you needed some help, but they were like,

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<v Speaker 2>you know what, don't worry about it, Bob, We'll give

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<v Speaker 2>you six months. That ever happened to you. If so,

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<v Speaker 2>you probably were a part of what's called forbearance steering.

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<v Speaker 2>Forbearan steering says you didn't take the time to ex

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<v Speaker 2>Bob about his financial situation and then allow Bob to

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<v Speaker 2>make some suggestions as to what he could pay. The

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<v Speaker 2>way this works is, let's say you had a payment

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<v Speaker 2>of two hundred dollars a month, but you really could

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<v Speaker 2>just afford fifty, Or there was a document that was

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<v Speaker 2>supposed to be utilized as said based off of what

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<v Speaker 2>you shared here, we assess your new financial plan as.

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<v Speaker 3>X, Y, and z.

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<v Speaker 2>That didn't happen, and as a result, you lost traction

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<v Speaker 2>and time towards paying your loans. A lot of people

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<v Speaker 2>don't know this, but according to the repay plan, save Plan,

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<v Speaker 2>IBr plan, there's a time period in which you are

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<v Speaker 2>supposed to be in repayment. For example, the safe plan

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<v Speaker 2>may say no more than fifteen years. Well, when your

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<v Speaker 2>loans are in forbearance, you're not in repayment. And where

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<v Speaker 2>you could have made a fifty dollars payment and kept

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<v Speaker 2>it up, now you cannot because you didn't have the option.

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<v Speaker 2>So there's going to be an adjustment that's happening like now,

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<v Speaker 2>and I want to give you up to thirty six

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<v Speaker 2>months back credit towards for bear and steering. So I

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<v Speaker 2>hope I made that as clear as possible that you

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<v Speaker 2>want to keep track of on studenta dot gov and

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<v Speaker 2>with your lender. Studenta dot gov is going to also

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<v Speaker 2>by the end of December update where you are at

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<v Speaker 2>in terms of repayment of the IDR plan. Just kind

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<v Speaker 2>of similar to a PSI left payment tracker as well. Okay,

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<v Speaker 2>my next favorite one that's happening in real time and

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<v Speaker 2>this one would be wrapping up by the summer if

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<v Speaker 2>you took our loans before two thousand and three. We

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<v Speaker 2>do help people follow this complaint. We have ebook about

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<v Speaker 2>it's pretty cool.

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<v Speaker 3>You should not.

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<v Speaker 2>Have student loans if you were in repayment. And when

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<v Speaker 2>I say repayment again, doesn't mean you made the payment.

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<v Speaker 2>You were in repayment. We love to help, so let

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<v Speaker 2>me give you a gist of what that looks like.

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<v Speaker 2>If you have older loans, you also want to make

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<v Speaker 2>sure before April thirtieth that you consolidate your loans so

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<v Speaker 2>that you can be eligible for any form of forgiveness.

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<v Speaker 2>Says available now and what's coming to the pipeline. So

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<v Speaker 2>just to give you perspective, about nine million people, probably

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<v Speaker 2>more like twelve when we think about some of the

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<v Speaker 2>parent Plus and Perkins and hell loans were skipped. So

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<v Speaker 2>you probably got skipped if you're like girl, I didn't

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<v Speaker 2>get loan forgiveness before two thousand and three. I know

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<v Speaker 2>this is what we're talking about this tonight. So I'm

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<v Speaker 2>really really excited for you guys to explore this concept

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<v Speaker 2>with us further because you probably are overdue for forgiveness

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<v Speaker 2>and you simply put got skipped. That was what the

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<v Speaker 2>announcement had said, all right, So I'm really excited to

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<v Speaker 2>see who can be eligible for this. This is a

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<v Speaker 2>process in which we would submit a complaint and say hey,

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<v Speaker 2>could you look at our loans? And as a result,

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<v Speaker 2>we have been seeing people get forgiven last slide and

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<v Speaker 2>I definitely want to go into some Q and A tonight.

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<v Speaker 2>I think that the serving of time will be best spent. Oh,

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<v Speaker 2>I do want to give you guys the latest update

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<v Speaker 2>with Biden. Can't forget that. I'm actually probably going to

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<v Speaker 2>read verbat them to you guys, because I don't have

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<v Speaker 2>a slide for it just came out of what is

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<v Speaker 2>happening with the BIDO administration and forgiveness. Lastly, if you

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<v Speaker 2>do not work for a nonprofit, you may want to

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<v Speaker 2>consider owning your own nonprofit. Now, of course, you want

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<v Speaker 2>to have it towards a good cause, so you want

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<v Speaker 2>to make sure that you actually care to have the nonprofit.

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<v Speaker 2>Get it up and go and work in the nonprofit

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<v Speaker 2>and setting it up correctly very important. So you would

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<v Speaker 2>start your own nonprofit, you would file your federal and

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<v Speaker 2>state paperwork, you would complete the PSLF paperwork. Afterwards, you

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<v Speaker 2>would then complete an employee designation form, and then you

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<v Speaker 2>would and well into an IDR program such as SAVE. Now,

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<v Speaker 2>we do have programs and services that help with this.

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<v Speaker 2>The reason why this is very very important. We've helped

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<v Speaker 2>thousands with this. This is great is because they've become

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<v Speaker 2>more lenient as to who can get credit in the

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<v Speaker 2>PSLF program. And they've even changed your FAQ around to

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<v Speaker 2>assist people that have just started their nonprofit to be

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<v Speaker 2>eligible for PSLF. Somebody said, well, can I enroll my

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<v Speaker 2>mom into it? Can I roll my boyfriend?

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<v Speaker 1>You?

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<v Speaker 2>And the thing is, you just don't want to take

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<v Speaker 2>on too many employees because there's a four year window

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<v Speaker 2>in which you have to get the nonprofit off the ground,

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<v Speaker 2>so to speak. But by year four you have to

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<v Speaker 2>show that it's profitable making income the equivalent of your salary,

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<v Speaker 2>and in this example, you probably would say your salary

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<v Speaker 2>is minimum wage of at least thirty hours a week

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<v Speaker 2>in which the state in which you live in that

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<v Speaker 2>makes sense just for context. So super cool option to

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<v Speaker 2>help more people get onboarded with PSLF. Another thing that

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<v Speaker 2>I like about what's happening with PSLF. By July, we're

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<v Speaker 2>hoping that they're going to announce that you can make

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<v Speaker 2>multiple payments in a month, very very exciting. So let's

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<v Speaker 2>say your payments two hundred dollars, but you can afford

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<v Speaker 2>that month to make a six hundred dollars payment, or

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<v Speaker 2>that could be three payment miss out of one twenty.

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<v Speaker 2>The goal is as soon as you get to one

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<v Speaker 2>hundred and twenty payments, you will be forgiven. So anybody

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<v Speaker 2>excited about that. That's a big, big deal because of

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<v Speaker 2>the way that you're able to expedite repayment if YOU'REPSLF

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<v Speaker 2>in general, or let's say you start the nonprofit and

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<v Speaker 2>get enrolled in PSLF. Okay, and then last thing Biden

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<v Speaker 2>loan forgiveness. Let me pull that up for you.

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<v Speaker 3>An illegal alien from Guatemala charged with raping a child

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<v Speaker 3>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 3>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 3>filming and selling child pornography in Michigan. These are just

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<v Speaker 3>some of the heinous migrant criminals caught because of President

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<v Speaker 3>Donald J. Trump's leadership. I'm Christine Noman, the United States

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<v Speaker 3>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 3>crossings are at the lowest levels ever recorded, and over

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<v Speaker 3>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 3>are here illegally, your next you will be fined nearly

0:11:06.559 --> 0:11:10.600
<v Speaker 3>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 3>never return. But if you register using our CBP home

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<v Speaker 3>app and leave now, you could be allowed to return legally.

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<v Speaker 3>Do what's right, leave now. Under President Trump, America's laws,

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<v Speaker 3>border and families will be protected.

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<v Speaker 1>Sponsored by the United States Department of Homeland Security,