1 00:00:00,040 --> 00:00:03,600 Speaker 1: An illegal alien from Guatemala charged with raping a child 2 00:00:03,680 --> 00:00:07,480 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 3 00:00:07,720 --> 00:00:11,840 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 4 00:00:11,920 --> 00:00:15,840 Speaker 1: filming and selling child pornography in Michigan. These are just 5 00:00:15,920 --> 00:00:19,680 Speaker 1: some of the heinous migrant criminals caught because of President 6 00:00:19,720 --> 00:00:23,320 Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States 7 00:00:23,320 --> 00:00:28,120 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 8 00:00:28,160 --> 00:00:31,680 Speaker 1: crossings are at the lowest levels ever recorded, and over 9 00:00:31,760 --> 00:00:34,960 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 10 00:00:35,040 --> 00:00:38,920 Speaker 1: are here illegally, your next you will be fined nearly 11 00:00:39,000 --> 00:00:43,000 Speaker 1: one thousand dollars a day, imprisoned, and deported. You will 12 00:00:43,040 --> 00:00:46,680 Speaker 1: never return. But if you register using our CBP home 13 00:00:46,720 --> 00:00:50,120 Speaker 1: app and leave now, you could be allowed to return legally. 14 00:00:50,479 --> 00:00:55,240 Speaker 1: Do what's right. Leave now. Under President Trump, America's laws, 15 00:00:55,400 --> 00:00:57,840 Speaker 1: border and families will be protected. 16 00:00:57,920 --> 00:01:00,120 Speaker 2: Sponsored by the United States Department of Homeland Security. 17 00:01:00,440 --> 00:01:02,840 Speaker 3: Let's say kids are listening to it that's in college, 18 00:01:02,920 --> 00:01:05,000 Speaker 3: or they trying to make a decision, So it's the 19 00:01:05,200 --> 00:01:07,959 Speaker 3: I CR the IV. 20 00:01:09,840 --> 00:01:10,720 Speaker 2: I was actually gonna go there. 21 00:01:10,760 --> 00:01:14,679 Speaker 4: OK, So the fourth was paid Repay, the IBr and ICR. 22 00:01:14,720 --> 00:01:17,040 Speaker 4: The reason I found out is because when I was 23 00:01:17,040 --> 00:01:19,800 Speaker 4: trying to get a loan forgiveness plan, I wasn't part 24 00:01:19,840 --> 00:01:22,279 Speaker 4: of one of those, right, and so I got declined yes, 25 00:01:22,319 --> 00:01:24,560 Speaker 4: and I was like, wait, what is this? And so yeah, 26 00:01:24,640 --> 00:01:26,480 Speaker 4: can you go into the depth of the parameters of. 27 00:01:26,440 --> 00:01:27,520 Speaker 5: The each, So let's go through it. 28 00:01:27,640 --> 00:01:31,160 Speaker 6: So Obama, the Obama administration gave us the pay and 29 00:01:31,200 --> 00:01:34,240 Speaker 6: the repay plan. So pay came out first, and that's 30 00:01:34,240 --> 00:01:37,400 Speaker 6: for those that have new loans or newly consolidated loans 31 00:01:37,720 --> 00:01:40,920 Speaker 6: and the direct loans program, your payment is kept at 32 00:01:40,959 --> 00:01:44,399 Speaker 6: ten percent. Repay came out like because people went off. 33 00:01:44,440 --> 00:01:46,360 Speaker 6: They were like upset, like, so I can't get my 34 00:01:46,440 --> 00:01:48,720 Speaker 6: payments lower. So then they came out what was called 35 00:01:48,760 --> 00:01:51,120 Speaker 6: repay that said, if you just have a direct loan, 36 00:01:51,520 --> 00:01:53,920 Speaker 6: doesn't have to be newly consolidated, you can get ten 37 00:01:53,960 --> 00:01:57,800 Speaker 6: percent too, although more is forgiven over time under the 38 00:01:57,840 --> 00:02:01,080 Speaker 6: pay plan than the repay plan. The IBr plan is 39 00:02:01,080 --> 00:02:05,600 Speaker 6: the old fashion income based repayment plan that everybody knows, 40 00:02:05,880 --> 00:02:08,440 Speaker 6: and anybody listening should check their loans to see which 41 00:02:08,480 --> 00:02:11,560 Speaker 6: plan they normally are under. Most people never switch out, 42 00:02:11,960 --> 00:02:14,320 Speaker 6: and they could actually lower their payment by going to 43 00:02:14,480 --> 00:02:15,720 Speaker 6: repay from IBr. 44 00:02:16,000 --> 00:02:17,720 Speaker 4: So you have based on how much you make, will 45 00:02:17,760 --> 00:02:19,000 Speaker 4: determine how much you're gonna have to pay. 46 00:02:19,160 --> 00:02:22,520 Speaker 6: Yes, okay, so IBr is at a fifteen percent margin. 47 00:02:23,639 --> 00:02:27,200 Speaker 6: ICR is at a twenty percent repayment. And if anybody's listening, 48 00:02:27,240 --> 00:02:29,680 Speaker 6: they will write down if they had parent plus loans. 49 00:02:30,000 --> 00:02:30,799 Speaker 5: Some time you teach you. 50 00:02:30,880 --> 00:02:34,560 Speaker 6: I want to write out No, I'm like okay, So 51 00:02:34,880 --> 00:02:38,600 Speaker 6: ICR is twenty percent. Now, what Biden is proposing is 52 00:02:38,720 --> 00:02:40,520 Speaker 6: the plan that they're saying that he's coming out with 53 00:02:40,560 --> 00:02:42,120 Speaker 6: will be at five percent. 54 00:02:42,560 --> 00:02:44,480 Speaker 5: So some people are really going to see a good 55 00:02:44,520 --> 00:02:44,960 Speaker 5: win in. 56 00:02:44,919 --> 00:02:46,799 Speaker 3: Terms of five percent of. 57 00:02:46,720 --> 00:02:51,320 Speaker 6: Your of your expectation to be able to repay back loans. 58 00:02:52,040 --> 00:02:54,120 Speaker 3: So if you borrow one hundred thousand, you only have 59 00:02:54,160 --> 00:02:56,040 Speaker 3: to pay back five thousand. 60 00:02:56,000 --> 00:02:57,280 Speaker 5: Oh no, five percent of your. 61 00:02:57,440 --> 00:02:59,280 Speaker 2: Your income income five thousand. 62 00:03:00,160 --> 00:03:02,080 Speaker 4: So like if somebody had was making a one hundred thousand, 63 00:03:02,240 --> 00:03:04,079 Speaker 4: like with a teacher salary in New York, that could 64 00:03:04,120 --> 00:03:06,440 Speaker 4: happen easily, right, and you have to pay fifteen percent. 65 00:03:06,919 --> 00:03:09,880 Speaker 4: That's fifteen hundred dollars, right, and so like you have 66 00:03:10,000 --> 00:03:11,959 Speaker 4: to make to get the forgiveness of the one I 67 00:03:12,080 --> 00:03:12,360 Speaker 4: was singing. 68 00:03:12,440 --> 00:03:13,520 Speaker 2: I think it's the. 69 00:03:13,200 --> 00:03:15,960 Speaker 4: PSLF right the public service. So if you're a teacher, 70 00:03:16,240 --> 00:03:18,080 Speaker 4: if you're anything in a public service, you can get 71 00:03:18,120 --> 00:03:20,079 Speaker 4: this loan forgiveness. You'd have to make one hundred and 72 00:03:20,160 --> 00:03:24,280 Speaker 4: twenty consecutive payments to qualify for it, and that started 73 00:03:25,160 --> 00:03:26,480 Speaker 4: dates back to two thousand and seven. 74 00:03:26,600 --> 00:03:27,760 Speaker 2: So this was the problem I ran into. 75 00:03:27,800 --> 00:03:29,280 Speaker 4: I'm like, oh, bet, two thousand and seven, I haven't 76 00:03:29,280 --> 00:03:32,359 Speaker 4: missed a payment, and twenty seventeen it was my tenth year, 77 00:03:32,400 --> 00:03:33,600 Speaker 4: and I was like, oh great. 78 00:03:33,560 --> 00:03:36,880 Speaker 6: So then you need to look into what's called the TEPSLF. 79 00:03:37,440 --> 00:03:39,360 Speaker 2: So I did it. I got forgiven for another loan. 80 00:03:39,520 --> 00:03:39,840 Speaker 5: Okay. 81 00:03:39,960 --> 00:03:42,440 Speaker 4: Yeah, So then that's when I started researching. Wait I could, 82 00:03:42,440 --> 00:03:44,480 Speaker 4: there's more loans out there for teachers, and so I 83 00:03:44,480 --> 00:03:46,839 Speaker 4: did the Teacher Loan Forgiveness where it was like, if 84 00:03:46,880 --> 00:03:49,560 Speaker 4: you are a highly qualified teacher in the subject in 85 00:03:49,680 --> 00:03:51,280 Speaker 4: five years, and it has to be a title one 86 00:03:51,320 --> 00:03:52,720 Speaker 4: school less perfectation. 87 00:03:52,920 --> 00:03:54,120 Speaker 2: Yeah, there's two different. 88 00:03:54,560 --> 00:03:57,600 Speaker 6: The podcast so what you say it is, okay, So 89 00:03:57,680 --> 00:03:59,200 Speaker 6: let me make your question. Say you got to teach 90 00:03:59,200 --> 00:04:00,000 Speaker 6: your lont forgive. 91 00:03:59,800 --> 00:04:02,120 Speaker 2: This, but did you get the te I did not. 92 00:04:02,360 --> 00:04:02,720 Speaker 2: I did not. 93 00:04:02,880 --> 00:04:04,880 Speaker 4: Did you apply yet I did, but they told me 94 00:04:04,920 --> 00:04:07,720 Speaker 4: I wasn't in one of those four qualifying ones. So 95 00:04:07,760 --> 00:04:08,800 Speaker 4: I wasn't in paid repay. 96 00:04:09,480 --> 00:04:12,360 Speaker 5: IBr Oh wait, no, TE is different than PSLF. 97 00:04:12,440 --> 00:04:14,000 Speaker 2: Okay, no, then I wasn't. I didn't get that. Ye 98 00:04:14,040 --> 00:04:15,400 Speaker 2: yeh okay, I'm. 99 00:04:15,200 --> 00:04:18,680 Speaker 6: Going to offline show you the other perfect so the 100 00:04:18,720 --> 00:04:22,760 Speaker 6: government and then money might still be available. They gave 101 00:04:23,240 --> 00:04:26,240 Speaker 6: a window of money for people that like him, had 102 00:04:26,279 --> 00:04:29,000 Speaker 6: been paying since two thousand and seven, but was on 103 00:04:29,040 --> 00:04:32,119 Speaker 6: a standard plan. Let's say, and he like, I've been paying, 104 00:04:32,200 --> 00:04:34,039 Speaker 6: so why am I not? And I worked for and 105 00:04:34,120 --> 00:04:37,279 Speaker 6: so it's under a different program. It's just like a 106 00:04:37,320 --> 00:04:40,039 Speaker 6: spin off of the PSLF. A lot of people don't 107 00:04:40,040 --> 00:04:41,839 Speaker 6: know about it. They talked about it one time on 108 00:04:41,920 --> 00:04:45,200 Speaker 6: the news. I'm like, so, so I'll show you where 109 00:04:45,200 --> 00:04:47,799 Speaker 6: they're sayt Yeah, last time I checked, there's still money available. 110 00:04:47,880 --> 00:04:49,800 Speaker 2: Yeah. Because it was like a bunch of people applied. 111 00:04:49,800 --> 00:04:51,280 Speaker 4: They had did the ten years, they had one hundred 112 00:04:51,279 --> 00:04:53,000 Speaker 4: and twenty payments, and I think less than one percent 113 00:04:53,000 --> 00:04:54,640 Speaker 4: of people actually God forgiveness. 114 00:04:54,680 --> 00:04:56,359 Speaker 5: So then they told them to go back and apply 115 00:04:56,400 --> 00:04:58,080 Speaker 5: for the second plan. I'm telling you about. 116 00:04:57,920 --> 00:05:01,240 Speaker 6: It, but it got confusing and people didn't do they 117 00:05:01,279 --> 00:05:04,240 Speaker 6: closed it, they reopened it. So last time I check, 118 00:05:04,320 --> 00:05:06,040 Speaker 6: I look, literally the other day it's still open. 119 00:05:06,360 --> 00:05:07,520 Speaker 2: Your DM is about to blow up. 120 00:05:07,560 --> 00:05:11,159 Speaker 6: Okay, but that's you know, so I have to be 121 00:05:11,240 --> 00:05:13,040 Speaker 6: weirdly knowledgeable about these things. 122 00:05:13,080 --> 00:05:15,159 Speaker 5: And let me be very clear, like I don't work 123 00:05:15,200 --> 00:05:15,720 Speaker 5: for solid man. 124 00:05:15,760 --> 00:05:18,320 Speaker 6: I don't even like student loans and a concept I 125 00:05:18,520 --> 00:05:21,479 Speaker 6: like that people that come to us or come to 126 00:05:21,520 --> 00:05:24,240 Speaker 6: me initially can get the help to move forward in life. 127 00:05:24,480 --> 00:05:27,120 Speaker 6: Because like if you walk away with one hundred percent forgiveness, 128 00:05:27,120 --> 00:05:29,159 Speaker 6: after that, he gonna be light as a burder around here, right, 129 00:05:29,440 --> 00:05:31,640 Speaker 6: And then you want to do something different with your money, 130 00:05:31,720 --> 00:05:33,279 Speaker 6: Like I don't know how much you pay towards your 131 00:05:33,279 --> 00:05:35,800 Speaker 6: student loans out of COVID, but that additional money can 132 00:05:35,880 --> 00:05:37,040 Speaker 6: go to all the things you. 133 00:05:37,000 --> 00:05:39,320 Speaker 5: Guys talk about rightly, state and investment. 134 00:05:39,680 --> 00:05:41,680 Speaker 6: But that'd be the number one reason why people do 135 00:05:41,760 --> 00:05:45,320 Speaker 6: not get into growing their money because the student loans. 136 00:05:45,120 --> 00:05:45,960 Speaker 2: That it makes you. 137 00:05:46,040 --> 00:05:49,480 Speaker 4: It can make you sag it right, It can make 138 00:05:49,480 --> 00:05:51,400 Speaker 4: you depressed. It could leave you to a point where 139 00:05:51,400 --> 00:05:52,839 Speaker 4: it's like, yo, now I have to live at home 140 00:05:52,920 --> 00:05:55,040 Speaker 4: longer than I expect it. Now I can't afford to 141 00:05:55,040 --> 00:05:58,839 Speaker 4: get a car. Now I can't afford to even being 142 00:05:58,920 --> 00:06:02,159 Speaker 4: a real relationship right because I can't help with you. 143 00:06:02,760 --> 00:06:03,840 Speaker 2: I can't I can't get married. 144 00:06:03,839 --> 00:06:05,880 Speaker 4: I can't afford to do it, and so it stagnates 145 00:06:05,960 --> 00:06:07,719 Speaker 4: your life from decision that you made at eighteen. 146 00:06:07,839 --> 00:06:09,080 Speaker 5: I gotta tell the story. 147 00:06:09,160 --> 00:06:11,720 Speaker 3: Okay, so this is real, and if. 148 00:06:11,640 --> 00:06:13,719 Speaker 6: Somebody's watching, it's gonna understand what I'm about to say. 149 00:06:13,880 --> 00:06:17,080 Speaker 6: So if you are particularly like a black woman and 150 00:06:17,120 --> 00:06:19,040 Speaker 6: you're dating and you got six figures student on that, 151 00:06:19,560 --> 00:06:21,080 Speaker 6: I know I come up being mine at one point, 152 00:06:21,120 --> 00:06:23,719 Speaker 6: like how I'm not going to tell this man, right? So, 153 00:06:23,720 --> 00:06:25,680 Speaker 6: so what happens when I used to do one on 154 00:06:25,720 --> 00:06:26,839 Speaker 6: one appointments in person? 155 00:06:26,839 --> 00:06:27,599 Speaker 5: I missed those days. 156 00:06:27,600 --> 00:06:30,800 Speaker 6: Those were fun guys who used to book their fiance 157 00:06:31,000 --> 00:06:34,200 Speaker 6: and girlfriends for like appointments that the girls didn't know about. 158 00:06:34,920 --> 00:06:36,839 Speaker 6: So they were coming like, well where are we at? 159 00:06:36,920 --> 00:06:40,360 Speaker 6: I'm like, Hi, I'm thinking everybody knows. Nobody knows but him, 160 00:06:40,640 --> 00:06:43,279 Speaker 6: And I'm like, so you didn't tell her? He's like no, 161 00:06:43,360 --> 00:06:44,520 Speaker 6: I'm gonna get some lunch. 162 00:06:44,960 --> 00:06:46,599 Speaker 5: He like just dropped the girl off trash. 163 00:06:46,600 --> 00:06:49,200 Speaker 6: She's arms folded, she's tight, and I'm like, oh god, 164 00:06:49,320 --> 00:06:51,120 Speaker 6: you might have like Penny bides at work. 165 00:06:51,560 --> 00:06:53,240 Speaker 5: No, I don't have that at office. So I was like, 166 00:06:53,320 --> 00:06:54,040 Speaker 5: oh okay. 167 00:06:54,120 --> 00:06:56,240 Speaker 6: So I was like, so here's what's gonna happening to 168 00:06:56,279 --> 00:06:58,640 Speaker 6: growth through your loans? And I said, and to the girl, 169 00:06:58,680 --> 00:07:01,000 Speaker 6: I remember, she was so upset. She that bad attitude. 170 00:07:01,200 --> 00:07:02,599 Speaker 6: And then I just had to get real for like 171 00:07:02,600 --> 00:07:04,640 Speaker 6: two seconds, you know, I was like, look, so look 172 00:07:04,680 --> 00:07:06,679 Speaker 6: this was about to be I was like, I really 173 00:07:06,680 --> 00:07:08,640 Speaker 6: think that this man likes you. He likes you enough 174 00:07:08,680 --> 00:07:11,600 Speaker 6: to have booked disappointment. He thinks highly enough of you 175 00:07:11,640 --> 00:07:14,920 Speaker 6: that probably means he may want to propose get married soon. 176 00:07:15,320 --> 00:07:18,080 Speaker 6: But he's very serious about his money, and he's not 177 00:07:18,160 --> 00:07:20,120 Speaker 6: going to propose to you unless you tackle your student 178 00:07:20,160 --> 00:07:22,840 Speaker 6: loan dead. Because I think she told him right. So 179 00:07:22,920 --> 00:07:24,400 Speaker 6: I said, so what we're going to do is we're 180 00:07:24,440 --> 00:07:26,440 Speaker 6: going to put you on this plan. And I think 181 00:07:26,440 --> 00:07:28,440 Speaker 6: she was eligible for PSL left. I said, and then 182 00:07:28,480 --> 00:07:31,000 Speaker 6: when he comes back, you're going to tell him the 183 00:07:31,000 --> 00:07:33,520 Speaker 6: game plan, like all excited, enthusiastic, you got it. 184 00:07:33,480 --> 00:07:34,600 Speaker 5: But I don't know, like I just think of a 185 00:07:34,600 --> 00:07:36,640 Speaker 5: whole different person. And she was like okay. 186 00:07:36,880 --> 00:07:38,400 Speaker 6: So we did work it out. To where a payment 187 00:07:38,440 --> 00:07:40,720 Speaker 6: would be one thirty. She was enrolled on PSL left 188 00:07:40,720 --> 00:07:43,480 Speaker 6: and then you could see his face was like, oh, 189 00:07:43,640 --> 00:07:45,640 Speaker 6: all right, okay, so what you're saying is all she 190 00:07:45,680 --> 00:07:47,240 Speaker 6: got to do is so he was like real light 191 00:07:47,280 --> 00:07:48,559 Speaker 6: after that because it was real tense. 192 00:07:48,920 --> 00:07:51,040 Speaker 5: And then sure enough, you know, I stopped him. 193 00:07:51,240 --> 00:07:53,600 Speaker 6: I wanted to see, like six months later he proposed, 194 00:07:53,920 --> 00:07:55,520 Speaker 6: but now, like, I don't think he would. 195 00:07:55,320 --> 00:07:57,480 Speaker 5: Have not proposed it. Well, we don't know, really. 196 00:07:57,840 --> 00:08:01,400 Speaker 6: But he really needed to feel comfortable. She was on 197 00:08:01,520 --> 00:08:03,640 Speaker 6: top of her loan day, and so it does come 198 00:08:03,720 --> 00:08:05,920 Speaker 6: up in dating and trying to buy them together. 199 00:08:06,000 --> 00:08:08,760 Speaker 2: Student loan doctors, marriage counselor. 200 00:08:08,400 --> 00:08:11,480 Speaker 3: Salute salute that man. So let me ask you this. Okay, 201 00:08:11,560 --> 00:08:16,360 Speaker 3: So me, I'm a slow learner and fortunately I never 202 00:08:16,440 --> 00:08:20,520 Speaker 3: had to deal with any of this stuff. So all 203 00:08:20,520 --> 00:08:22,200 Speaker 3: of this stuff is like kind of foreign to me. 204 00:08:22,920 --> 00:08:25,600 Speaker 3: So for people that you know, might be in the 205 00:08:25,600 --> 00:08:27,560 Speaker 3: same boat as me, and they might have children. They 206 00:08:27,640 --> 00:08:29,600 Speaker 3: might not affect them, but they might have children. So 207 00:08:30,200 --> 00:08:32,720 Speaker 3: let's try to let's try to unpack this a little bit. 208 00:08:32,840 --> 00:08:36,200 Speaker 3: So it's like all these different loans, which one is 209 00:08:36,200 --> 00:08:38,600 Speaker 3: the best loan to get in? I know, that's like 210 00:08:38,640 --> 00:08:40,760 Speaker 3: a hard question. But which one is the best loan 211 00:08:40,760 --> 00:08:43,480 Speaker 3: to get in? And then if you are in a 212 00:08:43,640 --> 00:08:48,160 Speaker 3: bad loan, how can you maneuver into a good one. 213 00:08:48,600 --> 00:08:51,320 Speaker 5: So with the federal government, there's only like one type 214 00:08:51,320 --> 00:08:52,600 Speaker 5: of loan. It's just a federal loan. 215 00:08:52,720 --> 00:08:55,520 Speaker 6: Right, And so when we have students going to college, 216 00:08:56,320 --> 00:08:58,600 Speaker 6: was called an award letter. They'll be told if they 217 00:08:58,600 --> 00:09:01,240 Speaker 6: get any grants, any scholarshi, and then on the award 218 00:09:01,280 --> 00:09:04,960 Speaker 6: letter it'll say unsubbed and sub right. And so submeans 219 00:09:05,440 --> 00:09:08,560 Speaker 6: loans that have interests that's paid for by the government. 220 00:09:09,200 --> 00:09:12,600 Speaker 6: Unsub means the interests. You're responsible from day one. As 221 00:09:12,640 --> 00:09:15,480 Speaker 6: to Howard A. Cruz, parents get jammed up when they 222 00:09:15,520 --> 00:09:18,120 Speaker 6: apply for what's called the parent plus loan. It's like 223 00:09:18,240 --> 00:09:21,800 Speaker 6: the double child of student loans. Like it's bad, but 224 00:09:22,240 --> 00:09:25,840 Speaker 6: they really make it to where parents get trapped with 225 00:09:26,080 --> 00:09:27,160 Speaker 6: it's like kind of a private loans. 226 00:09:27,240 --> 00:09:29,800 Speaker 4: Yeah, I was just gonna say that's a difference from 227 00:09:29,840 --> 00:09:31,400 Speaker 4: the federal the federal and the privates. 228 00:09:31,600 --> 00:09:33,720 Speaker 6: Yeah, right, And because the interest rate is horrible, like 229 00:09:33,800 --> 00:09:36,920 Speaker 6: seven point eight, most times they want you to go 230 00:09:36,960 --> 00:09:39,880 Speaker 6: into repayment right away. They do hit and look at 231 00:09:39,920 --> 00:09:42,200 Speaker 6: your credit, and so they you gotta decide who has 232 00:09:42,280 --> 00:09:45,199 Speaker 6: better credit, mom or dad when doing the application. If 233 00:09:45,240 --> 00:09:47,520 Speaker 6: mom or Dad gets denied, the child can get two 234 00:09:47,520 --> 00:09:51,200 Speaker 6: thousand additional per the semester. But if you're going anywhere 235 00:09:51,200 --> 00:09:53,120 Speaker 6: outside of the state school, like if we're here in 236 00:09:53,120 --> 00:09:56,240 Speaker 6: New York, that that money should be enough to cover 237 00:09:56,320 --> 00:09:59,960 Speaker 6: that tuition. But when people go to more expensive school, 238 00:10:00,080 --> 00:10:00,480 Speaker 6: what happens? 239 00:10:00,520 --> 00:10:03,440 Speaker 5: What do they got to take out private? Private loans? 240 00:10:03,640 --> 00:10:06,480 Speaker 6: And now private loans are really like the depth of 241 00:10:06,559 --> 00:10:12,440 Speaker 6: our economy, particularly for black millennials, because everyone wants to 242 00:10:12,480 --> 00:10:15,840 Speaker 6: go to an HBCU, right, but everybody's not getting full 243 00:10:15,880 --> 00:10:16,600 Speaker 6: funding to go. 244 00:10:16,559 --> 00:10:17,559 Speaker 5: To an HBCU. 245 00:10:18,080 --> 00:10:20,760 Speaker 6: So I see a lot of graduates that come out 246 00:10:21,240 --> 00:10:23,600 Speaker 6: the most they can borrow is fifty seven thousand, five 247 00:10:23,679 --> 00:10:28,480 Speaker 6: hundred undergrad and then they have like one hundred thousand 248 00:10:28,520 --> 00:10:30,960 Speaker 6: and private loan debt. Let me be really clear, one 249 00:10:31,040 --> 00:10:34,200 Speaker 6: hundred thousand private loan is different than one hundred thousand 250 00:10:34,640 --> 00:10:37,120 Speaker 6: federal And the reason that is is because if you 251 00:10:37,160 --> 00:10:39,440 Speaker 6: owe one hundred thousand, your payment could still only be 252 00:10:39,800 --> 00:10:42,400 Speaker 6: two hundred dollars based off your income and who you 253 00:10:42,520 --> 00:10:45,000 Speaker 6: take care of. But with a private loan, that payment 254 00:10:45,040 --> 00:10:47,240 Speaker 6: is going to be one thousand dollars with a period 255 00:10:47,240 --> 00:10:47,640 Speaker 6: behind it. 256 00:10:47,960 --> 00:10:51,319 Speaker 2: Then the f work comes for bearing. So well, no 257 00:10:51,559 --> 00:10:53,360 Speaker 2: private loan, not with private federal. 258 00:10:53,200 --> 00:10:57,679 Speaker 3: Again, so federal loans, all of these programs, income based programs, 259 00:10:57,720 --> 00:11:00,640 Speaker 3: all of that, but private loans, there's no kind of 260 00:11:00,679 --> 00:11:02,280 Speaker 3: program to lower the payment. 261 00:11:02,600 --> 00:11:06,200 Speaker 6: No, your lender may have something like naving, may say, well, 262 00:11:06,240 --> 00:11:08,960 Speaker 6: we'll allow you to do something forbearance, but then the 263 00:11:09,000 --> 00:11:12,000 Speaker 6: interest is still capitalizing. The time you come out of it, 264 00:11:12,280 --> 00:11:15,360 Speaker 6: the payment's now like thirteen hundred a month, so it's 265 00:11:15,440 --> 00:11:17,200 Speaker 6: really no relief. 266 00:11:17,440 --> 00:11:18,240 Speaker 5: Now let me say this. 267 00:11:18,320 --> 00:11:22,000 Speaker 6: There are only two states Pennsylvania and Texas that will 268 00:11:22,040 --> 00:11:25,640 Speaker 6: not allow private loan debt to take over your income 269 00:11:25,720 --> 00:11:30,000 Speaker 6: like garnish your wages. But New York definitely, we get 270 00:11:30,000 --> 00:11:32,800 Speaker 6: a lot of clients that call and crying literally because 271 00:11:33,080 --> 00:11:37,360 Speaker 6: they get their paychecks snatched up to twenty five percent. Georgia, 272 00:11:37,440 --> 00:11:40,280 Speaker 6: particularly Florida. I'm just thinking about where we get the 273 00:11:40,320 --> 00:11:44,520 Speaker 6: most costs from with that issue. Boston, Massachusetts. So if 274 00:11:44,559 --> 00:11:46,800 Speaker 6: you're listening to this and you have private loan debt, right, 275 00:11:46,840 --> 00:11:48,760 Speaker 6: because I know that's the question that comes up a lot. 276 00:11:49,000 --> 00:11:51,480 Speaker 6: The goal is to get your credit up as best 277 00:11:51,520 --> 00:11:55,200 Speaker 6: as possible so that you can refinance your loans. This 278 00:11:55,320 --> 00:11:58,640 Speaker 6: is the best time to refinance private loan debt. But 279 00:11:58,760 --> 00:12:02,600 Speaker 6: I have an asterisk so because I do believe with 280 00:12:02,640 --> 00:12:04,679 Speaker 6: the Biden administration that there is going to be a 281 00:12:04,679 --> 00:12:07,640 Speaker 6: form of loan forgiveness ten thousand and fifty thousand or 282 00:12:07,640 --> 00:12:10,840 Speaker 6: one hundred percent through the Higher Education Act of nineteen 283 00:12:10,920 --> 00:12:14,440 Speaker 6: sixty five. The President elect is already allowed as soon 284 00:12:14,440 --> 00:12:17,040 Speaker 6: as he takes office. He could just sign it off 285 00:12:17,640 --> 00:12:18,600 Speaker 6: in one stock. 286 00:12:20,440 --> 00:12:22,240 Speaker 2: So that's that's a that's a good point. 287 00:12:22,280 --> 00:12:24,080 Speaker 4: It's still a known that And so those are some 288 00:12:24,200 --> 00:12:26,960 Speaker 4: of the proposals right there is the everybody who has 289 00:12:27,000 --> 00:12:30,200 Speaker 4: student federal student on the outside, we want to confuse 290 00:12:30,200 --> 00:12:32,240 Speaker 4: it with private. They're going to get ten thousand dollars 291 00:12:32,240 --> 00:12:35,200 Speaker 4: if he signs it right or or the other proposal 292 00:12:35,320 --> 00:12:38,680 Speaker 4: is we can do ten thousand for five years, right 293 00:12:38,880 --> 00:12:41,719 Speaker 4: or completely wipe away everybody stood loan his. 294 00:12:41,720 --> 00:12:44,440 Speaker 6: Program ten thousand for five years. That'll just pass probably 295 00:12:44,440 --> 00:12:46,040 Speaker 6: through the Congress in the House. 296 00:12:46,080 --> 00:12:46,640 Speaker 5: That's fine. 297 00:12:46,720 --> 00:12:49,480 Speaker 6: But what we what we know he has the authority 298 00:12:49,480 --> 00:12:52,240 Speaker 6: to do. Every president has already had the authority to do. 299 00:12:52,720 --> 00:12:55,960 Speaker 6: Is literally signed one hundred percent at one point nine 300 00:12:56,400 --> 00:12:57,120 Speaker 6: trillion away. 301 00:12:57,160 --> 00:12:57,959 Speaker 2: So here's my question. 302 00:12:58,360 --> 00:13:02,200 Speaker 4: Right, Let's say, because the average person right has under 303 00:13:02,240 --> 00:13:04,559 Speaker 4: twenty five thirty two thousand dollars and should have loaned that, 304 00:13:05,920 --> 00:13:09,360 Speaker 4: there's no interest being applied right now, only the principle 305 00:13:09,360 --> 00:13:12,079 Speaker 4: you can pay toward that. If we can do it, 306 00:13:12,120 --> 00:13:13,560 Speaker 4: should we pay it off or should we wait till 307 00:13:13,559 --> 00:13:15,280 Speaker 4: the administration to come in and see what happens? 308 00:13:15,880 --> 00:13:18,760 Speaker 6: So I get that question like almost every day. So 309 00:13:18,800 --> 00:13:21,360 Speaker 6: here's what I would say. There is going to be 310 00:13:21,480 --> 00:13:23,640 Speaker 6: something coming, and you know a president likes to make 311 00:13:23,679 --> 00:13:25,840 Speaker 6: his mark in the first one hundred days. Yeah, so 312 00:13:25,920 --> 00:13:28,200 Speaker 6: for real, for real, you you could wait, like you know, 313 00:13:28,200 --> 00:13:28,600 Speaker 6: about one. 314 00:13:28,600 --> 00:13:31,080 Speaker 2: Hundred I'm asking for a friend, I'm asking for a front. 315 00:13:31,240 --> 00:13:32,720 Speaker 5: Everyone's watching this like right now. 316 00:13:32,880 --> 00:13:34,439 Speaker 6: You know, by one hundred and thirty days out, I 317 00:13:34,480 --> 00:13:36,880 Speaker 6: would be on the minimum payment type of situation because 318 00:13:36,920 --> 00:13:39,520 Speaker 6: if something did come, let's say the big number that 319 00:13:39,559 --> 00:13:42,520 Speaker 6: the Democrats are pushing him to is fifty thousand, you 320 00:13:42,559 --> 00:13:44,800 Speaker 6: would have your loans right clear, but you're not getting 321 00:13:44,800 --> 00:13:47,680 Speaker 6: any money back that you put out. So I think, 322 00:13:47,800 --> 00:13:49,640 Speaker 6: you know it's bad to say this out loud, but 323 00:13:49,720 --> 00:13:52,480 Speaker 6: I would probably be a minimum payment to see what happens. 324 00:13:52,440 --> 00:13:53,360 Speaker 2: Ernest what's going on. 325 00:13:53,440 --> 00:13:55,680 Speaker 4: It's a new year, and guess what we're not doing 326 00:13:55,720 --> 00:13:59,240 Speaker 4: New Year's resolutions. We're doing New Year who's executing? And 327 00:13:59,280 --> 00:14:02,240 Speaker 4: in order to you gotta have the information? What better 328 00:14:02,280 --> 00:14:05,839 Speaker 4: place to start the key? This episode is brought to 329 00:14:05,880 --> 00:14:08,040 Speaker 4: you by P and C Bank. A lot of people 330 00:14:08,080 --> 00:14:11,880 Speaker 4: think podcasts about work are boring, and sure they definitely 331 00:14:11,920 --> 00:14:15,439 Speaker 4: can be, but understanding a professionals routine shows us how 332 00:14:15,480 --> 00:14:19,840 Speaker 4: they achieve their success little by little, day after day. 333 00:14:19,920 --> 00:14:22,400 Speaker 4: It's like banking with P and C Bank. It might 334 00:14:22,520 --> 00:14:25,400 Speaker 4: seem boring to save, plan and make calculated decisions with 335 00:14:25,480 --> 00:14:28,480 Speaker 4: your bank, but keeping your money boring is what helps 336 00:14:28,520 --> 00:14:31,600 Speaker 4: you live or more happily fulfilled life. P and C 337 00:14:31,720 --> 00:14:36,880 Speaker 4: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since 338 00:14:36,920 --> 00:14:39,520 Speaker 4: eighteen sixty five is a service mark of the PNC 339 00:14:39,720 --> 00:14:43,600 Speaker 4: Financial Service Group, Inc. P and C Bank National Association 340 00:14:43,880 --> 00:14:44,840 Speaker 4: Member FDIC. 341 00:14:47,960 --> 00:14:48,640 Speaker 2: Erness What's Up? 342 00:14:48,720 --> 00:14:51,200 Speaker 4: You ever walk into a small business and everything just 343 00:14:51,320 --> 00:14:54,520 Speaker 4: works like the checkout is fast, the receipts are digital, 344 00:14:55,040 --> 00:14:58,000 Speaker 4: tipping is a breeze, and you're out the door before 345 00:14:58,040 --> 00:15:02,200 Speaker 4: the line even builds odds are they're using Square. We 346 00:15:02,360 --> 00:15:04,880 Speaker 4: love supporting businesses that run on Square because it just 347 00:15:04,920 --> 00:15:08,160 Speaker 4: feels seamless. Whether it's a local coffee shop, a vendor 348 00:15:08,200 --> 00:15:10,480 Speaker 4: at a pop up market, or even one of our 349 00:15:10,520 --> 00:15:14,160 Speaker 4: merch partners, Square makes it easy for them to take payments, 350 00:15:14,400 --> 00:15:18,120 Speaker 4: manage inventory, and run their business with confidence, all from 351 00:15:18,200 --> 00:15:21,600 Speaker 4: one simple system. If you're a business owner or even 352 00:15:21,720 --> 00:15:25,240 Speaker 4: just thinking about launching something soon, Square is hands down 353 00:15:25,240 --> 00:15:27,600 Speaker 4: one of the best tools out there to help you start, 354 00:15:27,960 --> 00:15:31,560 Speaker 4: run and grow. It's not just about payments, it's about 355 00:15:31,560 --> 00:15:34,000 Speaker 4: giving you time back so you can focus on what 356 00:15:34,160 --> 00:15:37,840 Speaker 4: matters most ready. To see how Square can transform your business, 357 00:15:38,080 --> 00:15:42,720 Speaker 4: visit Square dot com backslash go backslash eyl to learn 358 00:15:42,760 --> 00:15:47,960 Speaker 4: more that Square dot com backslash, go backslash eyl. Don't wait, 359 00:15:48,280 --> 00:15:51,080 Speaker 4: don't hesitate. Let's Square handle the back end so you 360 00:15:51,120 --> 00:15:52,760 Speaker 4: can keep pushing your vision forward. 361 00:15:55,400 --> 00:15:59,320 Speaker 7: You just realized your business needed to hire someone yesterday. 362 00:16:00,160 --> 00:16:04,560 Speaker 7: Can you find amazing candidates fast easy? Just use Indeed 363 00:16:04,960 --> 00:16:07,680 Speaker 7: stop struggling to get your job posts seen on other 364 00:16:07,800 --> 00:16:11,480 Speaker 7: job sites. With Indeed sponsored jobs, your post jumps to 365 00:16:11,520 --> 00:16:14,040 Speaker 7: the top of the page for your relevant candidates. So 366 00:16:14,120 --> 00:16:17,120 Speaker 7: you can reach the people you want faster. According to 367 00:16:17,160 --> 00:16:21,120 Speaker 7: Indeed data, sponsored jobs posted directly on Indeed have forty 368 00:16:21,160 --> 00:16:25,040 Speaker 7: five percent more applications than non sponsored jobs. Don't wait 369 00:16:25,080 --> 00:16:28,520 Speaker 7: any longer, speed up your hiring right now with Indeed, 370 00:16:28,960 --> 00:16:31,200 Speaker 7: and listeners of this show will get a seventy five 371 00:16:31,280 --> 00:16:34,480 Speaker 7: dollars sponsored job credit to get your jobs more visibility 372 00:16:34,600 --> 00:16:40,320 Speaker 7: at indeed dot com slash pod Katz thirteen. Just go 373 00:16:40,360 --> 00:16:45,160 Speaker 7: to Indeed dot com slash pod Katz thirteen right now 374 00:16:45,480 --> 00:16:48,080 Speaker 7: and support our show by saying you heard about Indeed 375 00:16:48,080 --> 00:16:52,400 Speaker 7: on this podcast. Terms and conditions apply. Hiring Indeed is 376 00:16:52,480 --> 00:16:53,040 Speaker 7: all you need. 377 00:16:53,520 --> 00:16:55,680 Speaker 4: Hy Elle University Shotty tell them what we bring. 378 00:16:55,880 --> 00:16:58,479 Speaker 3: Yes, Eyle University has graduated. 379 00:16:58,520 --> 00:17:02,000 Speaker 8: We revamped the whole INtime higher curriculum, whole entire program, 380 00:17:02,240 --> 00:17:05,560 Speaker 8: and now it is EYL University grad School. So it 381 00:17:05,640 --> 00:17:09,280 Speaker 8: already includes over one hundred past webinars. It already includes 382 00:17:09,320 --> 00:17:13,440 Speaker 8: weekly rebinars from industry experts. It already includes monthly financial 383 00:17:13,480 --> 00:17:16,239 Speaker 8: planning calls with me. It already includes access to our 384 00:17:16,280 --> 00:17:20,240 Speaker 8: private investment group on Facebook, Movie Club, book Club. But 385 00:17:20,400 --> 00:17:24,920 Speaker 8: what we have added is the home Buyers Blueprint reloaded 386 00:17:25,000 --> 00:17:29,680 Speaker 8: with over twelve hours of video content was added to that. 387 00:17:29,840 --> 00:17:32,960 Speaker 8: Once a week we would be doing video calls for mentorship, 388 00:17:33,119 --> 00:17:34,800 Speaker 8: all things real estate. 389 00:17:34,600 --> 00:17:37,200 Speaker 4: And you know how this words don't wait, don't hesitate, 390 00:17:37,280 --> 00:17:38,720 Speaker 4: don't play yourself, reward yourself. 391 00:17:38,760 --> 00:17:39,800 Speaker 2: Here's what we're gonna do for you. 392 00:17:39,960 --> 00:17:42,400 Speaker 4: We're gonna give you fifty percent off for a limited time, 393 00:17:42,440 --> 00:17:44,480 Speaker 4: only fifty percent off, and you're going to become an earner. 394 00:17:44,520 --> 00:17:46,640 Speaker 2: Sit on the side, y'all so unloaded. 395 00:17:46,800 --> 00:17:49,160 Speaker 3: Let me ask you this as far as all right, so, 396 00:17:49,960 --> 00:17:52,399 Speaker 3: I guess the best student loan to get in is 397 00:17:52,440 --> 00:17:55,639 Speaker 3: a federal loan out of private loan, Yes, the best one. 398 00:17:55,720 --> 00:17:58,480 Speaker 3: So when you get in, So those options are just 399 00:17:58,560 --> 00:18:02,000 Speaker 3: repayment options, like only one federal student loan, right, it's 400 00:18:02,000 --> 00:18:03,680 Speaker 3: not like different types of federal loans. 401 00:18:03,680 --> 00:18:05,000 Speaker 5: No, it's just one type of federal loan. 402 00:18:05,080 --> 00:18:07,000 Speaker 6: The other federal loans that they used to have, which 403 00:18:07,040 --> 00:18:09,480 Speaker 6: are called f f EL or f f E, l 404 00:18:09,600 --> 00:18:16,040 Speaker 6: P or Perkins loans, Yeah, those are more so with colleges. 405 00:18:16,160 --> 00:18:19,080 Speaker 6: Universities would give out on behalf of the government. Those 406 00:18:19,119 --> 00:18:22,040 Speaker 6: loans and programs have stopped. If you are listening to 407 00:18:22,080 --> 00:18:24,320 Speaker 6: this and you have an f f EL or f 408 00:18:24,400 --> 00:18:27,080 Speaker 6: f E l P or Perkins loan. You should look 409 00:18:27,119 --> 00:18:31,200 Speaker 6: into consolidating your loans into the direct loans program so 410 00:18:31,480 --> 00:18:34,560 Speaker 6: that you can take advantage of any forgiveness that's coming, 411 00:18:34,960 --> 00:18:39,080 Speaker 6: because this current administration does not get paid or even 412 00:18:39,119 --> 00:18:42,240 Speaker 6: the Cares Act. If you had a loan that wasn't 413 00:18:42,240 --> 00:18:44,160 Speaker 6: a direct loan, even in the Cares Act, they didn't 414 00:18:44,200 --> 00:18:45,920 Speaker 6: pay for your loans right now and they didn't cover 415 00:18:45,960 --> 00:18:48,960 Speaker 6: your loan deck. So you probably want to look into 416 00:18:49,040 --> 00:18:50,640 Speaker 6: consolidation and see if it's a good fit. 417 00:18:50,960 --> 00:18:53,600 Speaker 4: So, I mean it puts especially parents, you know who 418 00:18:53,640 --> 00:18:57,280 Speaker 4: come from working class you know homes, because a lot 419 00:18:57,280 --> 00:18:59,760 Speaker 4: of times when you apply for student loans and your 420 00:18:59,800 --> 00:19:02,080 Speaker 4: parents to make a certain amount or a decent living, 421 00:19:02,400 --> 00:19:04,440 Speaker 4: you're not going to get any right most times, Like 422 00:19:04,480 --> 00:19:07,400 Speaker 4: I remember applying for pseudent loans and I got like 423 00:19:07,800 --> 00:19:10,240 Speaker 4: two hundred and forty six dollars. I'm like, this is 424 00:19:10,280 --> 00:19:12,440 Speaker 4: like one book, and so it forces you almost to say, 425 00:19:12,440 --> 00:19:13,520 Speaker 4: like I got to take out this loan and I 426 00:19:13,560 --> 00:19:14,680 Speaker 4: got to go to private route. 427 00:19:15,080 --> 00:19:17,280 Speaker 2: So what are we doing those scenarios? Is it just 428 00:19:17,320 --> 00:19:19,920 Speaker 2: like try your basket scholarships or look for grants. 429 00:19:19,920 --> 00:19:21,640 Speaker 6: What are we supposed to do so a student going 430 00:19:21,640 --> 00:19:24,399 Speaker 6: into college. Yeah, right, So a couple of things. If 431 00:19:24,440 --> 00:19:26,240 Speaker 6: you're a student listening to this, I know you guys 432 00:19:26,320 --> 00:19:28,240 Speaker 6: do have a good audience that's younger. 433 00:19:28,800 --> 00:19:31,480 Speaker 5: You know, I believe it what's called scholarship Sundays. So 434 00:19:31,840 --> 00:19:33,440 Speaker 5: I would recommend. 435 00:19:32,920 --> 00:19:37,480 Speaker 6: That started sophomore in junior year, you start looking for 436 00:19:37,480 --> 00:19:40,040 Speaker 6: the scholarships you're gonna apply to most times. 437 00:19:39,760 --> 00:19:40,640 Speaker 5: In junior year. 438 00:19:41,160 --> 00:19:43,399 Speaker 6: Right, And the challenge where all of this is and 439 00:19:43,400 --> 00:19:46,960 Speaker 6: what it comes down to is as parents, we don't 440 00:19:47,000 --> 00:19:51,200 Speaker 6: prepare weld enough. And by no fault to anybody listening, like, 441 00:19:51,240 --> 00:19:54,040 Speaker 6: don't feel bad that you didn't prepare, but just know 442 00:19:54,200 --> 00:19:57,760 Speaker 6: that this generation right here, the millennial generation, has to 443 00:19:57,800 --> 00:19:59,880 Speaker 6: be the one that ends student loan. That like, first, 444 00:20:00,160 --> 00:20:02,719 Speaker 6: if you're listening to your podcast and they're listening, they 445 00:20:02,720 --> 00:20:05,280 Speaker 6: shouldn't even be thinking about their child having to take 446 00:20:05,280 --> 00:20:07,879 Speaker 6: off SOT loans, Like that's kind of true. Did everything 447 00:20:07,880 --> 00:20:09,480 Speaker 6: you guys teach in terms of well field? 448 00:20:10,240 --> 00:20:11,920 Speaker 4: We just had this conversation of the night, like whose 449 00:20:11,960 --> 00:20:12,840 Speaker 4: responsibility is it? 450 00:20:12,920 --> 00:20:16,359 Speaker 2: Is it the left? The parents are acting preparation issue looking. 451 00:20:18,480 --> 00:20:19,960 Speaker 4: We first, like, so a lot of us are first 452 00:20:20,000 --> 00:20:22,920 Speaker 4: generation college graduates and so like our parents. My parents 453 00:20:22,960 --> 00:20:24,800 Speaker 4: are not from this country. They didn't they don't know 454 00:20:24,840 --> 00:20:26,639 Speaker 4: these things. And so like now I'm looking at my 455 00:20:26,680 --> 00:20:29,320 Speaker 4: responsibility for my children. It's like, we don't We're never 456 00:20:29,359 --> 00:20:29,800 Speaker 4: gonna have to. 457 00:20:29,720 --> 00:20:31,760 Speaker 3: Say so, all right, so let me ask you this 458 00:20:31,840 --> 00:20:33,440 Speaker 3: because fortunately, like I said, I don't have to go 459 00:20:33,520 --> 00:20:35,119 Speaker 3: through this process because I played basketball and I had 460 00:20:35,119 --> 00:20:35,680 Speaker 3: a scholarships. 461 00:20:35,880 --> 00:20:42,440 Speaker 2: He's a scholarship. I'm not a little different. That's what 462 00:20:42,520 --> 00:20:44,280 Speaker 2: you don't got student loans. That that's what you look like. 463 00:20:45,800 --> 00:20:48,760 Speaker 5: Girls right now over there. 464 00:20:48,560 --> 00:20:50,560 Speaker 2: He's like, what is this? F h A you're talking 465 00:20:50,600 --> 00:20:51,160 Speaker 2: about Troy. 466 00:20:51,240 --> 00:20:52,560 Speaker 3: You got to work on your jump shot. 467 00:20:55,920 --> 00:20:59,440 Speaker 6: Yeah, I had scholarships in college. Can I be believe 468 00:20:59,440 --> 00:21:02,320 Speaker 6: really honest with you, I just didn't have guidance to 469 00:21:02,359 --> 00:21:04,359 Speaker 6: tell me then not take out the refund check. 470 00:21:04,880 --> 00:21:05,840 Speaker 5: So I didn't have a lot. 471 00:21:06,359 --> 00:21:08,760 Speaker 6: Gonna be real, like, in college, Yo, I was living. 472 00:21:09,920 --> 00:21:13,040 Speaker 6: I'm living good now, but in college I was living 473 00:21:13,119 --> 00:21:14,080 Speaker 6: right under this level. 474 00:21:14,119 --> 00:21:15,840 Speaker 4: And I know that's not weird, but I had a 475 00:21:15,880 --> 00:21:17,920 Speaker 4: full ride. 476 00:21:18,160 --> 00:21:21,320 Speaker 6: Nobody as a young black kid, somebody saying, come to 477 00:21:21,359 --> 00:21:25,040 Speaker 6: the bursar's office and pick up five thousand every semester. 478 00:21:25,920 --> 00:21:30,359 Speaker 6: What true religious yo, I listen, true religious if you 479 00:21:30,480 --> 00:21:32,280 Speaker 6: was my friend, I got you up here. I didn't 480 00:21:32,280 --> 00:21:34,240 Speaker 6: want to walk on campus and we didn't look far together. 481 00:21:34,600 --> 00:21:37,480 Speaker 6: We're not eating campus food. We're gonna run lobster and 482 00:21:37,520 --> 00:21:39,080 Speaker 6: I'm like the first ha of card you a college 483 00:21:39,119 --> 00:21:40,920 Speaker 6: was so fun. But that's because I had a lot 484 00:21:40,920 --> 00:21:43,919 Speaker 6: of money coming in from scholarships that the refunds that 485 00:21:44,000 --> 00:21:46,040 Speaker 6: I did take was like play money because I didn't 486 00:21:46,119 --> 00:21:46,840 Speaker 6: understand them. 487 00:21:47,359 --> 00:21:50,240 Speaker 5: If that makes sense. Yeah, Like Sundays we're all here 488 00:21:50,280 --> 00:21:50,920 Speaker 5: eating bread. 489 00:21:51,240 --> 00:21:53,360 Speaker 2: Yo, it was made over head. 490 00:21:53,520 --> 00:21:55,080 Speaker 5: You know, if I had real friends. 491 00:21:55,680 --> 00:21:57,560 Speaker 6: I kind of brought a lot of friendships because I 492 00:21:57,720 --> 00:22:00,280 Speaker 6: I've always been very generous and I have a hard 493 00:22:01,160 --> 00:22:02,760 Speaker 6: if I eat, you eat, That's how I feel. 494 00:22:03,080 --> 00:22:04,679 Speaker 5: And it used to be to the point look at 495 00:22:04,720 --> 00:22:05,360 Speaker 5: the Brian's like. 496 00:22:05,480 --> 00:22:09,399 Speaker 6: You said yes yeah, So like on Sundays, it's like 497 00:22:09,440 --> 00:22:10,120 Speaker 6: so digress. 498 00:22:10,200 --> 00:22:12,159 Speaker 5: But like I was like, all right, I'm cooking. I 499 00:22:12,240 --> 00:22:12,720 Speaker 5: not a cook. 500 00:22:12,920 --> 00:22:15,679 Speaker 6: I'm like, if you want to contribute to stories, I'm like, 501 00:22:16,040 --> 00:22:18,240 Speaker 6: put the pack of fish with your name on the 502 00:22:18,280 --> 00:22:19,880 Speaker 6: city so I know that you can come back. 503 00:22:19,960 --> 00:22:21,840 Speaker 5: Because they would drop up all types of food. Ah, 504 00:22:21,880 --> 00:22:23,879 Speaker 5: My guy friends and a lot of guyfriends like you 505 00:22:23,880 --> 00:22:25,760 Speaker 5: could do five fishes dropped off at the door. 506 00:22:27,600 --> 00:22:30,679 Speaker 3: Like that, and all that I needed you In college 507 00:22:31,600 --> 00:22:35,399 Speaker 3: I had. I had just this a true story. I 508 00:22:35,440 --> 00:22:37,840 Speaker 3: know one year, for one year straight, I ate tuna 509 00:22:37,880 --> 00:22:39,080 Speaker 3: fish every day for one year. 510 00:22:39,440 --> 00:22:40,480 Speaker 5: I feel one year straight. 511 00:22:40,600 --> 00:22:43,359 Speaker 6: Eight mom and noodles, And imagine that wall being stacked 512 00:22:43,400 --> 00:22:44,360 Speaker 6: up with roma noodles. 513 00:22:44,520 --> 00:22:47,800 Speaker 5: Beef shrimp you want today, I don't want that. 514 00:22:48,000 --> 00:22:51,080 Speaker 2: I was like, we got options, beef oil. 515 00:22:51,720 --> 00:22:53,400 Speaker 3: I haven't had to fish, and I still eat it 516 00:22:53,600 --> 00:22:55,199 Speaker 3: every once in a while, but now I eat it 517 00:22:55,200 --> 00:22:58,000 Speaker 3: in a salad. I was eating on a sandwich like 518 00:22:58,320 --> 00:23:00,639 Speaker 3: playing jacked up. No, you know, think about it is 519 00:23:00,640 --> 00:23:03,919 Speaker 3: playing sports. So so my first two years was in Maryland. 520 00:23:03,960 --> 00:23:07,119 Speaker 3: My next two years was in Hawaii. So Maryland, the 521 00:23:07,200 --> 00:23:11,240 Speaker 3: scholarship included just the cafeteria, food and dorm rooms and 522 00:23:11,280 --> 00:23:13,920 Speaker 3: all that. When I went to Hawaii, everything was paid for, 523 00:23:14,040 --> 00:23:15,439 Speaker 3: but they gave me a check. They gave me a 524 00:23:15,480 --> 00:23:17,280 Speaker 3: check for like six thousand dollars, and then that was 525 00:23:17,320 --> 00:23:20,560 Speaker 3: to pay for my off campus apartment, pay for food 526 00:23:20,640 --> 00:23:23,240 Speaker 3: and all of that. So I was on my own. 527 00:23:23,240 --> 00:23:24,800 Speaker 3: So I was just going grocery shopping. But I ain't 528 00:23:24,840 --> 00:23:26,000 Speaker 3: I didn't know how to cook. I had a form 529 00:23:26,040 --> 00:23:27,400 Speaker 3: and grow. I was just putting anything on the form 530 00:23:27,440 --> 00:23:30,040 Speaker 3: and grow, and then I was just making friends. 531 00:23:31,040 --> 00:23:32,960 Speaker 2: Yeah, we love it that we was. I mean we 532 00:23:33,040 --> 00:23:33,920 Speaker 2: eleven hours away. 533 00:23:34,560 --> 00:23:39,679 Speaker 3: It was back in New York. So yeah, so you 534 00:23:39,720 --> 00:23:42,400 Speaker 3: know it was it was tough, but we made it through. 535 00:23:42,720 --> 00:23:44,080 Speaker 3: We made it through. We made it through. 536 00:23:47,160 --> 00:23:51,480 Speaker 4: You see what I'm saying that you could put tune 537 00:23:51,520 --> 00:23:53,040 Speaker 4: in your salad when you got to pray student looe. 538 00:23:54,240 --> 00:23:55,960 Speaker 3: So so let me ask you this. So yeah, so 539 00:23:56,240 --> 00:23:59,040 Speaker 3: as far as parents, right, it's interesting what you just said. 540 00:23:59,080 --> 00:24:01,000 Speaker 3: You said, if they listen to this, they shouldn't even 541 00:24:01,040 --> 00:24:04,240 Speaker 3: be worried about that. So what is your advice for parents? Like, 542 00:24:04,320 --> 00:24:08,679 Speaker 3: because it's like, all right, do it? So if they 543 00:24:08,720 --> 00:24:12,480 Speaker 3: can't afford to send their kids to college, right, should 544 00:24:12,480 --> 00:24:15,680 Speaker 3: they just go community college and then state school and 545 00:24:15,800 --> 00:24:19,359 Speaker 3: just only do federal Like should they never do? At 546 00:24:19,359 --> 00:24:21,720 Speaker 3: what point does it make sense to do student loans? 547 00:24:21,840 --> 00:24:23,560 Speaker 3: Or does it really make sense to do student loans? 548 00:24:23,600 --> 00:24:25,600 Speaker 6: So I'm licensed, but not a licensed in this section, 549 00:24:25,640 --> 00:24:27,800 Speaker 6: so I'm going to teater lightly, but I think it 550 00:24:27,800 --> 00:24:30,400 Speaker 6: would be best to be everyone to google the five 551 00:24:30,480 --> 00:24:32,720 Speaker 6: to nine plan in their state and then talk to 552 00:24:32,720 --> 00:24:35,119 Speaker 6: a licensed professional that can talk to you about a 553 00:24:35,160 --> 00:24:38,040 Speaker 6: five to nine plan, because if you are I call 554 00:24:38,119 --> 00:24:40,320 Speaker 6: what's called the sticky middle middle classes, what's called the 555 00:24:40,320 --> 00:24:43,119 Speaker 6: sticky middle not enough to get a full grant ride, 556 00:24:43,160 --> 00:24:47,040 Speaker 6: but not wealthy enough to pay out a pocket right, 557 00:24:47,240 --> 00:24:49,240 Speaker 6: So that sticky middle is that's where a lot of 558 00:24:49,280 --> 00:24:51,679 Speaker 6: people suffer. They're like, oh, you should be able to 559 00:24:51,720 --> 00:24:55,600 Speaker 6: contribute to your child's education, and most people can't. So 560 00:24:55,840 --> 00:24:58,240 Speaker 6: what happens is the student loan, that the private loan, 561 00:24:58,280 --> 00:25:00,480 Speaker 6: that the parent plus loan that comes into place. But 562 00:25:00,600 --> 00:25:02,720 Speaker 6: there is something called really a big proponent a fan 563 00:25:02,800 --> 00:25:05,280 Speaker 6: of called the five to nine plan, where someone that 564 00:25:05,320 --> 00:25:08,280 Speaker 6: has a child early on or a grandchild can start 565 00:25:08,320 --> 00:25:11,639 Speaker 6: to contribute to their child's education. And we can have 566 00:25:11,680 --> 00:25:14,200 Speaker 6: a five to nine party every year or on the birthday. 567 00:25:14,560 --> 00:25:16,960 Speaker 6: So I know a few people that their child at 568 00:25:17,000 --> 00:25:20,440 Speaker 6: age nine has their college fully paid for at today's prices. 569 00:25:20,520 --> 00:25:22,919 Speaker 2: So the five to nine party, no gifts, would just 570 00:25:22,920 --> 00:25:24,040 Speaker 2: contributed to the plane. 571 00:25:24,119 --> 00:25:26,720 Speaker 6: Bringing it like you can a deposit, or you can 572 00:25:26,800 --> 00:25:28,000 Speaker 6: just bring a twenty like that. 573 00:25:28,040 --> 00:25:29,720 Speaker 3: You can write a check too, check book. The five 574 00:25:29,720 --> 00:25:32,719 Speaker 3: twenty nine spoke a few times on the podcast. All right, 575 00:25:32,760 --> 00:25:35,199 Speaker 3: so you so your philosophy is like you should be 576 00:25:35,200 --> 00:25:38,360 Speaker 3: playing to pay for college. Don't rely on because you. 577 00:25:38,320 --> 00:25:41,280 Speaker 6: Know that our culture and when I say our African Americans, 578 00:25:41,640 --> 00:25:44,320 Speaker 6: we don't believe in picking up the tap for our 579 00:25:44,440 --> 00:25:47,200 Speaker 6: kids in this extent. But in other cultures, like I've 580 00:25:47,200 --> 00:25:49,880 Speaker 6: been studying this, it is expected that the. 581 00:25:49,920 --> 00:25:50,840 Speaker 5: Parent pays for that. 582 00:25:51,160 --> 00:25:51,879 Speaker 3: It's like a wedding. 583 00:25:52,080 --> 00:25:54,159 Speaker 5: Yeah, but in our culture, what do we pay for? Right? 584 00:25:54,320 --> 00:25:57,320 Speaker 2: We pay it all prom oh ah, yeah, problems we do. 585 00:25:57,320 --> 00:26:00,600 Speaker 5: That any weddings, right car, baby child's baby. 586 00:26:00,359 --> 00:26:04,280 Speaker 2: Shower, shower we get. The more baby showers and weddings, 587 00:26:05,040 --> 00:26:05,720 Speaker 2: that's the fun. 588 00:26:05,840 --> 00:26:11,119 Speaker 3: Right, shirt, the Birdberry shirt was a staple at a 589 00:26:11,240 --> 00:26:11,760 Speaker 3: baby shower. 590 00:26:11,800 --> 00:26:14,680 Speaker 2: That's how you know who the father was with the 591 00:26:14,680 --> 00:26:17,480 Speaker 2: Birdberry shirt. That's h you know. 592 00:26:17,520 --> 00:26:20,720 Speaker 4: You know what also too, and to go along with that, 593 00:26:21,440 --> 00:26:23,520 Speaker 4: is that we got to change the stigma on community college. 594 00:26:23,600 --> 00:26:24,960 Speaker 2: Yes, especially in New York. 595 00:26:25,000 --> 00:26:28,159 Speaker 4: Man, it's like people feel like, oh, I feel like 596 00:26:28,200 --> 00:26:29,080 Speaker 4: I'm not going anywhere. 597 00:26:29,320 --> 00:26:29,560 Speaker 5: Great. 598 00:26:29,920 --> 00:26:33,639 Speaker 4: Yeah, Like number one, if you get if you're getting 599 00:26:33,840 --> 00:26:36,040 Speaker 4: a level arts degree, it won't matter because you're gonna 600 00:26:36,040 --> 00:26:37,160 Speaker 4: be able to he's dying. 601 00:26:39,440 --> 00:26:39,960 Speaker 2: It won't matter. 602 00:26:40,000 --> 00:26:42,160 Speaker 4: I mean, you can still transfer after two years plus 603 00:26:42,160 --> 00:26:44,919 Speaker 4: you're gonna save yourself maybe fifty to one hundred thousand 604 00:26:44,920 --> 00:26:46,120 Speaker 4: dollars by just staying home. 605 00:26:46,359 --> 00:26:46,800 Speaker 2: You know what I mean. 606 00:26:46,840 --> 00:26:48,760 Speaker 4: You're not paying room and board, You're still eating that home. 607 00:26:48,960 --> 00:26:50,399 Speaker 4: Here's the stigma is crazy. 608 00:26:50,520 --> 00:26:54,040 Speaker 6: I'm a reformed college professor, right, and I could see 609 00:26:54,040 --> 00:26:55,919 Speaker 6: each at a community college or I could see each 610 00:26:55,960 --> 00:26:59,040 Speaker 6: at a private institution. It was the same class, the 611 00:26:59,119 --> 00:27:02,359 Speaker 6: same textbook. I just got paid a little different. But 612 00:27:02,440 --> 00:27:05,160 Speaker 6: the students were paying at the community college to see 613 00:27:05,200 --> 00:27:07,919 Speaker 6: me on Tuesday three hundred dollars. At the private college, 614 00:27:07,920 --> 00:27:13,520 Speaker 6: they were paying sixteen hundred class, same professor, same book. 615 00:27:14,160 --> 00:27:15,560 Speaker 5: Just catch me on a different show. 616 00:27:16,040 --> 00:27:20,440 Speaker 3: And once you it's like if you have a bachelor's 617 00:27:20,480 --> 00:27:23,040 Speaker 3: degree and he went to community college, they don't count 618 00:27:23,040 --> 00:27:25,200 Speaker 3: your associate The only thing that masteres your bachelor's degree. 619 00:27:25,280 --> 00:27:27,080 Speaker 3: If you have a master's degree, the only thing that 620 00:27:27,119 --> 00:27:28,800 Speaker 3: really manages your master's degree. So like a lot of 621 00:27:28,800 --> 00:27:30,680 Speaker 3: people even think like the first four years if you 622 00:27:30,760 --> 00:27:32,479 Speaker 3: want to, if you know you're going to be a doctor, 623 00:27:32,920 --> 00:27:35,160 Speaker 3: like go to a good undergrad but don't spend all 624 00:27:35,160 --> 00:27:37,600 Speaker 3: of your money on it like because your master's program 625 00:27:37,600 --> 00:27:39,159 Speaker 3: is gonna be more important. Like, you know, who went 626 00:27:39,160 --> 00:27:43,760 Speaker 3: to community college? Barack Obama, No, nobody knows that because 627 00:27:43,800 --> 00:27:46,280 Speaker 3: they only look at Harvard. I think he went to 628 00:27:46,400 --> 00:27:49,040 Speaker 3: where do you go before Harvard? Columbia? He went to Columbia, 629 00:27:49,040 --> 00:27:51,600 Speaker 3: and he went to Harvard. So it's like they only 630 00:27:51,600 --> 00:27:53,239 Speaker 3: look at that part of it, but they didn't look 631 00:27:53,240 --> 00:27:56,320 Speaker 3: at the two years he spent in community college. Nobody cares. 632 00:27:56,640 --> 00:27:58,640 Speaker 3: But now it's two years that you're going for next 633 00:27:58,640 --> 00:28:02,600 Speaker 3: to nothing, and a lot of kids aren't mature enough 634 00:28:02,600 --> 00:28:04,320 Speaker 3: to actually go away from home and they make a 635 00:28:04,359 --> 00:28:06,040 Speaker 3: lot of mistakes. So that's like, you know, it's the 636 00:28:06,359 --> 00:28:09,800 Speaker 3: time to actually develop and grow as a person, and 637 00:28:09,920 --> 00:28:12,360 Speaker 3: now you got two years on your belt, and now 638 00:28:12,359 --> 00:28:13,679 Speaker 3: you can get another two years if you want. 639 00:28:13,720 --> 00:28:14,639 Speaker 5: I'm gon be honest with you. 640 00:28:14,720 --> 00:28:18,320 Speaker 6: With COVID, I would be pissed if I was paying 641 00:28:18,359 --> 00:28:21,600 Speaker 6: that tuition and I'm home with my friend that's home 642 00:28:21,960 --> 00:28:27,120 Speaker 6: on the same platform paying way less tuition, Like that's crazy, 643 00:28:27,200 --> 00:28:30,119 Speaker 6: Like I would be enrolling and switching over to another school, 644 00:28:30,160 --> 00:28:31,120 Speaker 6: like personally. 645 00:28:30,720 --> 00:28:32,480 Speaker 3: So let me ask you this. As far as forbearans, 646 00:28:33,119 --> 00:28:37,240 Speaker 3: there's general forbearance and administrative forbearans. What is the difference 647 00:28:37,320 --> 00:28:38,120 Speaker 3: between those two? 648 00:28:38,240 --> 00:28:40,480 Speaker 5: So general for baras. I'll give you example. 649 00:28:40,520 --> 00:28:42,480 Speaker 6: It's like when you need to call your Linden like, 650 00:28:43,080 --> 00:28:45,720 Speaker 6: I don't got it, Like, so thirty six months in 651 00:28:45,760 --> 00:28:48,360 Speaker 6: the lifetime of your loan that you can just extend 652 00:28:48,360 --> 00:28:51,720 Speaker 6: in no questions asked. Then you have what's called administrative 653 00:28:51,720 --> 00:28:55,360 Speaker 6: for barents from the government for whatever they determined as 654 00:28:55,360 --> 00:28:59,680 Speaker 6: a permissible reason they can cover your interests, right. And 655 00:28:59,720 --> 00:29:02,880 Speaker 6: then you have what's called economic deferment. That's when people 656 00:29:02,880 --> 00:29:04,400 Speaker 6: don't know about this one, but that's when you get 657 00:29:04,440 --> 00:29:07,080 Speaker 6: laid off or you lost your job. You have some 658 00:29:07,120 --> 00:29:11,040 Speaker 6: paperwork that says that instead of using your general forbearance moms, 659 00:29:11,080 --> 00:29:13,480 Speaker 6: you want to use your economic deferment. Or if you 660 00:29:13,560 --> 00:29:16,680 Speaker 6: live in an area that has really bad weather like 661 00:29:16,800 --> 00:29:20,239 Speaker 6: hurricanes and so forth, there's weather related deferments too that 662 00:29:20,280 --> 00:29:22,600 Speaker 6: people can get so that you don't have to again 663 00:29:22,720 --> 00:29:24,080 Speaker 6: run through your thirty six months. 664 00:29:24,160 --> 00:29:26,200 Speaker 3: How do you how would you know that? 665 00:29:26,240 --> 00:29:26,400 Speaker 4: Do you? 666 00:29:27,040 --> 00:29:29,520 Speaker 3: Like, because I didn't know that? Do you have to 667 00:29:29,560 --> 00:29:30,320 Speaker 3: call your lender? 668 00:29:30,400 --> 00:29:30,520 Speaker 2: Like? 669 00:29:30,760 --> 00:29:32,800 Speaker 3: Yeah, do you offer weather for a barons? Do you 670 00:29:32,840 --> 00:29:33,760 Speaker 3: offer job? 671 00:29:34,160 --> 00:29:36,960 Speaker 6: Well, it's a government program, but it's again it's not 672 00:29:37,480 --> 00:29:40,880 Speaker 6: fully advertised. See that's the problem again with a lot 673 00:29:40,880 --> 00:29:44,479 Speaker 6: of our lenders in their website. Some websites, some lenders 674 00:29:44,520 --> 00:29:45,480 Speaker 6: is super easy. 675 00:29:45,240 --> 00:29:46,200 Speaker 5: Click here, go here. 676 00:29:46,560 --> 00:29:49,200 Speaker 6: Some are like contact that's an ingle hole for what 677 00:29:49,360 --> 00:29:52,040 Speaker 6: thirty minutes and then people just like, oh, forget it, 678 00:29:52,080 --> 00:29:53,680 Speaker 6: I'm not about to pay them now. 679 00:29:53,720 --> 00:29:55,600 Speaker 5: It hits your credit. It's a cycle that happened. 680 00:29:56,800 --> 00:30:00,520 Speaker 1: An illegal alim from Guatemala charged with raping a child 681 00:30:00,520 --> 00:30:04,320 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 682 00:30:04,560 --> 00:30:08,680 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 683 00:30:08,760 --> 00:30:12,640 Speaker 1: filming and selling child pornography in Michigan. These are just 684 00:30:12,760 --> 00:30:16,520 Speaker 1: some of the heinous migrant criminals caught because of President 685 00:30:16,560 --> 00:30:20,080 Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States 686 00:30:20,160 --> 00:30:24,960 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 687 00:30:24,960 --> 00:30:28,520 Speaker 1: crossings are at the lowest levels ever recorded, and over 688 00:30:28,600 --> 00:30:31,800 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 689 00:30:31,880 --> 00:30:35,720 Speaker 1: are here illegally, your next you will be fined nearly 690 00:30:35,800 --> 00:30:39,840 Speaker 1: one thousand dollars a day, imprisoned, and deported. You will 691 00:30:39,880 --> 00:30:43,520 Speaker 1: never return. But if you register using our CBP Home 692 00:30:43,560 --> 00:30:46,920 Speaker 1: app and leave now. You could be allowed to return legally. 693 00:30:47,320 --> 00:30:52,040 Speaker 1: Do what's right. Leave now. Under President Trump America's laws, 694 00:30:52,240 --> 00:30:54,680 Speaker 1: border and families will be protected. 695 00:30:54,760 --> 00:30:56,880 Speaker 2: Sponsored by the United States Department of Homeland Security,