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