WEBVTT - Study Hall: Keys to Mastering Student Loans 0:00:00.040 --> 0:00:03.600 An illegal alien from Guatemala charged with raping a child 0:00:03.680 --> 0:00:07.480 in Massachusetts. An MS thirteen gang member from Al Salvador 0:00:07.720 --> 0:00:11.840 accused of murdering a Texas man of Venezuelan charged with 0:00:11.920 --> 0:00:15.840 filming and selling child pornography in Michigan. These are just 0:00:15.920 --> 0:00:19.680 some of the heinous migrant criminals caught because of President 0:00:19.720 --> 0:00:23.320 Donald J. Trump's leadership. I'm Christy nom the United States 0:00:23.320 --> 0:00:28.120 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:00:28.160 --> 0:00:31.680 crossings are at the lowest levels ever recorded, and over 0:00:31.760 --> 0:00:34.960 one hundred thousand illegal aliens have been arrested. If you 0:00:35.040 --> 0:00:38.920 are here illegally, your next you will be fined nearly 0:00:39.000 --> 0:00:43.000 one thousand dollars a day, imprisoned, and deported. You will 0:00:43.040 --> 0:00:46.680 never return. But if you register using our CBP home 0:00:46.720 --> 0:00:50.120 app and leave now, you could be allowed to return legally. 0:00:50.479 --> 0:00:55.240 Do what's right. Leave now. Under President Trump, America's laws, 0:00:55.400 --> 0:00:57.840 border and families will be protected. 0:00:57.920 --> 0:01:00.120 Sponsored by the United States Department of Homeland Security. 0:01:00.440 --> 0:01:02.840 Let's say kids are listening to it that's in college, 0:01:02.920 --> 0:01:05.000 or they trying to make a decision, So it's the 0:01:05.200 --> 0:01:07.959 I CR the IV. 0:01:09.840 --> 0:01:10.720 I was actually gonna go there. 0:01:10.760 --> 0:01:14.679 OK, So the fourth was paid Repay, the IBr and ICR. 0:01:14.720 --> 0:01:17.040 The reason I found out is because when I was 0:01:17.040 --> 0:01:19.800 trying to get a loan forgiveness plan, I wasn't part 0:01:19.840 --> 0:01:22.279 of one of those, right, and so I got declined yes, 0:01:22.319 --> 0:01:24.560 and I was like, wait, what is this? And so yeah, 0:01:24.640 --> 0:01:26.480 can you go into the depth of the parameters of. 0:01:26.440 --> 0:01:27.520 The each, So let's go through it. 0:01:27.640 --> 0:01:31.160 So Obama, the Obama administration gave us the pay and 0:01:31.200 --> 0:01:34.240 the repay plan. So pay came out first, and that's 0:01:34.240 --> 0:01:37.400 for those that have new loans or newly consolidated loans 0:01:37.720 --> 0:01:40.920 and the direct loans program, your payment is kept at 0:01:40.959 --> 0:01:44.399 ten percent. Repay came out like because people went off. 0:01:44.440 --> 0:01:46.360 They were like upset, like, so I can't get my 0:01:46.440 --> 0:01:48.720 payments lower. So then they came out what was called 0:01:48.760 --> 0:01:51.120 repay that said, if you just have a direct loan, 0:01:51.520 --> 0:01:53.920 doesn't have to be newly consolidated, you can get ten 0:01:53.960 --> 0:01:57.800 percent too, although more is forgiven over time under the 0:01:57.840 --> 0:02:01.080 pay plan than the repay plan. The IBr plan is 0:02:01.080 --> 0:02:05.600 the old fashion income based repayment plan that everybody knows, 0:02:05.880 --> 0:02:08.440 and anybody listening should check their loans to see which 0:02:08.480 --> 0:02:11.560 plan they normally are under. Most people never switch out, 0:02:11.960 --> 0:02:14.320 and they could actually lower their payment by going to 0:02:14.480 --> 0:02:15.720 repay from IBr. 0:02:16.000 --> 0:02:17.720 So you have based on how much you make, will 0:02:17.760 --> 0:02:19.000 determine how much you're gonna have to pay. 0:02:19.160 --> 0:02:22.520 Yes, okay, so IBr is at a fifteen percent margin. 0:02:23.639 --> 0:02:27.200 ICR is at a twenty percent repayment. And if anybody's listening, 0:02:27.240 --> 0:02:29.680 they will write down if they had parent plus loans. 0:02:30.000 --> 0:02:30.799 Some time you teach you. 0:02:30.880 --> 0:02:34.560 I want to write out No, I'm like okay, So 0:02:34.880 --> 0:02:38.600 ICR is twenty percent. Now, what Biden is proposing is 0:02:38.720 --> 0:02:40.520 the plan that they're saying that he's coming out with 0:02:40.560 --> 0:02:42.120 will be at five percent. 0:02:42.560 --> 0:02:44.480 So some people are really going to see a good 0:02:44.520 --> 0:02:44.960 win in. 0:02:44.919 --> 0:02:46.799 Terms of five percent of. 0:02:46.720 --> 0:02:51.320 Your of your expectation to be able to repay back loans. 0:02:52.040 --> 0:02:54.120 So if you borrow one hundred thousand, you only have 0:02:54.160 --> 0:02:56.040 to pay back five thousand. 0:02:56.000 --> 0:02:57.280 Oh no, five percent of your. 0:02:57.440 --> 0:02:59.280 Your income income five thousand. 0:03:00.160 --> 0:03:02.080 So like if somebody had was making a one hundred thousand, 0:03:02.240 --> 0:03:04.079 like with a teacher salary in New York, that could 0:03:04.120 --> 0:03:06.440 happen easily, right, and you have to pay fifteen percent. 0:03:06.919 --> 0:03:09.880 That's fifteen hundred dollars, right, and so like you have 0:03:10.000 --> 0:03:11.959 to make to get the forgiveness of the one I 0:03:12.080 --> 0:03:12.360 was singing. 0:03:12.440 --> 0:03:13.520 I think it's the. 0:03:13.200 --> 0:03:15.960 PSLF right the public service. So if you're a teacher, 0:03:16.240 --> 0:03:18.080 if you're anything in a public service, you can get 0:03:18.120 --> 0:03:20.079 this loan forgiveness. You'd have to make one hundred and 0:03:20.160 --> 0:03:24.280 twenty consecutive payments to qualify for it, and that started 0:03:25.160 --> 0:03:26.480 dates back to two thousand and seven. 0:03:26.600 --> 0:03:27.760 So this was the problem I ran into. 0:03:27.800 --> 0:03:29.280 I'm like, oh, bet, two thousand and seven, I haven't 0:03:29.280 --> 0:03:32.359 missed a payment, and twenty seventeen it was my tenth year, 0:03:32.400 --> 0:03:33.600 and I was like, oh great. 0:03:33.560 --> 0:03:36.880 So then you need to look into what's called the TEPSLF. 0:03:37.440 --> 0:03:39.360 So I did it. I got forgiven for another loan. 0:03:39.520 --> 0:03:39.840 Okay. 0:03:39.960 --> 0:03:42.440 Yeah, So then that's when I started researching. Wait I could, 0:03:42.440 --> 0:03:44.480 there's more loans out there for teachers, and so I 0:03:44.480 --> 0:03:46.839 did the Teacher Loan Forgiveness where it was like, if 0:03:46.880 --> 0:03:49.560 you are a highly qualified teacher in the subject in 0:03:49.680 --> 0:03:51.280 five years, and it has to be a title one 0:03:51.320 --> 0:03:52.720 school less perfectation. 0:03:52.920 --> 0:03:54.120 Yeah, there's two different. 0:03:54.560 --> 0:03:57.600 The podcast so what you say it is, okay, So 0:03:57.680 --> 0:03:59.200 let me make your question. Say you got to teach 0:03:59.200 --> 0:04:00.000 your lont forgive. 0:03:59.800 --> 0:04:02.120 This, but did you get the te I did not. 0:04:02.360 --> 0:04:02.720 I did not. 0:04:02.880 --> 0:04:04.880 Did you apply yet I did, but they told me 0:04:04.920 --> 0:04:07.720 I wasn't in one of those four qualifying ones. So 0:04:07.760 --> 0:04:08.800 I wasn't in paid repay. 0:04:09.480 --> 0:04:12.360 IBr Oh wait, no, TE is different than PSLF. 0:04:12.440 --> 0:04:14.000 Okay, no, then I wasn't. I didn't get that. Ye 0:04:14.040 --> 0:04:15.400 yeh okay, I'm. 0:04:15.200 --> 0:04:18.680 Going to offline show you the other perfect so the 0:04:18.720 --> 0:04:22.760 government and then money might still be available. They gave 0:04:23.240 --> 0:04:26.240 a window of money for people that like him, had 0:04:26.279 --> 0:04:29.000 been paying since two thousand and seven, but was on 0:04:29.040 --> 0:04:32.119 a standard plan. Let's say, and he like, I've been paying, 0:04:32.200 --> 0:04:34.039 so why am I not? And I worked for and 0:04:34.120 --> 0:04:37.279 so it's under a different program. It's just like a 0:04:37.320 --> 0:04:40.039 spin off of the PSLF. A lot of people don't 0:04:40.040 --> 0:04:41.839 know about it. They talked about it one time on 0:04:41.920 --> 0:04:45.200 the news. I'm like, so, so I'll show you where 0:04:45.200 --> 0:04:47.799 they're sayt Yeah, last time I checked, there's still money available. 0:04:47.880 --> 0:04:49.800 Yeah. Because it was like a bunch of people applied. 0:04:49.800 --> 0:04:51.280 They had did the ten years, they had one hundred 0:04:51.279 --> 0:04:53.000 and twenty payments, and I think less than one percent 0:04:53.000 --> 0:04:54.640 of people actually God forgiveness. 0:04:54.680 --> 0:04:56.359 So then they told them to go back and apply 0:04:56.400 --> 0:04:58.080 for the second plan. I'm telling you about. 0:04:57.920 --> 0:05:01.240 It, but it got confusing and people didn't do they 0:05:01.279 --> 0:05:04.240 closed it, they reopened it. So last time I check, 0:05:04.320 --> 0:05:06.040 I look, literally the other day it's still open. 0:05:06.360 --> 0:05:07.520 Your DM is about to blow up. 0:05:07.560 --> 0:05:11.159 Okay, but that's you know, so I have to be 0:05:11.240 --> 0:05:13.040 weirdly knowledgeable about these things. 0:05:13.080 --> 0:05:15.159 And let me be very clear, like I don't work 0:05:15.200 --> 0:05:15.720 for solid man. 0:05:15.760 --> 0:05:18.320 I don't even like student loans and a concept I 0:05:18.520 --> 0:05:21.479 like that people that come to us or come to 0:05:21.520 --> 0:05:24.240 me initially can get the help to move forward in life. 0:05:24.480 --> 0:05:27.120 Because like if you walk away with one hundred percent forgiveness, 0:05:27.120 --> 0:05:29.159 after that, he gonna be light as a burder around here, right, 0:05:29.440 --> 0:05:31.640 And then you want to do something different with your money, 0:05:31.720 --> 0:05:33.279 Like I don't know how much you pay towards your 0:05:33.279 --> 0:05:35.800 student loans out of COVID, but that additional money can 0:05:35.880 --> 0:05:37.040 go to all the things you. 0:05:37.000 --> 0:05:39.320 Guys talk about rightly, state and investment. 0:05:39.680 --> 0:05:41.680 But that'd be the number one reason why people do 0:05:41.760 --> 0:05:45.320 not get into growing their money because the student loans. 0:05:45.120 --> 0:05:45.960 That it makes you. 0:05:46.040 --> 0:05:49.480 It can make you sag it right, It can make 0:05:49.480 --> 0:05:51.400 you depressed. It could leave you to a point where 0:05:51.400 --> 0:05:52.839 it's like, yo, now I have to live at home 0:05:52.920 --> 0:05:55.040 longer than I expect it. Now I can't afford to 0:05:55.040 --> 0:05:58.839 get a car. Now I can't afford to even being 0:05:58.920 --> 0:06:02.159 a real relationship right because I can't help with you. 0:06:02.760 --> 0:06:03.840 I can't I can't get married. 0:06:03.839 --> 0:06:05.880 I can't afford to do it, and so it stagnates 0:06:05.960 --> 0:06:07.719 your life from decision that you made at eighteen. 0:06:07.839 --> 0:06:09.080 I gotta tell the story. 0:06:09.160 --> 0:06:11.720 Okay, so this is real, and if. 0:06:11.640 --> 0:06:13.719 Somebody's watching, it's gonna understand what I'm about to say. 0:06:13.880 --> 0:06:17.080 So if you are particularly like a black woman and 0:06:17.120 --> 0:06:19.040 you're dating and you got six figures student on that, 0:06:19.560 --> 0:06:21.080 I know I come up being mine at one point, 0:06:21.120 --> 0:06:23.719 like how I'm not going to tell this man, right? So, 0:06:23.720 --> 0:06:25.680 so what happens when I used to do one on 0:06:25.720 --> 0:06:26.839 one appointments in person? 0:06:26.839 --> 0:06:27.599 I missed those days. 0:06:27.600 --> 0:06:30.800 Those were fun guys who used to book their fiance 0:06:31.000 --> 0:06:34.200 and girlfriends for like appointments that the girls didn't know about. 0:06:34.920 --> 0:06:36.839 So they were coming like, well where are we at? 0:06:36.920 --> 0:06:40.360 I'm like, Hi, I'm thinking everybody knows. Nobody knows but him, 0:06:40.640 --> 0:06:43.279 And I'm like, so you didn't tell her? He's like no, 0:06:43.360 --> 0:06:44.520 I'm gonna get some lunch. 0:06:44.960 --> 0:06:46.599 He like just dropped the girl off trash. 0:06:46.600 --> 0:06:49.200 She's arms folded, she's tight, and I'm like, oh god, 0:06:49.320 --> 0:06:51.120 you might have like Penny bides at work. 0:06:51.560 --> 0:06:53.240 No, I don't have that at office. So I was like, 0:06:53.320 --> 0:06:54.040 oh okay. 0:06:54.120 --> 0:06:56.240 So I was like, so here's what's gonna happening to 0:06:56.279 --> 0:06:58.640 growth through your loans? And I said, and to the girl, 0:06:58.680 --> 0:07:01.000 I remember, she was so upset. She that bad attitude. 0:07:01.200 --> 0:07:02.599 And then I just had to get real for like 0:07:02.600 --> 0:07:04.640 two seconds, you know, I was like, look, so look 0:07:04.680 --> 0:07:06.679 this was about to be I was like, I really 0:07:06.680 --> 0:07:08.640 think that this man likes you. He likes you enough 0:07:08.680 --> 0:07:11.600 to have booked disappointment. He thinks highly enough of you 0:07:11.640 --> 0:07:14.920 that probably means he may want to propose get married soon. 0:07:15.320 --> 0:07:18.080 But he's very serious about his money, and he's not 0:07:18.160 --> 0:07:20.120 going to propose to you unless you tackle your student 0:07:20.160 --> 0:07:22.840 loan dead. Because I think she told him right. So 0:07:22.920 --> 0:07:24.400 I said, so what we're going to do is we're 0:07:24.440 --> 0:07:26.440 going to put you on this plan. And I think 0:07:26.440 --> 0:07:28.440 she was eligible for PSL left. I said, and then 0:07:28.480 --> 0:07:31.000 when he comes back, you're going to tell him the 0:07:31.000 --> 0:07:33.520 game plan, like all excited, enthusiastic, you got it. 0:07:33.480 --> 0:07:34.600 But I don't know, like I just think of a 0:07:34.600 --> 0:07:36.640 whole different person. And she was like okay. 0:07:36.880 --> 0:07:38.400 So we did work it out. To where a payment 0:07:38.440 --> 0:07:40.720 would be one thirty. She was enrolled on PSL left 0:07:40.720 --> 0:07:43.480 and then you could see his face was like, oh, 0:07:43.640 --> 0:07:45.640 all right, okay, so what you're saying is all she 0:07:45.680 --> 0:07:47.240 got to do is so he was like real light 0:07:47.280 --> 0:07:48.559 after that because it was real tense. 0:07:48.920 --> 0:07:51.040 And then sure enough, you know, I stopped him. 0:07:51.240 --> 0:07:53.600 I wanted to see, like six months later he proposed, 0:07:53.920 --> 0:07:55.520 but now, like, I don't think he would. 0:07:55.320 --> 0:07:57.480 Have not proposed it. Well, we don't know, really. 0:07:57.840 --> 0:08:01.400 But he really needed to feel comfortable. She was on 0:08:01.520 --> 0:08:03.640 top of her loan day, and so it does come 0:08:03.720 --> 0:08:05.920 up in dating and trying to buy them together. 0:08:06.000 --> 0:08:08.760 Student loan doctors, marriage counselor. 0:08:08.400 --> 0:08:11.480 Salute salute that man. So let me ask you this. Okay, 0:08:11.560 --> 0:08:16.360 So me, I'm a slow learner and fortunately I never 0:08:16.440 --> 0:08:20.520 had to deal with any of this stuff. So all 0:08:20.520 --> 0:08:22.200 of this stuff is like kind of foreign to me. 0:08:22.920 --> 0:08:25.600 So for people that you know, might be in the 0:08:25.600 --> 0:08:27.560 same boat as me, and they might have children. They 0:08:27.640 --> 0:08:29.600 might not affect them, but they might have children. So 0:08:30.200 --> 0:08:32.720 let's try to let's try to unpack this a little bit. 0:08:32.840 --> 0:08:36.200 So it's like all these different loans, which one is 0:08:36.200 --> 0:08:38.600 the best loan to get in? I know, that's like 0:08:38.640 --> 0:08:40.760 a hard question. But which one is the best loan 0:08:40.760 --> 0:08:43.480 to get in? And then if you are in a 0:08:43.640 --> 0:08:48.160 bad loan, how can you maneuver into a good one. 0:08:48.600 --> 0:08:51.320 So with the federal government, there's only like one type 0:08:51.320 --> 0:08:52.600 of loan. It's just a federal loan. 0:08:52.720 --> 0:08:55.520 Right, And so when we have students going to college, 0:08:56.320 --> 0:08:58.600 was called an award letter. They'll be told if they 0:08:58.600 --> 0:09:01.240 get any grants, any scholarshi, and then on the award 0:09:01.280 --> 0:09:04.960 letter it'll say unsubbed and sub right. And so submeans 0:09:05.440 --> 0:09:08.560 loans that have interests that's paid for by the government. 0:09:09.200 --> 0:09:12.600 Unsub means the interests. You're responsible from day one. As 0:09:12.640 --> 0:09:15.480 to Howard A. Cruz, parents get jammed up when they 0:09:15.520 --> 0:09:18.120 apply for what's called the parent plus loan. It's like 0:09:18.240 --> 0:09:21.800 the double child of student loans. Like it's bad, but 0:09:22.240 --> 0:09:25.840 they really make it to where parents get trapped with 0:09:26.080 --> 0:09:27.160 it's like kind of a private loans. 0:09:27.240 --> 0:09:29.800 Yeah, I was just gonna say that's a difference from 0:09:29.840 --> 0:09:31.400 the federal the federal and the privates. 0:09:31.600 --> 0:09:33.720 Yeah, right, And because the interest rate is horrible, like 0:09:33.800 --> 0:09:36.920 seven point eight, most times they want you to go 0:09:36.960 --> 0:09:39.880 into repayment right away. They do hit and look at 0:09:39.920 --> 0:09:42.200 your credit, and so they you gotta decide who has 0:09:42.280 --> 0:09:45.199 better credit, mom or dad when doing the application. If 0:09:45.240 --> 0:09:47.520 mom or Dad gets denied, the child can get two 0:09:47.520 --> 0:09:51.200 thousand additional per the semester. But if you're going anywhere 0:09:51.200 --> 0:09:53.120 outside of the state school, like if we're here in 0:09:53.120 --> 0:09:56.240 New York, that that money should be enough to cover 0:09:56.320 --> 0:09:59.960 that tuition. But when people go to more expensive school, 0:10:00.080 --> 0:10:00.480 what happens? 0:10:00.520 --> 0:10:03.440 What do they got to take out private? Private loans? 0:10:03.640 --> 0:10:06.480 And now private loans are really like the depth of 0:10:06.559 --> 0:10:12.440 our economy, particularly for black millennials, because everyone wants to 0:10:12.480 --> 0:10:15.840 go to an HBCU, right, but everybody's not getting full 0:10:15.880 --> 0:10:16.600 funding to go. 0:10:16.559 --> 0:10:17.559 To an HBCU. 0:10:18.080 --> 0:10:20.760 So I see a lot of graduates that come out 0:10:21.240 --> 0:10:23.600 the most they can borrow is fifty seven thousand, five 0:10:23.679 --> 0:10:28.480 hundred undergrad and then they have like one hundred thousand 0:10:28.520 --> 0:10:30.960 and private loan debt. Let me be really clear, one 0:10:31.040 --> 0:10:34.200 hundred thousand private loan is different than one hundred thousand 0:10:34.640 --> 0:10:37.120 federal And the reason that is is because if you 0:10:37.160 --> 0:10:39.440 owe one hundred thousand, your payment could still only be 0:10:39.800 --> 0:10:42.400 two hundred dollars based off your income and who you 0:10:42.520 --> 0:10:45.000 take care of. But with a private loan, that payment 0:10:45.040 --> 0:10:47.240 is going to be one thousand dollars with a period 0:10:47.240 --> 0:10:47.640 behind it. 0:10:47.960 --> 0:10:51.319 Then the f work comes for bearing. So well, no 0:10:51.559 --> 0:10:53.360 private loan, not with private federal. 0:10:53.200 --> 0:10:57.679 Again, so federal loans, all of these programs, income based programs, 0:10:57.720 --> 0:11:00.640 all of that, but private loans, there's no kind of 0:11:00.679 --> 0:11:02.280 program to lower the payment. 0:11:02.600 --> 0:11:06.200 No, your lender may have something like naving, may say, well, 0:11:06.240 --> 0:11:08.960 we'll allow you to do something forbearance, but then the 0:11:09.000 --> 0:11:12.000 interest is still capitalizing. The time you come out of it, 0:11:12.280 --> 0:11:15.360 the payment's now like thirteen hundred a month, so it's 0:11:15.440 --> 0:11:17.200 really no relief. 0:11:17.440 --> 0:11:18.240 Now let me say this. 0:11:18.320 --> 0:11:22.000 There are only two states Pennsylvania and Texas that will 0:11:22.040 --> 0:11:25.640 not allow private loan debt to take over your income 0:11:25.720 --> 0:11:30.000 like garnish your wages. But New York definitely, we get 0:11:30.000 --> 0:11:32.800 a lot of clients that call and crying literally because 0:11:33.080 --> 0:11:37.360 they get their paychecks snatched up to twenty five percent. Georgia, 0:11:37.440 --> 0:11:40.280 particularly Florida. I'm just thinking about where we get the 0:11:40.320 --> 0:11:44.520 most costs from with that issue. Boston, Massachusetts. So if 0:11:44.559 --> 0:11:46.800 you're listening to this and you have private loan debt, right, 0:11:46.840 --> 0:11:48.760 because I know that's the question that comes up a lot. 0:11:49.000 --> 0:11:51.480 The goal is to get your credit up as best 0:11:51.520 --> 0:11:55.200 as possible so that you can refinance your loans. This 0:11:55.320 --> 0:11:58.640 is the best time to refinance private loan debt. But 0:11:58.760 --> 0:12:02.600 I have an asterisk so because I do believe with 0:12:02.640 --> 0:12:04.679 the Biden administration that there is going to be a 0:12:04.679 --> 0:12:07.640 form of loan forgiveness ten thousand and fifty thousand or 0:12:07.640 --> 0:12:10.840 one hundred percent through the Higher Education Act of nineteen 0:12:10.920 --> 0:12:14.440 sixty five. The President elect is already allowed as soon 0:12:14.440 --> 0:12:17.040 as he takes office. He could just sign it off 0:12:17.640 --> 0:12:18.600 in one stock. 0:12:20.440 --> 0:12:22.240 So that's that's a that's a good point. 0:12:22.280 --> 0:12:24.080 It's still a known that And so those are some 0:12:24.200 --> 0:12:26.960 of the proposals right there is the everybody who has 0:12:27.000 --> 0:12:30.200 student federal student on the outside, we want to confuse 0:12:30.200 --> 0:12:32.240 it with private. They're going to get ten thousand dollars 0:12:32.240 --> 0:12:35.200 if he signs it right or or the other proposal 0:12:35.320 --> 0:12:38.680 is we can do ten thousand for five years, right 0:12:38.880 --> 0:12:41.719 or completely wipe away everybody stood loan his. 0:12:41.720 --> 0:12:44.440 Program ten thousand for five years. That'll just pass probably 0:12:44.440 --> 0:12:46.040 through the Congress in the House. 0:12:46.080 --> 0:12:46.640 That's fine. 0:12:46.720 --> 0:12:49.480 But what we what we know he has the authority 0:12:49.480 --> 0:12:52.240 to do. Every president has already had the authority to do. 0:12:52.720 --> 0:12:55.960 Is literally signed one hundred percent at one point nine 0:12:56.400 --> 0:12:57.120 trillion away. 0:12:57.160 --> 0:12:57.959 So here's my question. 0:12:58.360 --> 0:13:02.200 Right, Let's say, because the average person right has under 0:13:02.240 --> 0:13:04.559 twenty five thirty two thousand dollars and should have loaned that, 0:13:05.920 --> 0:13:09.360 there's no interest being applied right now, only the principle 0:13:09.360 --> 0:13:12.079 you can pay toward that. If we can do it, 0:13:12.120 --> 0:13:13.560 should we pay it off or should we wait till 0:13:13.559 --> 0:13:15.280 the administration to come in and see what happens? 0:13:15.880 --> 0:13:18.760 So I get that question like almost every day. So 0:13:18.800 --> 0:13:21.360 here's what I would say. There is going to be 0:13:21.480 --> 0:13:23.640 something coming, and you know a president likes to make 0:13:23.679 --> 0:13:25.840 his mark in the first one hundred days. Yeah, so 0:13:25.920 --> 0:13:28.200 for real, for real, you you could wait, like you know, 0:13:28.200 --> 0:13:28.600 about one. 0:13:28.600 --> 0:13:31.080 Hundred I'm asking for a friend, I'm asking for a front. 0:13:31.240 --> 0:13:32.720 Everyone's watching this like right now. 0:13:32.880 --> 0:13:34.439 You know, by one hundred and thirty days out, I 0:13:34.480 --> 0:13:36.880 would be on the minimum payment type of situation because 0:13:36.920 --> 0:13:39.520 if something did come, let's say the big number that 0:13:39.559 --> 0:13:42.520 the Democrats are pushing him to is fifty thousand, you 0:13:42.559 --> 0:13:44.800 would have your loans right clear, but you're not getting 0:13:44.800 --> 0:13:47.680 any money back that you put out. 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