WEBVTT - Student Loan Debt Relief: What You Need to Know 0:00:06.400 --> 0:00:11.479 Hey, hey, hey, ooh we're back. 0:00:12.000 --> 0:00:16.120 We're black, we're brown. 0:00:15.000 --> 0:00:21.759 And ambition, ambition, ambition, ambition, ambition. We're only down to 0:00:21.800 --> 0:00:26.079 one brown today because Mandy's on a trip. First of all, Okay, 0:00:26.120 --> 0:00:29.480 so I'm taking this on Monday the what is today? 0:00:30.440 --> 0:00:34.880 Monday the twenty second, So yesterday, Sunday, the twenty first. 0:00:35.240 --> 0:00:41.160 History was made because our current president, Joseph I believe 0:00:41.240 --> 0:00:44.400 Robin is his middle name, Biden, decided that he was 0:00:44.400 --> 0:00:46.839 not going to seek re election and not going to 0:00:46.840 --> 0:00:49.440 be the nominee for Democratic. 0:00:48.920 --> 0:00:53.360 Party for twenty twenty five. 0:00:53.720 --> 0:00:55.240 Well, he's for sure he's not going to be president 0:00:55.280 --> 0:00:57.600 for twenty twenty five because he decided to step down 0:00:58.800 --> 0:01:02.200 and so, and he threw his endorsement behind our current 0:01:02.240 --> 0:01:07.280 vice president, Kamala. I always want to come, come on, Kamala, 0:01:07.280 --> 0:01:10.759 but I'm like, it's Kamala, like Kama Kamala. 0:01:10.400 --> 0:01:14.160 Harris and the world was thrown into a tizzy. Honey. 0:01:15.720 --> 0:01:18.080 I was literally at brunch with a friend of mine. 0:01:18.080 --> 0:01:20.319 We had taken a walk. So I walked so much 0:01:20.400 --> 0:01:25.000 this weekend sidebar. I walked like thirteen miles on on Saturday, 0:01:25.040 --> 0:01:27.560 and like eight miles or so, No. Nine and a 0:01:27.640 --> 0:01:32.520 half miles on Sunday, your girl was walking, and so. 0:01:32.440 --> 0:01:33.520 We went for a walk and. 0:01:35.040 --> 0:01:37.840 Someone texted me and said, you know, oh my goodness, 0:01:38.000 --> 0:01:40.959 you know, ain't this your girls? I just I think 0:01:40.959 --> 0:01:44.040 I mentioned last week. I just was invited to the 0:01:44.120 --> 0:01:46.760 Vice President's president. If I hadn't, if I didn't mention 0:01:46.800 --> 0:01:50.000 that I was, she's on the economic tour stop and 0:01:50.000 --> 0:01:51.600 I'll talk to you about some of the things I learned. 0:01:52.040 --> 0:01:57.960 But it was kind of like, WHOA, Okay, I think 0:01:57.960 --> 0:02:01.120 we're all, you know, I suspect, but you don't know 0:02:01.240 --> 0:02:05.000 that I don't live in that house. And so yeah, 0:02:05.080 --> 0:02:07.720 I think we're all a little bit shocked and surprised, 0:02:08.520 --> 0:02:10.919 and I want to talk about kind of like what 0:02:11.040 --> 0:02:14.920 I learned at the Vice President's residence. She is currently on, 0:02:15.000 --> 0:02:19.640 like I said, an economic tour, and she talked about 0:02:19.680 --> 0:02:23.560 some of the economic gains of this current administration have done. 0:02:23.720 --> 0:02:25.519 She also, because. 0:02:25.240 --> 0:02:27.919 It was an economic tour stop that partnered with the 0:02:27.960 --> 0:02:31.600 Black Chamber of Commerce. They had their annual conference in DC. 0:02:31.639 --> 0:02:32.800 I don't know if it's in DC, but they had 0:02:32.800 --> 0:02:35.680 their annual conference, and so they had the reception at 0:02:35.680 --> 0:02:40.799 the Vice President's residence. She specifically focused on the economic 0:02:40.880 --> 0:02:43.799 progress for black communities. So I want to kind of 0:02:43.800 --> 0:02:46.400 share some of that stuff with you later on in 0:02:46.440 --> 0:02:48.639 the show, because I had promised the girls, right, we 0:02:48.680 --> 0:02:51.639 was gonna talk about student loan debt relief because as 0:02:51.680 --> 0:02:55.040 you know, your girl been, I've been in DC a 0:02:55.120 --> 0:02:57.400 lot lately, okay, because one of my boo lives there, 0:02:57.440 --> 0:03:00.359 you know, my new villa, my new booll. But I 0:03:00.400 --> 0:03:03.600 guess relative to like, you know, all the loss and stuff. 0:03:03.639 --> 0:03:08.040 But and so he lives there, and so but I 0:03:08.080 --> 0:03:12.240 have been going for official business and I was invited 0:03:12.280 --> 0:03:14.679 to my first Congressional briefing, as I mentioned, I think 0:03:14.840 --> 0:03:21.320 last episode, and it was specifically about student loan debt relief. 0:03:22.360 --> 0:03:26.480 And it was held by Senate Majority Leader Chuck Schumer, 0:03:26.480 --> 0:03:29.079 who's the Senator of New Jersey, not New Jersey, I'm sorry, 0:03:29.080 --> 0:03:32.280 New York. He's very in New York. Senator Elizabeth Warren, 0:03:32.360 --> 0:03:36.160 I believe she's Massachusetts. Don't give me a line, Senator Warnock, 0:03:37.000 --> 0:03:40.480 and Representative ayan La Pressley. 0:03:40.560 --> 0:03:41.400 And so what was so. 0:03:41.320 --> 0:03:43.000 Awesome about it is not only did I get a 0:03:43.080 --> 0:03:46.600 chance to go, it was only six other creators there, 0:03:46.600 --> 0:03:50.440 and they really gave us a tremendous breakdown that I'm 0:03:50.440 --> 0:03:51.800 going to actually share with you, because I was like, 0:03:51.800 --> 0:03:53.119 can I get this digitally? OK? 0:03:53.680 --> 0:03:54.520 And they said yes. 0:03:54.640 --> 0:03:56.480 They gave us a tremendous breakdown of kind of like 0:03:56.640 --> 0:03:59.280 some student loan debt relief backs. So I was like, 0:03:59.320 --> 0:04:01.680 wait what, and I'll say something new just happened, and 0:04:01.720 --> 0:04:05.640 I'll mention that too, and then they also kind of 0:04:05.680 --> 0:04:08.160 gave a breakdown of like what this current administration has 0:04:08.200 --> 0:04:10.880 done in favor of student on debt relief. 0:04:11.160 --> 0:04:12.840 And I figured i'd share some of those things. 0:04:12.680 --> 0:04:16.440 With you, but before I forget, if you want, like 0:04:16.480 --> 0:04:18.839 the stuff I'm going to share today, if you're wanting 0:04:18.839 --> 0:04:20.159 a copy of it, because I did ask for a 0:04:20.200 --> 0:04:24.760 digital copy, if you go to my IG the Bunchetista, 0:04:26.160 --> 0:04:28.640 there should be like a reel where you're going to see, like, 0:04:28.680 --> 0:04:32.000 you know, like me talking about that day, me going 0:04:32.040 --> 0:04:35.479 to Capitol Hill, YadA, YadA, YadA, and then I'll say 0:04:35.560 --> 0:04:39.039 type the word details below and I will send you 0:04:39.279 --> 0:04:42.360 via DM a copy of what I'm sharing with you now. 0:04:42.600 --> 0:04:44.400 So if you want that free copy, and you know 0:04:44.480 --> 0:04:46.560 you do, go ahead on over to IG. 0:04:46.800 --> 0:04:47.640 Check my reels. 0:04:48.000 --> 0:04:49.840 Look for the reels about me, but going to Capitol 0:04:49.880 --> 0:04:51.840 Hill type details and I'll send you to you for free, 0:04:51.880 --> 0:04:52.760 because honestly. 0:04:52.480 --> 0:04:56.160 It was fascinating. So you want to hear about it. 0:04:56.279 --> 0:04:56.919 Here it go. 0:04:57.360 --> 0:04:59.159 Let me pull it up because I was like, wait, 0:04:59.560 --> 0:05:04.119 say what now? So just some fast facts real quick? 0:05:04.360 --> 0:05:06.760 Am I gonna be able to look at this big? Honestly, 0:05:06.880 --> 0:05:08.320 technology is not my fund. You know what, I'm not 0:05:08.320 --> 0:05:09.480 even gonna I'm not even gonna do this. I know 0:05:09.480 --> 0:05:11.120 what I'm gonna do because I printed it out because 0:05:11.160 --> 0:05:14.120 I know how I do u u uh. So I 0:05:14.160 --> 0:05:15.600 was gonna look at it my computer, so it looks 0:05:15.600 --> 0:05:16.880 like I wasn't looking at my computer. 0:05:16.960 --> 0:05:18.960 But I'm just. 0:05:18.839 --> 0:05:21.479 Gonna look because the girl. First of all, I'm a 0:05:21.560 --> 0:05:24.600 sucker for like swag, Like look look at this. Look 0:05:24.600 --> 0:05:26.080 at this folder they had given you a girl. It 0:05:26.120 --> 0:05:28.000 says the United States send it. 0:05:28.279 --> 0:05:30.280 You know. I got to keep it good because my 0:05:30.279 --> 0:05:32.160 mama's gonna want it. She's gonna want everything. 0:05:32.480 --> 0:05:37.080 And look, I got a loan name tag the Tiffany Alice. Yes, 0:05:37.120 --> 0:05:38.880 I might keep this on my desk though she can't 0:05:38.920 --> 0:05:41.200 have everything. So let's talk about some of the fast 0:05:41.200 --> 0:05:44.120 facts about student loan debts at a glance. 0:05:44.480 --> 0:05:45.680 Are you ready here? Go? 0:05:45.839 --> 0:05:50.760 So right now, according to the United States government right now, 0:05:51.920 --> 0:05:55.919 roughly about forty three million with an American struggle with 0:05:56.000 --> 0:05:58.920 federal student loan debt. We're ne ever talking about, like, 0:05:59.000 --> 0:06:01.560 so federal student loan debt is you know how sometimes 0:06:01.800 --> 0:06:03.359 some people get private loans. I don't know if I 0:06:03.360 --> 0:06:06.400 ever had private loans. I think allline were federal, but 0:06:07.080 --> 0:06:09.840 you know, the private loans. Unfortunately, I've seen you guys 0:06:09.880 --> 0:06:11.480 ask for like, you know, what can we do about 0:06:11.520 --> 0:06:14.120 private student loan debt? And unfortunately, the federal government doesn't 0:06:14.160 --> 0:06:17.479 have jurisdiction there you owe that person directly. But federal 0:06:17.520 --> 0:06:20.480 student loan debt affects forty three million Americans, which is 0:06:20.520 --> 0:06:24.880 basically all y'all right, Students take on loans on the 0:06:24.960 --> 0:06:28.560 promise that college education will provide a ticket towards middle 0:06:28.600 --> 0:06:32.800 class and we all know the middle class in middle classing. 0:06:32.839 --> 0:06:36.359 You know, but between nineteen eighty, you know, in twenty twenty, 0:06:36.400 --> 0:06:39.640 the cost of college increased by guess how much? 0:06:39.839 --> 0:06:41.599 Hey, Because I was born. 0:06:41.440 --> 0:06:44.400 In nineteen seventy nine, honey, so that was around my time. 0:06:44.640 --> 0:06:48.239 To twenty twenty, college increased by one hundred and eighty percent. 0:06:48.560 --> 0:06:52.840 That's crazy, while wages have not kept up. You already know. 0:06:53.240 --> 0:06:55.680 Imagine your wage is increasing by one hundred and eighty percent, 0:06:56.000 --> 0:07:00.520 they're not. So college has gotten so expensive, and yet 0:07:00.640 --> 0:07:04.039 income has not gotten so expensive. And so now many 0:07:04.120 --> 0:07:07.680 millions of student loan borrows are barely treading order, especially 0:07:07.720 --> 0:07:10.360 if you're of the brown ambition persuasion, if you know 0:07:10.440 --> 0:07:14.400 what I mean. So, under our current President Biden, things 0:07:14.440 --> 0:07:16.560 have started to change, and I'm going to show you how. So. 0:07:16.960 --> 0:07:19.040 He was able to cancel student loan debt for more 0:07:19.040 --> 0:07:22.640 Americans than any other president in history combined. 0:07:23.000 --> 0:07:24.440 I'm going to give you the exact stats. 0:07:24.720 --> 0:07:28.520 Under his administration, nearly five million people before the Supreme 0:07:28.600 --> 0:07:29.520 cork stepped. 0:07:29.200 --> 0:07:32.840 In like a hater and blocked it. 0:07:33.200 --> 0:07:36.119 But under his administration, nearly five million people have gotten 0:07:36.120 --> 0:07:40.720 student loan debt relief. In fact, he has canceled approximately, 0:07:41.160 --> 0:07:45.640 get this, ten percent of all student loan debt. That 0:07:45.760 --> 0:07:47.960 was tremendous. I'm like, why y'all not be telling people? 0:07:48.000 --> 0:07:50.400 Do y'all tell people? Because I'm sitting here in this 0:07:50.440 --> 0:07:53.160 briefing like eyes blinking, like what? I also got to 0:07:53.160 --> 0:07:55.400 ask people individual questions which I'll tell you some of 0:07:55.440 --> 0:08:00.440 the things they shared. And so unfortunately there are those 0:08:00.440 --> 0:08:03.280 who are working over time to block student loan debt cancelations. 0:08:03.320 --> 0:08:04.600 I wonder why. 0:08:05.160 --> 0:08:10.600 So there are like they people have fought in particularly 0:08:10.600 --> 0:08:13.480 the Republicans quite honestly, have filed lawsuits in order to 0:08:13.480 --> 0:08:19.200 block the president's cancelation plans. In twenty twenty three, the 0:08:19.240 --> 0:08:22.960 Supreme Court blocked President Biden's initial plan to cancel student 0:08:23.000 --> 0:08:26.320 loan debt for around forty million Americans. Matter of fact, 0:08:26.360 --> 0:08:29.120 let's do the googles. How many Americans? How many Americans 0:08:29.160 --> 0:08:31.920 are there in America? I don't even know. Let's see 0:08:32.559 --> 0:08:36.240 how many America's population, and they're. 0:08:37.640 --> 0:08:40.800 Their pop ulation. 0:08:42.240 --> 0:08:47.120 So the population of America is three hundred and thirty 0:08:47.360 --> 0:08:51.880 basically six million people, right, and that's everybody. So we're not, 0:08:51.960 --> 0:08:53.880 you know, obviously not everybody. You know, you might be 0:08:53.920 --> 0:08:56.360 ten years old, you know, that's what they're counting. But 0:08:56.480 --> 0:09:00.360 think about forty million people, you know that we're on. 0:09:00.920 --> 0:09:04.640 So if forty three million are affected by federal student loan, 0:09:05.240 --> 0:09:08.079 his policies were going to affect forty million of those 0:09:08.080 --> 0:09:11.439 people before it got blocked by the student Loans under 0:09:11.600 --> 0:09:15.360 something called the Heroes Act, you know, but he didn't 0:09:15.400 --> 0:09:16.520 let that set him back. 0:09:16.600 --> 0:09:16.760 Right. 0:09:16.840 --> 0:09:19.360 So here's the thing, except for just most recently he 0:09:19.440 --> 0:09:20.360 was like, we're gonna work around. 0:09:20.400 --> 0:09:21.200 He started to work through the. 0:09:21.200 --> 0:09:24.160 Department of Education and said we can do some work 0:09:24.200 --> 0:09:27.120 on this side. But just recently, just literally a few 0:09:27.160 --> 0:09:30.280 days ago, they have now blocked that as well. I mean, 0:09:30.280 --> 0:09:32.280 it's not the Heroes Act. 0:09:32.960 --> 0:09:33.400 It's gone. 0:09:33.440 --> 0:09:35.440 We're not doing that no more. They're like, uh, the 0:09:35.480 --> 0:09:37.560 Supreme Court already ruled on it. 0:09:37.559 --> 0:09:38.079 It's over. 0:09:38.440 --> 0:09:40.520 But this way of going through the Department of Education, 0:09:40.559 --> 0:09:42.360 there was still some hope there and there still is. 0:09:42.720 --> 0:09:47.680 It's pause while they review, which is unfortunate because it's like, 0:09:47.760 --> 0:09:51.800 why can't people get student loan debt forgiveness or help? 0:09:52.360 --> 0:09:54.920 Hold that thought and we'll be right back. 0:09:56.200 --> 0:09:59.439 State firm agents are small business owners too, so they 0:09:59.480 --> 0:10:02.000 know how to help help you choose personalized policies that 0:10:02.080 --> 0:10:05.040 fit your needs, like a good neighbor state farm is there? 0:10:05.200 --> 0:10:10.200 Talk to your local agent today. 0:10:10.920 --> 0:10:13.880 Now here's the thing you have to ask yourself when 0:10:14.520 --> 0:10:17.360 something is blocked, who was on the other side for 0:10:17.640 --> 0:10:19.800 who benefits? You know, let me tell you who benefits 0:10:20.120 --> 0:10:23.240 working class and middle class families. Obviously the majority of 0:10:23.240 --> 0:10:27.199 student loans are held by those with no household wealth. 0:10:27.320 --> 0:10:29.719 So what does that mean. It means money in the bank. 0:10:29.760 --> 0:10:32.120 Showed you what you think. There's nothing there, you know, 0:10:32.240 --> 0:10:35.319 like people are not saving. People have more debt than 0:10:35.320 --> 0:10:38.400 they have assets. So the majority are working class families 0:10:38.400 --> 0:10:39.720 and middle class families. 0:10:39.440 --> 0:10:41.480 Who hold student loan debt. This is who would benefit 0:10:41.480 --> 0:10:45.000 from cancelation. People with four year degrees. Did you get us? Said? 0:10:45.360 --> 0:10:47.880 People with four year degrees? So, people with that, I'm 0:10:47.920 --> 0:10:50.520 sorry for your degrees. This part shocked me. I did 0:10:50.559 --> 0:10:53.840 not know that the majority, well not the majority, but 0:10:53.920 --> 0:10:58.280 forty three percent of bars who don't have four year 0:10:58.280 --> 0:11:00.880 degrees are the ones who are strugg with student loan debt. 0:11:01.160 --> 0:11:01.920 Did you get us? Said? 0:11:01.960 --> 0:11:04.760 So I'm thinking like, oh, you get student loans to 0:11:04.800 --> 0:11:06.199 go to a four year college so you can make 0:11:06.240 --> 0:11:09.600 more money. No, forty three percent, so it's not quite half, 0:11:09.640 --> 0:11:12.200 but not too far off. Forty three percent are people 0:11:12.240 --> 0:11:18.280 who are borrowing money for maybe trade school, maybe associates, 0:11:18.600 --> 0:11:21.840 some sort of like a continuing education that's not a 0:11:21.880 --> 0:11:24.160 four year degree. Because we know that four year degrees 0:11:24.360 --> 0:11:27.760 increase your income. You're earning potential tremendously. So forty three 0:11:27.760 --> 0:11:31.640 percent of borrows are taking out money. And it's not 0:11:31.679 --> 0:11:34.040 what you would think the typical, you know, it's not 0:11:34.080 --> 0:11:35.679 the people who are like, well, at least when I'm done, 0:11:35.679 --> 0:11:38.080 I'll be a doctor or attorney or engineer necessarily to 0:11:38.080 --> 0:11:39.280 be able to pay these back. 0:11:39.600 --> 0:11:40.800 Public service workers. 0:11:41.120 --> 0:11:44.760 So currently the President has canceled student loan debt for 0:11:44.760 --> 0:11:48.920 almost a million public service workers under his Save plan. 0:11:49.520 --> 0:11:52.560 The first year a first year da da, da da. 0:11:52.600 --> 0:11:54.199 Let me see, oh this is really all because this 0:11:54.240 --> 0:11:56.320 would have been so helpful for me. A first year 0:11:56.320 --> 0:11:59.200 teacher with a bachelor's degree would see a two thirds 0:11:59.200 --> 0:12:02.719 reduction in the total student loan payments. So if you're 0:12:02.720 --> 0:12:04.280 a first year teacher and you're like, you know what, 0:12:04.280 --> 0:12:06.120 I want to be a teacher, although I've gone to 0:12:06.120 --> 0:12:07.840 school and I have all the student loan debt, you 0:12:07.880 --> 0:12:10.920 would see your student loan payment go down by two thirds, 0:12:11.280 --> 0:12:14.520 which is tremendous. Especially when I started teaching, I was 0:12:14.520 --> 0:12:17.720 making thirty nine thousand dollars a year, which is in 0:12:17.720 --> 0:12:20.800 New Jersey girl, nothing. 0:12:22.040 --> 0:12:25.560 And so imagine I also was paying student loans. 0:12:25.679 --> 0:12:27.480 And I'm going to tell you something about applying, so 0:12:28.280 --> 0:12:30.320 we've all, well, we're gonna go get into the student 0:12:30.360 --> 0:12:35.319 loan repayment programs. I applied, and I had been paying. Well, 0:12:35.320 --> 0:12:36.480 you know, I want to get into that, n amnut. 0:12:36.480 --> 0:12:39.280 If I want to tell you who also benefits from cancelation, 0:12:39.480 --> 0:12:42.320 women Women hold about two thirds of student loan debt. 0:12:42.320 --> 0:12:42.960 Did you know that? 0:12:43.880 --> 0:12:45.640 You know, we know that women tend to go to 0:12:45.679 --> 0:12:48.800 school above and beyond men, but so many women are 0:12:48.800 --> 0:12:52.040 taking out student loan debt, so the cancelation would dramatically 0:12:52.080 --> 0:12:53.960 affect women, which is most of y'all who listen to 0:12:54.000 --> 0:12:54.760 this pod. 0:12:54.920 --> 0:12:58.480 Right, and also people of color. This was a stat that. 0:12:58.360 --> 0:13:03.040 Blew my mind. We know this to be like, we 0:13:03.160 --> 0:13:09.079 know that there is a tremendous difference economically from black 0:13:09.080 --> 0:13:13.440 and brown people and financially and those who are not 0:13:13.480 --> 0:13:16.400 people who are white. Right, This stat blew my mind. 0:13:16.400 --> 0:13:19.360 So I actually gonna read it verbatim because I want 0:13:19.400 --> 0:13:20.880 to make sure that you hear me, and hear me well, 0:13:21.720 --> 0:13:26.640 twenty years after taking out their student loans, a typical 0:13:26.720 --> 0:13:30.920 white barrower owes about six percent of the original debt. 0:13:31.080 --> 0:13:33.600 So twenty years later they took out their student loan, 0:13:33.760 --> 0:13:36.560 they graduated at twenty one years old. Let's say you've 0:13:36.679 --> 0:13:39.760 graduated at twenty. By age forty, you still owe six 0:13:39.800 --> 0:13:43.920 percent damn you still Oh that sounds crazy. But wait, 0:13:44.760 --> 0:13:51.200 the typical black barrow twenty years that same twenty year 0:13:51.200 --> 0:13:53.880 old that graduated college, and when they're forty years old, 0:13:53.920 --> 0:13:55.520 guess how much that black bar I'm gonna give you 0:13:55.520 --> 0:13:58.560 a moment, guess how much that black barrower still owes 0:13:58.760 --> 0:14:03.960 on student loan debt? Not six percent, ninety five percent 0:14:04.160 --> 0:14:06.240 of their original debt after twenty years. 0:14:06.520 --> 0:14:07.480 Did you hear what I said? 0:14:08.160 --> 0:14:10.840 So you have gone to school, done all the things, 0:14:11.400 --> 0:14:15.400 twenty years later, you still basically owe everything from when 0:14:15.400 --> 0:14:18.600 you first graduated. If you're a black bar on average, 0:14:19.160 --> 0:14:26.080 that statistic blew my mind. It is an albatross around 0:14:26.080 --> 0:14:28.640 your neck at forty used to owe what you owe? 0:14:28.680 --> 0:14:35.240 Then why interest people making interest payments for barns deferral. 0:14:35.560 --> 0:14:38.080 We all know that there is a racial wealth gap. 0:14:38.160 --> 0:14:40.720 Not making as much as your white counterparts, so you're 0:14:40.720 --> 0:14:43.560 not able to put as much toward it. I mean. 0:14:44.280 --> 0:14:47.240 And also two black folks tend to earn less even 0:14:47.280 --> 0:14:51.000 at the same job as their non black counterparts. But 0:14:51.040 --> 0:14:53.120 that's That really hurt my heart because it's like, after 0:14:53.200 --> 0:14:55.720 twenty years, you're still in bondage to student loan debt. 0:14:55.840 --> 0:14:58.600 This is why cancelation would be tremendous. So we've all 0:14:58.640 --> 0:15:01.960 heard about the racial wealth gap, and one of the 0:15:01.960 --> 0:15:04.720 there are multiple components that aid in the racial wealth gap, 0:15:04.800 --> 0:15:07.920 basically the gap between how much the net worth of 0:15:08.000 --> 0:15:11.600 people of color and especially black folks versus white white folks. 0:15:11.720 --> 0:15:12.760 Like what is that gap? 0:15:12.800 --> 0:15:15.920 And the gap is tremendous, and so it's like, well, 0:15:15.920 --> 0:15:17.680 what aids in that. One of the things that aids 0:15:17.680 --> 0:15:20.800 in that is home ownership. There's way less homes, you know, 0:15:20.880 --> 0:15:22.600 although with the times we live in now and they're 0:15:22.640 --> 0:15:27.480 so crazy, still home ownership aids in the increased. 0:15:26.960 --> 0:15:31.600 Wealth for any American. Right. 0:15:31.800 --> 0:15:33.800 So for example, I bought my home for one hundred 0:15:33.840 --> 0:15:37.040 eighty thousand dollars in twenty seventeen. I renovated it and 0:15:37.040 --> 0:15:38.640 put like one to eighty into it. So that's like 0:15:38.640 --> 0:15:41.000 what three something, right, And that house is now worth 0:15:41.000 --> 0:15:45.080 about five point fifty. So now that five hundred thousand 0:15:45.120 --> 0:15:49.280 dollars contributes to my to my net worth. I bought 0:15:49.280 --> 0:15:51.000 this kind of that I'm living in now. I bought 0:15:51.040 --> 0:15:52.920 it for like five oh six or something like that. 0:15:52.960 --> 0:15:54.680 I don't know what it's worth now, but it'll likely, 0:15:54.800 --> 0:15:57.400 especially in New Jersey, be worth way more than five years. 0:15:57.680 --> 0:16:00.160 So home ownership, Like, my parents bought their home in 0:16:00.160 --> 0:16:03.600 Westfield for two hundred and twenty five thousand dollars when 0:16:03.640 --> 0:16:08.320 I was nine or ten, So that was thirty five 0:16:08.360 --> 0:16:10.240 years ago. No, let's just say so, yeah, thirty five 0:16:10.280 --> 0:16:11.880 years ago they bought this house for two hundred and 0:16:11.880 --> 0:16:12.480 fifty thousand. 0:16:12.640 --> 0:16:14.760 That house is worth well over a million dollars. 0:16:15.080 --> 0:16:16.560 And so even if I would tell my parents, you 0:16:16.560 --> 0:16:18.560 guys are millionaires, They're like, no, we're not, but you 0:16:18.640 --> 0:16:21.040 are because your assets, say so, they don't owe any money. 0:16:21.080 --> 0:16:23.800 The house is paid off, their cars are paid off, 0:16:23.880 --> 0:16:26.400 they don't have debt, and so they have a net 0:16:26.400 --> 0:16:29.120 worth that would make them quote unquote millionaires. So this 0:16:29.240 --> 0:16:31.880 is what homes can do. I mean, I know right now, 0:16:31.960 --> 0:16:33.840 right now, home ownership is really funky. But I'm just 0:16:33.880 --> 0:16:39.000 telling you that home ownerships not only do not enough, 0:16:39.360 --> 0:16:42.880 they are not enough Black homeowners because a myriad of 0:16:42.920 --> 0:16:46.480 reasons not standing, one of which is that we're not 0:16:46.520 --> 0:16:50.960 making enough. There's racism. Also, what happens is our homes 0:16:51.000 --> 0:16:54.480 are undervalued. There are billions of dollars lost because our 0:16:54.480 --> 0:16:56.400 homes are undervalued. I had told you all this story 0:16:56.440 --> 0:17:02.520 some years prior, where I had got my home. What 0:17:02.600 --> 0:17:06.080 is that thing called appraised? And black homes are appraised, 0:17:06.160 --> 0:17:10.320 under appraised significantly more than any other home. And so 0:17:11.280 --> 0:17:13.520 the guy came. He seemed nice enough. My husband and 0:17:13.520 --> 0:17:16.080 I had renovated the home. He kept commenting on whoever 0:17:16.200 --> 0:17:17.960 lived here before I did a good job of renovations, 0:17:17.960 --> 0:17:19.480 as if it couldn't have been us. I didn't want 0:17:19.480 --> 0:17:20.720 to say nothing to him because I was like, y'ad, 0:17:20.840 --> 0:17:22.159 just get out of my house and do what you 0:17:22.160 --> 0:17:25.320 gotta do. He underp praised my house by like thirty thousand. 0:17:25.400 --> 0:17:27.480 I felt like it seemed low. I asked my realtor 0:17:27.560 --> 0:17:29.920 friends what would my house go for on the market. 0:17:30.160 --> 0:17:32.440 They gave me the number. I said, you know, that's 0:17:32.440 --> 0:17:34.280 not what the appraiser said, and they're like, girl, that 0:17:34.280 --> 0:17:34.840 seems low. 0:17:35.040 --> 0:17:36.280 And I said, well, I don't want. 0:17:36.119 --> 0:17:38.280 To make everything a black thing. And then here came 0:17:38.320 --> 0:17:40.199 the New York Times. The New York Times is doing 0:17:40.200 --> 0:17:43.240 an article I had posted about being underappraised. The New 0:17:43.320 --> 0:17:46.760 York Times is doing an article about black homes being 0:17:46.840 --> 0:17:49.199 under appraised. They saw my posts on socials, said can 0:17:49.280 --> 0:17:50.080 we interview you? 0:17:50.080 --> 0:17:52.199 No, it's either a Wall Street journal. I'm sorry that 0:17:52.359 --> 0:17:53.560 can we interview you? Said? 0:17:53.600 --> 0:17:56.840 Sure you can, and they said, give us your appraisal 0:17:56.920 --> 0:17:59.600 and we will do an independent appraisal. They did, and 0:17:59.640 --> 0:18:02.480 they that not only was my home under praise by 0:18:02.520 --> 0:18:06.200 thirty thousand dollars, it was intentional because the man who 0:18:06.320 --> 0:18:09.280 under praised my property, although he commented on all the 0:18:09.320 --> 0:18:11.320 brand new renovations, I mean it was a gut job, 0:18:11.760 --> 0:18:12.280 he wrote. 0:18:12.720 --> 0:18:14.360 He gave my property a symbol. 0:18:14.600 --> 0:18:17.399 There's like symbols that you can give each property and 0:18:17.440 --> 0:18:20.280 it would say something like, this house is a tear down, 0:18:20.520 --> 0:18:23.400 this house is a new build, this house is newly renovated. 0:18:23.440 --> 0:18:25.240 This house is kind of like has a lot of 0:18:25.240 --> 0:18:27.040 wear and tear. He wrote my house down as a 0:18:27.040 --> 0:18:29.080 wear and tearhouse, even though it had been brand new, 0:18:29.160 --> 0:18:32.520 fully renovated. Meanwhile, he told me what a great job 0:18:32.560 --> 0:18:36.280 this renovation is. You knew, sir, your racism is showing. 0:18:36.560 --> 0:18:39.320 So he intentionally put that down. And on top of that, 0:18:39.640 --> 0:18:43.320 he also used comparable. So when you are praising a home, 0:18:43.400 --> 0:18:45.160 you have to look at other homes in the area 0:18:45.240 --> 0:18:48.560 that are similar. He used homes that were broken down 0:18:48.560 --> 0:18:49.040 to the ground. 0:18:49.040 --> 0:18:49.359 Baby. 0:18:49.920 --> 0:18:53.080 Meanwhile, we had just moved in six months prior. There 0:18:53.080 --> 0:18:56.439 were still stickers on the window from our renovation, and 0:18:56.480 --> 0:18:58.080 he was like, oh, this house is similar to the 0:18:58.080 --> 0:19:01.080 broke down crack house you know on the other side 0:19:01.119 --> 0:19:04.520 of town. Girl, you tried it so much so that 0:19:04.520 --> 0:19:06.399 I'm actually I'm working on a bill to make a 0:19:06.440 --> 0:19:09.600 law making that like illegal and punishable. Like I'm still 0:19:09.600 --> 0:19:13.159 working on that law, you know, with my friend, a Congresswoman, 0:19:13.240 --> 0:19:18.240 Angelovia McKnight. And so that like the networth of black 0:19:18.240 --> 0:19:22.080 and brown people, especially black folks when it comes to 0:19:22.200 --> 0:19:25.359 home ownership, some of that racial wealth gap is as 0:19:25.400 --> 0:19:27.919 a result of not being able to afford homes, but 0:19:27.960 --> 0:19:32.560 also homes being undervalued, and also how much. 0:19:32.400 --> 0:19:34.400 Money you owe in student loans. 0:19:34.800 --> 0:19:39.159 Because net worth is what you own your assets versus 0:19:39.160 --> 0:19:44.280 what you owe your liabilities, own, assets owe liabilities, right, 0:19:44.440 --> 0:19:46.320 that is what your net worth is. And so if 0:19:46.359 --> 0:19:49.240 the things you own are undervalued and you owe more 0:19:49.280 --> 0:19:52.080 and more and more student loan debt, your net worth 0:19:52.119 --> 0:19:56.879 is tremendously lower. So imagine what would happen if the 0:19:57.280 --> 0:20:03.600 forty million people that the that the current administration was 0:20:03.640 --> 0:20:08.320 trying to assist with student loan debt relief got that relief. 0:20:08.760 --> 0:20:12.800 And what a lifting of network that would be to 0:20:12.840 --> 0:20:16.159 black communities who don't want that. I'll tell you who 0:20:16.200 --> 0:20:19.480