UPDATES MADE AFTER THIS VIDEO: - BASED ON BIDEN'S 2:15pm ANNOUNCEMENT: ...There really are none. Questions/concerns still stand, though he did mention that he is trying to fight to double the pell grant limit for future students. - BASED ON ~3:30pm PRESS CONFERENCE with Karine Jean-Pierre & Ambassador Susan Rice: On legality, the claim is that Congress bestowed the appropriate powers through the passage of the HEROES Act. Also, the loans that are eligible for relief are those that were made up to June 30, 2022. - One point of clarification in the video around the 08:10 mark - this 10 yr reduction is only for those with balances less than $12,000 at the time of forgiveness. - Multiple news outlets are claiming that borrowers can request refunds of payments made during the COVID-19 forbearance in order to maximize their loan forgiveness. In addition, "Any amount paid after Aug. 24, 2022 - that brings a borrower below the $10,000- or $20,000-threshold will automatically be refunded without the borrower requesting it," the Department of Education told USA TODAY. This is great news in case the forgiveness doesn't come in time for the 1/1 repayment restart. - Several reputable news outlets are reporting that borrowers can qualify for debt forgiveness based on their income in either the 2020 or 2021 tax year. I haven't seen this confirmed from the source, yet.
Trump forgave so many loans from farmers and private companies mostly white who aren't low income and Republicans never complained. This is a great news for all people. Fact is these students are low income or from low income family who deserve a break. It's American dream to go to college but not easy for low income people. Joe Biden is helping low income family of all colors
What about those low income families who now have to pay for it, don’t they deserve a break. Those who went to college will forever have the advantage over those who didn’t and yet they want us to feel sorry for them. Please give me a break!!
What do you mean? It sounds like you’re assuming the weight of student loan forgiveness is solely on the backs of the low income families. I don’t know what the plan is to pay for student loan forgiveness but I haven’t heard a hike in taxes. Have you? Honestly even if it did like @Jay mentioned above it benefits everyone not one group of people. By those standards of “how does it affect me” I shouldn’t be paying taxes for the education system if I don’t have kids. -Meshack
Well as a business owner, i fired all my employees, if the govt took my tax return to pay off $400 while homeless, and i was able to build a business from the streets legally, anyone can. Im not paying for others contracts, no one made them sign up for pronoun theatre. I employed them to pay their debits. Good luck to those 11 unemployed now.
@@yorusoisj tru, i wanted to grow so i needed them fir that, i now have to survive, thus ive decided to move to a different less tax crazy state and rebuild, oh the tax goin up!!!
@@TheBemused Absolutely I would when the person paying for my own bills stole that money from people who worked hard for it and are just trying to get by!
It really sound like you and others don’t want socialism in a capitalist nation. I can jump on that bank wagon however let’s dismantle all the socialistic programs that exist (social security, unemployment, SNAP, Section 8 etc.). Let’s have everyone fend for themselves. -Meshack
@@TheBemused those programs are designed for people who through no fault of their own fell into hardship. This program is designed for people who got greedy by WILLFULLY ACCEPTING LOANS THEY COULD NOT AFFORD and now want a bailout from those who did not. College has always been optional… like buying a Bentley. You signed on the dotted line so you PAY YOUR OWN BILLS!!
@@kona2792 Thats not the case for many in those programs. And college is a scam altogether. Either way, shut up because none of you will decline receiving this help because of your “feelings”. Knock it off.
I paid off my loans in 2020 when I came into a windfall, but I'm still happy about student loan forgiveness. It will be good for the economy. Some people need to realize that other people getting their loans forgiven doesn't take anything away from them. I also don't see the same outrage from some people about the billions in corporate welfare as they have for student loans forgiveness 🙄. PPP loans were forgiven, don't see the outrage on that one either 🤷
UPDATES MADE AFTER THIS VIDEO:
- BASED ON BIDEN'S 2:15pm ANNOUNCEMENT: ...There really are none. Questions/concerns still stand, though he did mention that he is trying to fight to double the pell grant limit for future students.
- BASED ON ~3:30pm PRESS CONFERENCE with Karine Jean-Pierre & Ambassador Susan Rice: On legality, the claim is that Congress bestowed the appropriate powers through the passage of the HEROES Act. Also, the loans that are eligible for relief are those that were made up to June 30, 2022.
- One point of clarification in the video around the 08:10 mark - this 10 yr reduction is only for those with balances less than $12,000 at the time of forgiveness.
- Multiple news outlets are claiming that borrowers can request refunds of payments made during the COVID-19 forbearance in order to maximize their loan forgiveness. In addition, "Any amount paid after Aug. 24, 2022 - that brings a borrower below the $10,000- or $20,000-threshold will automatically be refunded without the borrower requesting it," the Department of Education told USA TODAY. This is great news in case the forgiveness doesn't come in time for the 1/1 repayment restart.
- Several reputable news outlets are reporting that borrowers can qualify for debt forgiveness based on their income in either the 2020 or 2021 tax year. I haven't seen this confirmed from the source, yet.
💯🎱🐐
Hello. Do you know what year this will be based on?
In terms of which year’s income they will consider? -Akeiva
2020/2021 answer to 2nd concerns
Cool; Thanks! Would you mind sharing where you got that info? -Akeiva
Great video! I had some similar questions about this, i hope my dad can select which loans the forgiveness applies to first down the line
Hope so! In the meanwhile, I would check to see what the current settings are on the student loan account for how payments get applied. -Akeiva
Trump forgave so many loans from farmers and private companies mostly white who aren't low income and Republicans never complained.
This is a great news for all people. Fact is these students are low income or from low income family who deserve a break.
It's American dream to go to college but not easy for low income people.
Joe Biden is helping low income family of all colors
What about those low income families who now have to pay for it, don’t they deserve a break. Those who went to college will forever have the advantage over those who didn’t and yet they want us to feel sorry for them. Please give me a break!!
What do you mean? It sounds like you’re assuming the weight of student loan forgiveness is solely on the backs of the low income families.
I don’t know what the plan is to pay for student loan forgiveness but I haven’t heard a hike in taxes. Have you? Honestly even if it did like @Jay mentioned above it benefits everyone not one group of people.
By those standards of “how does it affect me” I shouldn’t be paying taxes for the education system if I don’t have kids.
-Meshack
Is the income limit based on taxable income or gross???
Most likely AGI (adjusted gross income) -Akeiva
Thank you
Well as a business owner, i fired all my employees, if the govt took my tax return to pay off $400 while homeless, and i was able to build a business from the streets legally, anyone can. Im not paying for others contracts, no one made them sign up for pronoun theatre. I employed them to pay their debits. Good luck to those 11 unemployed now.
I’ll be praying for you. -Akeiva
Those 11 people shouldn't work for you anyway. You've shown how disposable they were to you.
@@yorusoisj tru, i wanted to grow so i needed them fir that, i now have to survive, thus ive decided to move to a different less tax crazy state and rebuild, oh the tax goin up!!!
@@TheBemused you guys are straight up losers bro!!
Only losers can’t pay their own bills
If someone offered to pay off your mortgage would you decline? -Meshack
@@TheBemused Absolutely I would when the person paying for my own bills stole that money from people who worked hard for it and are just trying to get by!
It really sound like you and others don’t want socialism in a capitalist nation.
I can jump on that bank wagon however let’s dismantle all the socialistic programs that exist (social security, unemployment, SNAP, Section 8 etc.). Let’s have everyone fend for themselves.
-Meshack
@@TheBemused those programs are designed for people who through no fault of their own fell into hardship. This program is designed for people who got greedy by WILLFULLY ACCEPTING LOANS THEY COULD NOT AFFORD and now want a bailout from those who did not. College has always been optional… like buying a Bentley. You signed on the dotted line so you PAY YOUR OWN BILLS!!
@@kona2792 Thats not the case for many in those programs. And college is a scam altogether. Either way, shut up because none of you will decline receiving this help because of your “feelings”. Knock it off.
I paid off my loans in 2020 when I came into a windfall, but I'm still happy about student loan forgiveness. It will be good for the economy. Some people need to realize that other people getting their loans forgiven doesn't take anything away from them. I also don't see the same outrage from some people about the billions in corporate welfare as they have for student loans forgiveness 🙄. PPP loans were forgiven, don't see the outrage on that one either 🤷
Yes! Thanks for sharing your experience. I think this move will certainly help a lot of people! -Akeiva