New Rumors About Student Loan Forgiveness

The problem with this entire student loan thing is that it’s not done until it’s done, just like the stimulus checks, we believed in them when we actually got in our accounts. Politicians tend to be very giving with promises and very forgetful with completing them.

So this degree right here guys cost me around 95 000 okay and i graduated college at around 20 000 in student loan debt i got the pell grants and all that extra stuff and you guys know with this whole student loan debt thing forgiveness the only thing wrong with it is because we have politicians involved we don’t know until it’s actually done what i actually believe

In the stimulus checks was when the check actually hit my account because then i finally knew the money is here so they were telling the truth because you never know when it comes to politics things can change overnight basically okay and in this video i’m going to share with you guys some rumors because i already made a video breaking down exactly how this whole

Student loan debt forgiveness is gonna happen but i heard some rumors that i wanna share with you guys now because again it’s not done until it’s done so make sure subscribe to the channel to keep up to date if there’s something new i will post about it hit the bell so you get notified so you don’t miss out and on top of that if you’re new here smash the like button

It helps out a lot and i appreciate it a ton now the very first thing guys is if you didn’t watch that video with the update i’ll give you a quick summary we’re basically getting ten thousand dollars in forgiveness um for public student loans and if you didn’t get pell grants when you’re in college you get up to twenty thousand dollars in forgiveness to qualify you

Need to make less than a hundred and twenty five thousand dollars single and if you are married less than 250 000 now some news for you i made that video and i was like yeah i’m going to qualify for this you know i have a corporation i earn my money there i report my income in a certain way i called my accounting yesterday she’s like tommy you do not qualify okay

Because you had capital gains last year so that’s a good problem right but you don’t qualify now am i mad that other people are gonna get it and i pay taxes and i’m not gonna get it the answer is i really am not mad you can’t hate when other people are able to take advantage of an opportunity that you’re not able to that’s just how the game works so i’m very happy

For all the people that are going to be getting this if it does happen because again you never know until the papers are signed and you see that number go down in your account and by the way this whole process should be starting up in october when you reply but a lot of them are going to be done automatically okay because they have all your income information okay

The irs is awesome they always always know everything okay they always know everything now here is the rumor that i want to tell you guys about okay now this rumor i got it from a trustworthy source now i’m a journalist so i cannot reveal my sources however this source i trust the person that gave her the information i don’t know and she doesn’t trust so i would

Not trust this information but i’m sharing it with you just so you know and i also want to hear your opinion on this okay now here is the rumor i hate rumors by the way because they suck especially with polish you never really know but here’s a rumor the rumor is that they were thinking about giving everyone twenty thousand dollars in forgiveness okay student loan

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Forgiveness but overall that forty percent of the actual forgiveness of that twenty thousand dollars would be taxed as regular income now you might say tommy that sucks that’s like a lot of taxes the answer is no it would be somewhere around 1 920 in taxes overall if you’re being taxed at 24 the huge benefit would be that everyone would get 20 000 in forgiveness

So if you went to college and you didn’t get pell grants instead of getting ten thousand you would get twenty thousand automatically and obviously twenty thousand and paying two thousand is still a lot more than ten thousand dollars only so it would still benefit greatly and of course i would be happy because basically now i also get to take part in it but that’s

The rumor and here’s why if this rumor has legs i really don’t see it because i read articles that basically say nothing about this whole forgiveness plan is going to include any taxes whatsoever but again you always have multiple plans multiple versions but the good thing about this version is that everyone gets 20 000 forgiveness and then only 40 of it would

Be basically taxed and then even at that tax rate it would fluctuate so if you make a lot of money obviously you get taxed at a higher rate if you don’t make that much money you get taxed at a very very low rate which still is going to benefit you in some way because you do get a lot more forgiveness now what do you think about this do you like it do you not like

It okay comment down below and let me know now here is the second rumor that i want to talk about and this one is very important because i do see it having some potential legs here and the idea is that yeah you know biden is the president he is a president okay he does have a lot of power but overall this is not a dictatorship it’s not a monarchy he’s not the king

And overall the big question now becomes does he actually have the legal authority to grant this level of forgiveness when it comes to student loan debt that’s the big question via an executive order where he’s signed things he’s not going through congress or anything like that and even initially in his plan he said i want the forgiveness but i want congress

To actually work on it i don’t just want to have to sign an executive order now there are midterms going on so you know politics is politics okay so imagine this even if this does go for example to the supreme court and if it does go through it might be a little delayed if it doesn’t go through it still looks makes the president look good because he said hey i

Wanted to do it it stopped me okay it wasn’t me it was them it wasn’t me it was them okay but that’s the overall rumor and this one i could see it having some legs because in reality this would be the first time something like this was actually done so legally wise does he have the power again he’s the president but we live in a country of checks and balances now

Overall the last thing i do want to say guys okay because this right here is a quick update is basically what do i recommend for the people that do get this whole forgiveness because by the way it might happen might not happen again it’ll happen when you see that number go down in your account that’s when you know okay that’s when you know but overall am i upset

If i don’t get it um am i upset because i do pay taxes the answer is no i i it’s just the way the game works okay things you can’t control it doesn’t make sense to get upset about but i am happy for all the millions of people that are going to get a level of forgiveness and also a level of relief because i have friends that have gone to college the same one that

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I went to by the way and they basically graduated they worked minimum wage job and they graduated with basically like 86 000 in student loan debt you know and they still can’t pay because it’s so much money and they don’t make enough money to actually be able to pay that balance off so getting for example twenty thousand dollars of forgiveness is going to make a

Big difference and i would be very very disrespectful to just be like i’m not getting this so no one should get very immature and childish okay now here is my advice okay if this does end up wiping a big fortune a big portion of your student loan debt or all of your student debt the answer is there’s always an opportunity that presents itself because if you don’t

Have the same payments anymore every single month because they went ahead and said hey we’re gonna forgive ten thousand or twenty thousand dollars the answer is there are going to be a lot of predatory people out there trying to now make a bunch of advertising saying hey we have new deals on this new deals on cars new deals on buying a home or whatever all of a

Sudden i think i saw this rumor i can’t confirm it here but i think boa is giving low-income people the ability or low-income people the minorities the ability to basically buy a home without any cost and you know this sounds good on paper but buying something that’s too expensive that’s going to put stress on you every single month it’s still not a good idea so my

Point is when if this does happen and you do get the money don’t go back into some other debt don’t go buy some furniture don’t go for example get a new car don’t go buy the latest iphone because it’s also coming out pretty soon the answer is make sure you just you get it just pretend like nothing happened you take account of your actual budget where you actually

Are in life you say hey here are my knees here are my wands this right here is going to relieve this amount of money per month that i don’t have to spend anymore and by the way there’s something called i forgot what the rule is exactly but it’s the pareto principle there we go that basically talks about as you basically make more money so do your expenses so when

This basically gets cut at your expenses and you have this free income it’s going to be very easy to replace it with something else that’s what you want to prevent so overall have a budget in place know exactly what you spend and what you spend it how much money comes in how much money is going to save you and then you focus on basically saying hey let me use this

Student loan debt forgiveness as a head start so if it doesn’t wipe out everything well now focus on basically paying off all the debts as fast as possible make that a priority when you don’t have to worry about that that makes a big difference in your life okay then once you’re done with the debt focus on saying hey i you know what i want i want to build a fully

Blown emergency account because this way i don’t have to rely on the garment or on the kindness of strangers or on my employer because if i do get fired at any point i want to make sure i have at least six months of my expenses or three months if that’s fine with you and you have that money on the side and you build it over time that’s the idea now that makes a

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Big difference and once you’re finally done with that you can say well you know that three hundred dollars twenty dollars i used to spend i used to send for example over my student loans i’m gonna send that over now to invest in 10 20 of my income into my retirement account because guess what there is a lot of inflation that this entire game is gonna cost okay so

When you have this level of inflation well now when we’re a lot older and we’re retiring we talk about for example hey we got stimulus checks oh my gosh we got student loan debt forgiveness well that’s going to have an effect on the amount of money you’re going to need to retire so it’s very important that with all this extra money now that you’re probably going

To have from the extra cash flow that comes in focus on investing at 10 20 focus on also having savings to buy a home the right way i have countless videos on my channel about how to buy a home look it up with my name and you’ll find it so look up for example 33 rule to buy a home tommy bryson you’ll find a video breaking it down but the goal is if you can have

No debt if you can have an emergency account if you can have a solid retirement account along with having your own home that you actually paid for and you actually own it makes life a lot more easier so you use this opportunity as a baseline to actually help you and by the way my mindset comes from when i was in college i was very thankful to get for example a 25

000 scholarship when i walked in i was thankful to get for example an additional ten thousand dollars in scholarship money and i was also thankful to get pell grants and i was also thankful get financial aid and all this other stuff okay some of my friends didn’t qualify by a few hundred bucks but we’re friends they weren’t mad at me same thing here i’m not going to

Be upset because basically i might not qualify for this stuff the current plan and then you guys which i love you guys so much might actually get it the answer is no that’s that’s terrible so if someone’s hated on you for this don’t let the hate gate to you use this as basically a springboard use it to help you usually get to to get you started so that’s my word

That’s that subscribe to the channel though because there might be other news that might come out and i want to be able to update you on it and share things with you as we go along because again it’s not over until you see that balance actually go down okay guys thanks for watching as always comment down below if you hear any other rumors comment down below if you

Know anything else comment down below what is your life going to look like if they do wipe out your student loan debt that’s also very interesting and also comment down below students this way i know you made it all the way to this point of the video and i also know you’re a real person and i also want to interact with you guys okay as always guys like subscribe

Hit the notified dm me on instagram at tommybryson if you have any questions about anything up here is my face clicking a subscribe and over here is another video might be backwards who knows but long term team officially out

Transcribed from video
New Rumors About Student Loan Forgiveness By TommyBryson