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.

However, I covered the basics with what president Biden Releases but there are some rumors about some other potential plans that they might have

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1. Now if you didn’t watch that video and you missed the student loan proposal

10k on public loans and 20k for people that got pell grants in college

And to qualify you need to be making less than 125k single or 250k as a couple

And they will have an application and also automation start around October

Fun fact:

I thought I was going to qualify but in 2021 I had a capital gains

Which pushed my reported income above the minimum

So if the proposal stays as is, I have no hope of getting anything

Tip: these are good problems to have, but of course any rational person would want it, especially when we pay taxes. I should consider getting married to save that money lol

2. 1099 rumors : the person that told me the rumor I trust, but the person the gave her the rumor is untrust worthy so don’t trust this ( but I want to hear your thoughts on this)

The rumor is that at some point they thought about making it one time payment and just giving it as a payment

And then you would only be charged taxes on 40% of forgiveness and that your income wouldn’t matter

But this rumor if it has any legs I don’t see it, because the current plan literally say no taxes will be involved at all

But the cool this would be this

No limit on income ( so that would me lol )

And it would just be a flat 20k

And 40% of that is $8000 and you get taxed at 24% that’s like $1920

The big benefit would be that everyone would get the 20k effectively and ofcourse the gov will get some of the money back via taxes

What do I think: sounds interesting but I don’t trust it, we already had an announcement so to pivot this hard would be strange

3. Second Rumor

A lot of people don’t know if the President via an executive order can actually do this

So some people ar ethinking this entire thing will go to the surpreme court before it happens which ofcourse could delay it or not make it possible

However this politics, so even if it gets delayed or doesn’t go through, its still going to make Biden look good because hey he tried

And for the people that say, his the president he can do whatever he wants

The answer is his the president not the king and not a dictator

So there are checks and balances

4. My advice for the people that do get the forgiveness

Some of us will not get it, but I’m not mad that you’ll get it

Take advantage of the opportunity

Don’t use the extra cash you’ll be saving monthly to buy a nice a car or another liability

Use it to get your financing in order

-Use it to pay off your debt

-To build up an emergency account

-And eventually worry about investing and paying off a home

-Use as a start but don’t go right back to the same thing

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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