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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