If Trump Wins...
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- เผยแพร่เมื่อ 25 ต.ค. 2024
- In this video, our reader Jessica asks a timely question: "What will happen to student loans if Trump gets re-elected?"
With the 2024 presidential election on the horizon, we wanted to compare and contrast the student loan policies of the Biden and Trump administrations-first in this Q&A, and later in a full-length video.
Here, we discuss the potential implications of a Trump victory on existing loan forgiveness programs, income-driven repayment plans, and the overall landscape of student debt relief. And we also share advice for borrowers on how to manage their student loans amidst the uncertainty of the election outcome.
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[Forbes] Where Each Presidential Candidate Stands on Student Loans: www.forbes.com...
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🎥 Credits
• Hosted by Stanley Tate & Emma Head
• Editing by Helena Santín
So I went to the art institute and was paying on the loan until I got the “forgiveness letter”. Can that be reversed? Can they come back and say “remember that loan that we said you don’t have to pay us back? Well we changed our minds and you do? Appreciate your perspective 😊
Attorney Tate: if they put you in default, and now they are offering New Fresh Start...should it be taken? Please talk about this cause i don't trust them, but i feel it's the thing to do now!! Could you please advise us on that? Thanks.
I want the credit adjustment for those years I made payments for. SAVE must be passed. Current plan is vague and does not have numbers of years I paid. Students will vote for Biden.
Thank you for creating this video; it truly feels like a blessing. I want to share my own experience with student loans. I attended a private school, and my mother contributed almost $90,000, while I took out federal loans totaling $65,000 and a school loan for around $50,000. Now, I’m grateful that I’m in the aviation field, where I recently got a job opportunity that will help pay off most of my student loans. However, I realize this isn’t the case for everyone. If you’re considering college, choose a program that aligns with your goals and consider costs. Public colleges with aviation programs can be just as valuable as private colleges. Not everyone is meant for college, and that’s okay; there are other paths to success. I appreciate this video for addressing these important points.
I am concerned about making a standard student loan repayment that is almost as much as my house payment. Even if I sold my house it would not pay off all my FFELP student loan debt. I am also losing my job which I very likely won't get another that pays as well. What is the likelihood that I could get approved for bankruptcy on my house if I say I can't afford my standard student loan repayment, once Repayment Plans are gone, and my house payment both? Strange question but I am worried and have to find a way not to end up in student loan default.
You took the loans out. Pay it. Take some accountability.
Did Biden have the authority to have made these changes? I don’t think so. These issues should and could have been addressed years ago.
Congress gave the authority for administering ALL aspects of higher education loans to the Department of Education in the 1965 Higher Edicqtion Act. Congress ALREADY addressed it YEARS ago, as you put it.
When politics illustrates this situation it shows people holding signs saying cancel school loan debt, yet the reality is I just want to pay the damn loan off?! Politically speaking, there are 15million potential votes of power towards a candidate who is willing to help solve this crisis. Guess which one? 💙💙
I think a lot of the stuff that's being told by the government is so confusing to borrowers...I was under the impression that I should consolidate my loans to be eligible for forgiveness. I have the same loan servicer for all my loans and they are all undergrad loans. I'm also on a IDR plan (SAVE) and enrolled in PSLF (I work for an eligible non-profit) I was told by someone else that consolidating will make my interest be higher, move my to a different payment server and cancel out my IDR plan that I would have to reapply for. I just canceled my consolidation application because I don't want to reapply for SAVE and wait. I entered repayment for all the loans at the same time the only thing that doesn't match is the year the loans were taken because I was in school at that time.
I consolidated my loans which were all with advantage but were different interest rates. The highest being 6%. So, I consolidated and my loans were placed over to mohela at 3.75 interest rate. I placed in the save plan and also applied for PSLF and then a month later my loans were completely forgiven.
A lot of the time you might think you're taking to someone in the government but the people who manage student loans work for the lender, not the government.
Tate! Not sure if you've talked about the "Mandate for Leadership" publication with Adam Minsky, but if loan forgiveness for IBR is eventually eliminated, wouldn't that make it easier for more borrowers to pass the Brunner test under bk protection?
It would make it easier, but it’s still not determinative. There’s a lot of case law that specifically cites the availability of IDR plans as a reason for denial of discharge. But the case law is so punishing for borrowers that a judge could still find a way to deny complete discharge if that was their aim.
So basically we continue to "play the game." We continue to take a half-time college course schedule and continue to defer student loan payments forever under In-School Deferment. I've already been doing this for 30 years. Haven't paid anything on those loans in 3 decades. I'll continue to take classes if that's the case and taxpayers can foot the bill for the interest until I die. Forgiveness or bankruptcy would end this silly game. That's what republicans don't get. Either allow forgiveness or DIS-allow the student loan "exemption" to bankruptcy so we can either be forgiven OR go bankrupt and have a fresh start like everyone else. To republicans who argue against bankruptcy -- Trump has filed bankruptcy FOUR TIMES! He took out loans and didn't have to pay for it. Major corporations and wealthy investors / celebrities have filed bankruptcy and have received a fresh start. If you own a home or a car, you can hand over the keys and be done. If you have credit card debt, you can file bankruptcy and have it wiped out. Bankruptcy is available to rich, middle-class, or poor for ALL types of debt -- except student loans. So we'll just keep taking classes then. Ya'll can have a bigger tax bill for blocking bankruptcy and forgiveness for us.
Jamal Rich’s article titled, “Free College was Once the Norm All Over America,” states:
“In California, Ronald Reagan (who would later become president of the United States) was elected governor of California in 1966 and proposed that the University of California system should charge tuition to attend college. In his words, this was to ‘get rid of undesirables […] those who are there to carry signs and not to study might think twice to carry picket signs.’ His was a campaign to maintain White supremacy by making public colleges and universities cost money. Reagan succeeds and by the 1990s, every ‘formerly public’ school began being paid for by tuition costs, which in turn turned into student debt” (Rich, 2020).
@@jdt25 College was never free, it was paid through taxes for a bit, but people would rather have more money in their pocket with lower taxes than to pay the tuition for someone else’s kid.
I enjoy your videos. You are very informative. I just want to know , why does this country never get to the bottom of the problem? Why does college cost what it does? You can’t work at McDonalds and pay for college like in the “olden days”. Perhaps it started with the Govt guaranteeing student loans for everyone and anybody. Having 17 year old children who get no basic financial education in school with regard to handling everyday, lifelong decisions about budgeting money, but instead are told they must make sure they finish all their Physical Education credits for gym class or they can’t graduate high school, is where part of the problem starts. So, why WOULDN’T colleges keep increasing costs astronomically and unwarranted every year when the loans are guaranteed by the Govt, meaning the tax paper? Having 17- year old children sign on the dotted line from a loan shark Govt who is funded by the taxpayer, AND THEN if the loans are forgiven, are still funded by the taxpayer; and if not forgiven, these children are now young adults buried in crippling debt, on top of MAYBE being able to support mortgages and a family. Then again, to try to handle all that, they can’t all graduate as specialists in finance, medicine, or law in order to get by. It’s just crazy. So if these kids get these overpriced loans forgiven, which maybe they should because of greed by the colleges thru the Govt, what happens to the next set of college students that enter college with the next exorbitant increase in tuition, with the same loan sharks, same Govt spending, and all on the backs of the taxpayer? And as far as Harris or Trump. I know exactly who I’m voting for, and it’s not about student loans, because the candidates just lie, lie, lie anyway. Sorry, but I have lived long enough with plenty of life experience to see thru all the BS and the results of all the “promises” and blaming each other and perpetuating lies. There is no one to believe, so I have to look at the big picture of what’s going on in the country and hope for the best when I vote, if my vote even counts; but to vote for a Presidential candidate on the basis of what they “say” they will do about student loans is not how we should be voting, but that’s another rant. Either way, great videos. God Bless. Let’s all hope for a better future. 🎉
I'm trying to decide if I should consolidate into this Direct Loan Program that's offered til 6/30/24 and I don't know if I should or not. I'm thinking of doing it mainly because the 1 time count adjustment will be beneficial to me by adding 36 months to my count of 156 months that will put me closer to loan forgiveness. If I don’t consolidate I will need 300 payments under my current IDR so 12 more years to go, but if I consolidate I will need just 240 payments and gaining 36 payments so iI will have just 4 more yrs to go. But now that I listened to this video I don't know if I should consolidate or not. But if I don't and I stay with what I have now where I'm with and IDR if a new administration comes in and wants to get rid of the IDR then I'm screwed either way whether I consolidate or not because my strategy for many years was to get to forgiveness with the lowest payment as possible and then pay taxes on the forgiven amount. Now, I don't know what's the best avenue? Do you suggest that I should consolidate and hope that things don't get reversed or that they won't eliminate IDRs? Or should I stay with my existing servicer and hope for the best? Also, when you do the consolidation for the Direct Loan Program they give you an existing promissory note and not an update one so that language is not updated to reflect what they're telling you on the studentaid.gov that you will get if you consolidate by the due date. So I'm afraid to sign a promissory note that's a legal document telling you 1 thing and going by "trusting" the government for another thing. I mean, when can the government be trusted to do the right thing??? Another worry is that everyone complains about all the 3-4 servicers that are contracted by the government to service those loans. So that's a huge red flag. The reviews are horrible. Such a big mess.
In my opinion before anyone decides to take out a loan they should have mandatory classes where they explain to your all the ins and outs, the good and the bad, how the interest is calculated, the long burden this will be on the borrower/family etc. Just like the require you have financial counseling when you file for bankruptcy, they should do the same for borrowers. But of course the government has no interest in having educated borrowers. Student loans are massive business and the piling up interest is what they aim for. It's sad but that's the truth.
Do you have any advice for me if I should go ahead with the consolidation dispute all the unknowns discussed in this video and my worries I mentioned in my comment? I have 1 FFEL commercial loan with 2 part (sub and unsub). I've been on IBR for about 13 yrs. I have 156 payments counted by my servicer and 36 unemployment deferment. That gets me to 192. Like I said I need 300 under this IBR I'm with now (12 more yrs). If I consolidate I might qualify for SAVE and need just 240 payments since I have have just 1 undergrad loan. Like I said, just 4 more yrs to go... IF they don't eliminate the forgiveness or the IBR. What should I do?????
It is of course true that the current approach is ridiculous - it is basically "let them eat credit". But the solution is rather obvious and has been implemented in Europe - education should be free. It does not mean "everyone can get free education", it means the best students who are accepted following rigorous admission process should be able to study for free. No loans, no payments. It may be wise to keep private colleges running for cash only, so that the rich could get their kids educated there if they are ready to pay the price, but all public colleges should be covered by the government 100%, including living expenses. They are now, but we call it "a loan" and pretend that it will be repaid, when in fact it usually will not. Removing the loans without free education option will simply mean that only the rich will be able to get higher education, and I hope we can all agree that this is not only unfair, but bad for the economy too. The best should get education, not the rich.
My kids go to school in Germany... it's not nearly as straightforward as the idea that they simply make school free.
I'm order to even be eligible to go to college, you have to have graduated from the highest of 3 levels of education. It's a full year longer than American high school and two years longer than Germanys middle level school. The fish two years are basically 2 years of taking nothing but a.p. classes.
They don't grade them there like they do here either. I don't think either of my kids have ever gotten an A in any of the core subjects. They do every assignment, never miss class, and participate in class every day.
If Americans could get up to that standard, then I think they should be about to go to school for free... most likely anyone with that level of commitment has a scholarship anyway.
Answer: No, he will not support it. Vote blue
Keep the borders open and you'll have no jobs soon.
Question! Any help is appreciated. My dad, who is now retired and living back in Chile has a Parent PLUS loan and because he is retired and only living on his Social Security, he is struggling to pay back those loans. What is the best path for him to either lower payments or apply for forgiveness? He is also battling with prostate cancer and parkinsons right now, if that makes any difference. We hope there is help, if not I would feel almost obligated to help but that also comes with stress.
He likely can have $0 payments under an IDR plan. What he should do specifically depends on his loans. Check out the materials on our website or book a consult for more help.
As a long-time Tax Payer I hope these people are held accountable for their choices instead of placing an increasing burden on Tax Payers.
we are held responsible, there have been guidelines in place for those that make payments for 20-25 years, at that time, the loans are discharged and we have to pay the tax on it, so we aren't really getting off unscathed
@@Sqwishyplatypus As you should not.
Your money is probably wasting away in Ukraine yet you're over here worrying about loans
@@larrykoopa882 waste is waste ! Tax dollars are Tax dollars.
If taxes weren't so high most would haveplenty of money to pay the loans
Pay your bills 😂
I vote Trump and Vance 2024 because I choose not to go to college- starting a business instead at age 20. I never expect help from the government and do not expect to pay some someone else to get a free ride.
In life there is this thing called- Accountability. Also the harder things in life, the things you struggle at will later mean the most and contain the most growth in life for you.
Take the easy life and sit on the couch all day, while I do physical work adding the most value and making the biggest impact I can.
Yes, uneducated usually vote for Trump. That tells us all something about the value of education right there...
Hey Attorney Tate.
TATE FOR PRESIDENT!!!!!!!!!!!!!!
Taxpayers should not have to pay for student loans. It's your debt pay it back!😮
We shouldnt have to pay for rural internet, or farm subsidies, or religious education, or foreign war crimes, or other people's children either... but we do... so shush. Everyone gets their slice of the pie in different ways.
@@valfreyaaurora4922That’s a very bizarre strawman argument.
@@GMC.Sonoma.4.3 Genuinely confused how that's a strawman. The initial complaint is "taxpayers shouldn't pay student loans" well we also shouldn't pay for a bunch of other things but do. In fact, taxpayers have no standing on what the taxes are used on in SCOTUS case: Mellon. One person wildly baselessly complaining about "their money" on the student loan issue is equivalent to others complaining about "their money" on . It's just dumb. No one complained about the PPP loan forgiveness or the bank bailouts in 2008. Same thing...
For example. I dont have kids. Why do you get to claim your kids, if you have any, on your taxes? That's not fair. You're using MY money to support your kids... your kids your problem. support your own kids. It's the same freaking argument... it's still dumb. it's a dumb argument because taxpayers have no say on where the money goes in the first place.
Comparisons are not strawman by default. Sorry if you missed my point. But more explicit - the student loan in the first post is irrelevant because once you say "taxpayers shouldn't have to pay"... it's kinda already dead.
In fact, there are LAWS that entitle forgiveness on certain types of borrowers. For example, 34 CFR Section 685.219 - PSLF. For specific actions taken by the biden administration - the first change was based on HEROES. The court said that specific law does not allow you to do that (which the plain text of the law said "Waive or modify".... and the court ignored the word "waive" but we'll let that one go). The SAVE plan was rolled out at the same time as HEROES based forgiveness... it's a modification of the REPAYE plan which is empowered by the HEA of 1965 and 1995. It expands on certain conditions like PSLF and the other 20-25 year IDR forgiveness in 34 CFR Section 685.209, and in a lot of cases makes good on the promises of legal forgiveness that was owed to these borrowers by law. Now in addition to that, there's a separate forgiveness plan out there under the HEA of 1965 that we still don't know the fate of.
And then there's the OPM student loan repayment where taxpayers are, in fact, paying for student loan repayment for civil service workers since 2003. This comes from Section 5379 of Title 5, USC. On top of forgiveness programs that exist. So "shouldn't" is a really, really stupid argument. They do by law. Thank Congress, mostly decades ago for that.
@@valfreyaaurora4922 actually I do infact have a decision on how my tax dollars are being spent. I shouldn’t ever I mean ever be forced to spent money on someone who’s earnings useless degree.
These people who owe are tax payers two. Maybe they would be easier to repay if it wasn't for such high taxes we already have for what exactly. Bailing out Boeing?. Using Boeing products to kill foreigners?
WHAT loan forgiveness?????
People who paid off their student loans and people who didn’t take student loans should not have to pay for the people who did.
Cool. Then I hope you don't mind me not paying your social security, medicare, any assistance your employer may receive through the government (or assistance you may receive because I am sure you'll insist your are "self employed" (and I am also sure you "didn't take any PPE")), any other accommodations you receive.
Signed,
Someone who has been paying taxes since age 10.
@@Ohotniktrolly yeah, I don’t mind you not paying for anything that I need. As long as I don’t have to pay for anything you ever need. I also agree employers shouldn’t receive government benefits, and in exchange shouldn’t have to pay so much in taxes. We should only have the federal taxes required to maintain the federal courts, military that is only large enough to protect our country and our trade routes, rather than being the world police, and maybe a few other things, but certainly not social security, unemployment, Medicare/aid or any other welfare. We also shouldn’t be sending money to other countries when we have people that are homeless and starving here. This whole system is stupid.
@@1RamTough okay.
So before we proceed further, would you be willing to compromise?
Say, eliminate the interest for borrowers who went - or through ballooning interest were put - way in over their heads, and have them pay off the principal?
tRump has 6 BANKRUPTCIES with BILLIONS in forgiven debt!!!!! Yet the rest of us should EAT DIRT if we make a mistake????? BS
@@Ohotniktrolly I would be willing to make that compromise as long as you would be willing to make the compromise that we would stop writing federal loans for college attendance. The problem is with inflation, the value of a dollar spent in 2020 is more than the value of a dollar spent now. So, to resolve this, we could do 1 of 2 things. 1) completely privatize student loans. 2) make interest rates on student loans variable and equal to the inflation rate.
If we went with 1), the result would be that colleges would need to make tuition competitive against other colleges. The government will write any check for any amount of money, so colleges can charge whatever they want. Banks and lending institutions tend to be far more fiscally responsible on who they lend to.
I hope you know how to work because you need to pay debts you agreed to.
How much you all want to bet this guy took PPP during the pandemic and happily had it forgiven but Screams and yells that we get ours forgiven
Pathetic
You are seriously misinformed if you think this forgiveness is actually a handout....Don't spread this ignorance.... I borrowed 63,000 over 21 years ago on a mastery promissory note stating I would pay for 20 years and instead of my loan being paid in full my balance is now 110k....I have made more than my principal worth of payments and upheld my side of the contract yet I must keep paying because some Republican idiots that don't have a clue as to what this "forgiveness" actually is can't stand the thought of having to spare a brain cell and learn the truth of the situation. Must be fucking nice to sit in judgement of all the hard working lawyers and doctors and entrepreneurs busting their ass so you can feel high and mighty for "paying" our way. Get a life!!! This so-called forgiveness is the government's way of ending its criminal acts without admitting any wrong doing. I hope one day you get to have a mortgage on your house that you can pay on for the rest of your life. One where the interest is capitalized so you never pay it off.....oh and did I mention they get to redo the terms of your contract every 4 years depending on how they feel.
Go to the pole and vote if you don’t want Trump to win
The man talks a lot, sounds like he knows what he is saying, but it's almost word salad. From watching this video, I know nothing more than I did before watching it - if anything I am more confused!