Gabe Rubin

speaker

468 appearances 13 recordings 1 series first heard Apr 2018 last heard Oct 2023

Gabe Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Student-Loan Forgiveness Plan on Hold: How the Lawsuits Affect You · 25 Oct 2022 podcast

And actually, if a parent took out a loan and a child who was the student took out a loan, those families might actually be eligible for essentially double the relief overall, if you think of it as $10,000 from the student and $10,000 from the parents, both financing the same education. voice-verified

As I said a couple minutes ago, there are 8 million people who already have their income information stored at the Department of Education. voice-verified

This applies to people who might work in public service or low-income borrowers who are eligible for programs that allow them to pay just a small portion of their income each month in order to keep current on their loans. voice-verified

Personal finance experts recommend that even if you think your data might be stored at the Department of Education, you should still go ahead and apply for relief just to make sure. voice-verified

So they won't have to on their federal tax return, but debt forgiveness is treated as income in about a dozen states. voice-verified

So if you live in any of those dozen states, you may have to pay taxes on your debt relief as if it were income. voice-verified

Although some states, including California, are currently in the process of working on changing that. voice-verified

So there may be some changes before you actually go to pay taxes next year. voice-verified

Yeah, so when President Biden announced the plan for mass debt cancellation in August, he extended the deadline for the payment pause one last time, he said, until the end of the year. voice-verified

So if you still have student debt, even after the cancellation process goes through, or if it is blocked by the courts, you will most likely have to start making payments again starting at the beginning of next year. voice-verified

If you were paying off your loans during the pandemic, you can apply for a refund of that amount, and then you can get the full amount up to $10,000 or $20,000 if you had a Pell Grant canceled. voice-verified

If you paid off all of your loans, you will have to go through that refund process and wait for it to be processed so that you can get your loans canceled. voice-verified

And it may be a bit complicated and tricky as the administration goes through the cancellation process for so many millions of people, but it is possible. voice-verified

And if you paid off your loans prior to the pandemic, unfortunately, there's no refund option available to you. voice-verified

And this relief will go to people who currently have student loan balances. voice-verified

Unfortunately, yes. voice-verified

If you paid off your loans, for instance, in 2015, you are not eligible for relief, although you probably feel some relief that you paid off your loans in 2015. voice-verified

Thanks for having me. voice-verified

WSJ Your Money Briefing · Student-Loan Repayment Pause May Be Extended · 27 Jul 2022 podcast

The clock is really ticking here. voice-verified

Every day we get closer to August 31st, and President Biden needs to make a decision one way or another if payments are going to resume and if he is going to cancel some amount of debt for a large number of borrowers. voice-verified

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