Josh Mitchell
speaker
438 appearances
7 recordings
1 series
first heard Jul 2017
last heard Feb 2022
Josh Mitchell’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, so even though the law doesn't say your balance will go down, basically your six months of nonpayments will actually count toward –
the number of payments that you need to make to eventually have your loans discharged.
So PSLF, public service loan forgiveness, you need to make 120 months of payments.
That's about 10 years of payments in order to get your balance discharged.
Well, the next six months, even though you won't be paying a dime, those will count toward those 120 payments.
So let's say you normally pay $1,000 a month in public service loan forgiveness.
You basically get $6,000 forgiven in a sense because you don't have to pay that down.
There's this other provision that found its way in there.
This has been a very big priority of a number of employers as well as many activists in the Democratic Party to basically allow employers to contribute toward their employees' student loans.
while not having that contribution taxed as ordinary income.
Up until now, if you were an employer and you wanted to give, let's just say you wanted to contribute $5,000 toward paying down your employee's student loan, well, that $5,000 would be counted as income so that when you filed your taxes, you would have to pay income tax on that.
also payroll taxes would apply to it.
Now, that will no longer be the case through the end of the year.
So if your employer opts to do so, your employer can now pay $5,250 toward paying down your student loan.
So it has to be paid toward your student loan, and that will not be taxed as income.
So basically, this is like a tax-free raise on a temporary basis, but a tax-free raise that people can now take advantage of if their employer decides to participate.
Sure.
Thank you very much.
The first thing is that the cost of college has risen pretty dramatically in recent years.
Just to give you a sense of how quickly, if you look at the Consumer Price Index, which is one of the main inflation measures that the Federal Reserve looks at, college costs or the amount of money that families are paying to go to college has risen at triple the rate of inflation since about 2008.
Showing 261–280 of 438 · page 14 of 22
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