Biden **JUST** Made a SHOCKING Student Loan Announcement!

holy smokes Joe Biden just responded to

the Supreme Court shutdown of student

loan payments here's what it means for

you here's what it means for the stock

market and here's what he just said so

let's get started with what he just said

after starting with what happened this

morning in short this morning the

Supreme Court said that Joe Biden's plan

to forgive ten thousand dollars of

student loan debt per federal student

loan borrower or up to twenty thousand

dollars for certain Pell Grant

recipients with lower incomes that met

certain criteria was quashed so the

Supreme Court quashed Joe Biden's plan

to forgive student debt which was a big

campaign promise of his so Joe Biden

just spoke minutes ago and he was

explicit about this now is the perfect

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it out link down below so after Joe

Biden was obviously talking about that

he went through and explained we've got

12 months

12 months that you can have to make your

student loan payments which honestly

makes it seem like we're going straight

back to the covet days up well just

don't make your payments now what was

really incredible about this new

12-month extension which I'm going to

break down in just a moment it's worth

remembering the stock market was having

somewhat of a hernia about the potential

impact that student loans and the return

to making student loan payments was

actually going to have on the economy in

fact there were some estimates put

together by Morgan Stanley that you

could end up seeing somewhere around a

300 per month impact for each student

with a student alone a federal student

loan and we're talking nearly 50 million

Americans and these would not be your

lowest income consumers usually because

they'd have a degree so presumably might

be able to make more money they wouldn't

be your highest income consumers so

you're maybe a more expensive products

like your end phase or home related

Goods or Teslas might be a little

insulated your lower income like the

dollar store might be more insulated

that middle ground discretionary was

really where folks thought this would

hit the biggest Ulta Lulu

Etsy those sort of middle of the ground

stocks Target Costco memberships to some

extent another three to four hundred

dollars gone out of monthly disposable

income at the same time as all this

inflation we've had be a pretty big hit

now that's important in America because

remember in America the consumer makes

up over 70 percent of the economy so if

the consumer slows down or even just a

portion of the consumer slows down our

GDP could get whacked in the face and

that's not good so what are the details

of Joe Biden's plan well basically he's

saying look we're technically not

delaying or extending this student loan

forgiveness another 12 months what we're

doing is we're saying make your payment

you need to start making your payment

that's what they're saying but they

won't charge you any late fees if you

happen to be late so that way you could

slowly get used to the idea of making

payments again or

do what probably most Americans are

going to do and just not make the

payment for 12 months now you are going

to owe interest on unpaid amounts over

the next year so what's a quick and

dirty way to find out if that makes

Financial sense for me to delay making

those payments for another year well in

my opinion without getting complicated

with amortization tables and

spreadsheets and all that fancy you know

Financial Wall Street suit kind of stuff

make your life really easy

look at your latest student loan bill

it is going to have an amount you owe an

interest now multiply those together so

let's say you owe fifty thousand dollars

and the interest rate is six percent

that means you owe three thousand

dollars per year in interest that's the

max amount of interest you owe per year

in interest when you're not paying it

off

now if you were to pay it off how much

are you actually going to pay off over

the next year maybe ten thousand dollars

that would be making a pretty large

payment but let's just say you were

paying off ten thousand dollars if you

decided not to make the payments for the

next 12 months you would be responsible

you would basically owe an extra six

hundred dollars for the license or the

the right to not make the payment for

the next 12 months so what's the easy

quick and dirty formula for you to

figure this out ideally look at your

statement see what your interest rate is

see what your annual total interest

expense is then the correct thing to do

is actually look at your principal pay

down how much of this loan are you

really paying off every year

add that together multiply that by your

interest rate that number as a fact

check should be way less than what the

total interest is you're paying in a

year right

that lower number should be closer to

the correct number of how much it would

cost you roughly

big roundabout estimations

to not make your student loan payments

for another 12 months and that extra

interest would probably just be added to

the back of the loan of the money that

you owe back now we don't have every

single bit of details yet but this is a

12-month ramp repayment program bills

will uh like interest will still accrue

so technically you are supposed to make

your payment but if you can't they're

not reporting you to the credit bureaus

so they say that we'll check that we

went through this during covet remember

they're like oh yeah they left the

notation on your account they didn't

report you to the credit bureaus they

just left a notation oh this is in

forbearance and then it tanked People's

Credit temporarily so you never know

obviously talk to somebody about your

own situation regarding this you can

contact the federal student loan office

to find more details I would probably

give them a little bit of time to find

out when this is actually official we

still don't have dates man is using a

pretty obscure 19 65 law to justify

their authority to do this in the first

place so we'll see but the one thing we

know with certainty is

there's a coupon code expiring so check

it out and we'll see you soon thank you

so much now I want you to know this when

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