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The YNAB Podcast

Breaking Down Student Loan Forgiveness with Ben the Dollar Scholar

The YNAB Podcast

YNAB

Consolidation, Total, Budget, Dave, Peace, Money, A, Education, Ynab, Finance, Bankruptcy, Makeover, Fpu, Software, Management, Personal, Need, Ramsey, Financial, University, Debt, Kids & Family, You

4.71.1K Ratings

🗓️ 5 September 2022

⏱️ 48 minutes

🧾️ Download transcript

Summary

Jesse chats with Ben, a YNAB employee and "The Dollar Scholar" on TikTok, where he educates college students and grads on the intricacies of student loans. Ben walks through the recently announced student loan forgiveness program, how much debt can be forgiven for students or graduates with Pell grants and with traditional Federal student loans, and some of the forthcoming changes to income-based repayment plans.

Ben also reminds us that not all the details of the plan have been worked out yet, and there are still open questions regarding the legality of the program, as well as potential income tax implications at the state level. Consequently, he reminds us, don't count on those forgiveness funds until they actually hit your bank account!

Follow Ben the Dollar Scholar on TikTok:

https://www.tiktok.com/@thedollarscholar?lang=en

Did you YNAB is FREE for college students? Sign up here:

https://www.youneedabudget.com/college/

Got a question for Jesse? Send him an email:

[email protected]

Transcript

Click on a timestamp to play from that location

0:00.0

Hello, Wine Embers. My name is Jesse, and we come with another episode of The Wine Em

0:08.0

podcast where we teach you four rules to help you stop with the paycheck to paycheck,

0:10.8

get out of debt, and save more money. Today, I have with me on the show Ben, he works

0:16.2

here at Wine Em as of early 21, and you may, if you're familiar with what we're doing

0:22.8

over on TikTok. Can't believe I said that, but he is the dollar scholar over there, just

0:29.4

like it's spelled, the dollar scholar. And he focuses on getting the word out for students

0:36.3

that are in school, just graduated so naturally, Ben has found himself becoming an expert

0:42.6

on all things student loans. And if you have had your head in the sand for a little while,

0:48.1

then you wouldn't know this. And I am kind of like that. I will be honest. The details

0:52.0

I was, I learned a lot on this episode, but we talk about all things student loans.

0:59.0

And a while ago, we had a guest on the podcast talking about different strategies for

1:03.4

paying off your student loans. There were a lot of options, and it's a complex thing

1:06.7

to navigate. But Ben and I were talking today about the student loan forgiveness, the

1:13.1

different income-based plans. And I was told by Haley, who helps me with a lot of the

1:21.1

podcast stuff, like, hey, do this topic, do that. She told Ben and me not to get political.

1:29.0

So we did our very best. But I understand that feelings are all over the place on this

1:34.0

topic because it is political. So we did our best. And frankly, I feel like we did a

1:41.3

pretty good job. Now, if you want to talk politics with me, I am, I'm so gay, more than

1:48.4

gay. I only have one rule. And it is that it has to be face to face in my house or at lunch

1:56.9

or something. And then we can just go to town because I've actually never had a conversation

2:01.6

like that that I didn't enjoy. But on the internet, no, no, absolutely not. We avoided

2:08.1

at all costs. So we did our very best to avoid it here. Just give you the facts. Talk about

...

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