Student loan forgiveness passed in the Senate called the American Rescue Plan Act of 2021 on Saturday, March 6, 2021, by a vote of 50 (Democrats) to 49 (Republicans). Student Debt is a HUGE crisis right now in America and some would aruge its a HUGE financial bubble about to burst. Now the student loan forgiveness bill has to go to the House of Representitives to be confirmed and then up to President Biden.....BUT it isn't what everyone thinks it may be. So in this video I unpack everything that is within the bill in regards to student loan forgiveness, the student debt crisis, and who will benefit from it! 0:00 Intro 1:07 Are student loans canceled? 1:47 What does this bill do to help student loan forgiveness? 2:09 The tax problem with student loan forgiveness 4:26 Who is eligible for student loan forgiveness? 5:05 What this bill changes for student loan forgiveness 5:44 What is income driven repayment for student loan forgiveness? 7:54 What the stimulus fixes in the student loan forgivness plan 10:10 What happens if student loans are forgiven? 11:27 Summary & thoughts on student loan forgiveness Student Loan Forgiveness 2021: Biden Going To Cancel? https://youtu.be/OjWIRmN4dkU With the American Rescue Plan Act passing the Senate this weekend and the bill well on its way to President Biden's desk, what can we expect to see for student loan forgiveness? Currently there are existing programs to cancel student debt but there are requirements to recieve student loan forgiveness. And one of the biggest issues with student loan forgiveness is the issue of it being a taxable event. Currently if you have your student loans forgiven, it's counted as a taxable event, which shows up as income on your annual taxes. That means, if your student loans are forgiven, it'll be treated as income and you will have to pay taxes on that! So part of the stimulus bill that covers student loan forgiveness gets rid of that law making student loan forgivess a taxable event! Also, President Biden is currently NOT in favor of a complete forgiveness of student loans. He has previously spoke about a $10,000 student loan forgiveness but not a complete wipe of student debt. Many politicans in the Democratic party have had an issue with his stand on student loan forgiveness because they want to see a complete forgiveness of student debt as it is a looming crisis and financial bubble. Now the provisions within this bill will cover income based repayment plans for student loans and what kind of tax implications that it has if your loans are fully forgiven. Now my thoughts on why we actually have a student debt crisis and many people are looking for student loan forgiveness have a lot to do with demand of certain areas of study. BUT my solution to the student debt crisis has a lot to do with how the Military runs their training. It's pretty much an apprenticeship model of training but big companies will have the training done to their would-be employees at a reduced rate. That way we completely forgo the college route for certain professions and negate the student loan idea that has created a huge financial bubble that the American Taxpayer will unfortuantely foot the bill. 😃 Thanks for Subscribing & Liking our Video! 📧 ⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software: http://reisoftware.thekwakbrothers.com 📊 Pay Off Your Mortgage In 5-7 Years (On Average): https://www.youtube.com/watch?v=eGVn9iq1e6c 💻 JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS & PASSIVE INCOME: https://www.facebook.com/groups/bestreigroup 📡 PROTECT YOUR ONLINE DATA AND ACTIVITY WHILE CLOSING DEALS AND GENERATING NEW LEADS WITH NORDVPN: https://go.nordvpn.net/aff_c?offer_id=15&aff_id=40858 🔊 Our Podcast: 🔹Spotify: https://open.spotify.com/show/7pnHJSNl7vPVFzq69IzC6B 🔹iTunes: https://podcasts.apple.com/us/podcast/first-deal-experience/id1282240923 📧 Hire the Kwak Brothers to Speak: info@thekwakbrothers.com #studentloanforgiveness #studentloans #studentdebtcrisis ======================== ---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.