Thanks, Nuuly! Go to Chelsea’s Nuuly Link and use code ‘TFD20’ for $20 off your first month:
Welcome to tfd please join our society you get tons of free goodies and exclusive videos every single month and so many other awesome things including office hours with me join hit the join button hey guys it’s chelsea from the financial diet and if you’re looking at this video and thinking wow that’s a more bold top than we’re used to seeing for chelsea that’s a
Great observation and i’m about to get into why so as i film this it is currently the very beginning of september which means we are coming on the most all-time god tier elite season anywhere in the world and that is fall in new york baby we’re talking when harry met sally weather we’re talking you’ve got mail weather and if you’re anything like me it is incredibly
Easy when as the memes say i can’t wait for fall so i can really start dressing to not want to buy absolutely everything i’m constantly tempted to online shop for clothes and find myself often making mood boards because even if i were to buy some of the items it’s literally still going to be 90 degrees out for like another month but luckily if you are someone
Who wants to change up your wardrobe whether for everyday or special occasion but doesn’t necessarily want to spend the incredible amount of money it would take to overhaul your wardrobe every month i highly recommend newly which is a subscription clothing rental service on which i got this entire outfit as well as several other awesome items that i have for the
Whole month and right now you can get 20 off your first month of newly when you sign up with my code tfd20 so obviously i have this like cute like canvassy green pant that goes with so much that i have i have this lemon top that honestly is a little bolder than something that i would truly invest in for the long term but is really great for a nice transitional
Piece and as we’ve talked about before on the channel many times renting clothing can actually be an amazing alternative not just for people who tend to always want new things which is a very common thing but also might have different needs maybe you have special occasions for which you don’t necessarily need to wear an item a million times but still want to have
A new item and it’s also good for those items which you may love and want to wear but aren’t necessarily going to be able to justify wearing all the time because if you’re a good tft viewer you like to measure in cost per use and newly is a subscription clothing rental service us where for just 88 dollars a month you get your choice of any six styles which works
Out to just under 15 an item with much superior quality than any fast fashion purchase at that price you choose whatever you want to rent for whatever you have going on everything from going out looks to premium denim to cozy sweaters to one-of-a-kind vintage pieces it’s totally up to you you get access to thousands of styles for more than 300 brands newly stocked
Styles in a range of sizes from petite to plus size all the way up to 5x and maternity they carry some of my favorite labels like right now i’m in basically head to toe anthropology plus they have fast free shipping and returns and professional cleaning in newly’s state-of-the-art laundering facility so no laundry for you to have to worry about and you get the
Option to actually buy pieces you love at a discount sometimes up to 70 percent off newly is already a great value at 88 dollars a month for any six styles but right now you can get twenty dollars off your first month of newly when you sign up with the code tfd20 just go to n-u-uuly.com that’s newly with to use and enter the code tfd20 and sign up to get 20 off
Your first month that’s n-u-u-l-y.com newly with 2u’s with code tft20 newly subscription clothing rental change your clothes and welcome to my home it’s a kind of dreary very late summer i want it to be early fall not quite day we got my bike parked in the back here because i was too lazy to bring it downstairs after charging it and it’s just a vibe we got a bunch
Of candles going it’s raining i’m gonna order a monstrous amount of takeout tonight and i’m ready to complain my favorite thing to do and today it’s not so much complaining as it is about something that i feel like needs to be much more of a settled conversation than it is and that is a student loan forgiveness now basically i would assume all of us at this point
Are aware that student loan forgiveness has been really a big part of the zeitgeist in the past month joe biden campaigned with a lot of illusions and sometimes approaching actual promises to eliminating a lot of student debt for people and for like a two and a half year period during all of the covid pauses when so much of people’s financial lives were kind of up
In the air regardless it was very unclear as to what the next steps were actually going to be with regards to not just delaying or suspending payments on student loans but actually forgiving them for people but it has turned out that though it was not nearly to the extent that was promised on the campaign trail based brandon did in fact come through and forgive a
Good amount of student loans and we’ll get into the details of that and what you need to know a little bit later but as predicted the student loan debate has become a bit of a political football in a time where who controls congress come november is kind of anyone’s game at this point there are obvious reasons why doing things like forgiving student loans this close
To midterm elections would be a really good thing for the democrats but it’s also very easy for people who might oppose these things to make very caricaturist statements about who’s actually benefiting from this forgiveness in order to make democrats look as terrible as possible which has raised a perennial debate around who deserves certain things usually when it
Comes to personal finance the concept of deserving often just boils down to your social class i.e it’s shameful and even unnecessary for people below the poverty line to enjoy themselves or watch movies or own any kind of technology or occasionally eat food that isn’t rice and beans they bought in bulk but when it comes to who deserves things like debt forgiveness
We’re in a pretty interesting time to be having that debate and it’s not a perfect divide but generally speaking those more on the right of the aisle have rallied around the concept that blue-haired baristas with gender degrees shouldn’t have hard-working coal miners and plumbers pay for their choice to go to an elite private school in new england even though when
You look at the data this is by and large not an accurate representation of who goes to college or for what but on this very specific issue in this very specific post-pandemic relief moment provided to be a bit of an own goal for republicans because given that many of the outspoken politicians railing against student loan forgiveness were themselves recipients of
The ppp loan and had said loans forgiven and why members of congress were even able to do this for their private businesses is an entirely separate issue that we can get into later but it did lead to one of the rare recent instances of the biden administration actually seeming based as hell with one white house communications staffer going on an absolute rampage
Of quote tweeting republican politicians railing against said student loan forgiveness by showing exactly how much they’d had forgiven in ppp loans which is publicly available information as forbes put it back in late august a tweet calling out marjorie taylor greene had attracted nearly 1.1 million interactions including more than 275 000 retweets and almost 800
000 likes the white house’s post quote tweeted a video in which green called student loan forgiveness unfair adding a message that simply read congresswoman marjorie taylor green had 183 504 dollars in ppp loans forgiven now i should say here that the message that some may have taken that people shouldn’t have been taking ppp loans or getting them forgiven is not
What i’m trying to say tfd received six figures worth of ppp loans we got them dispersed to us twice and we got both of them totally forgiven we also used them for exactly what they were intended for to maintain our payroll and avoid layoffs during a time when covid had decimated our revenue but in general the ppp loans were a perfect example of government actually
Doing good things and providing direct relief to its constituents so the point here is not that certain people are inherently bad for having taken ppp loans and gotten them forgiven but rather that it underscores the very specific idea we tend to have in this country of who deserves to get help and who deserves to have things forgiven which usually translates
To either the wealthy huge corporations corporate lobbyists or small business owners many of whom unfortunately were committing fraud with the ppp loans often the same people who are the first to rail against government handouts when they think of like for example a single mom receiving food stamps are happy to turn a blind eye when it’s things like for example
Corporate agriculture making everyone eat 80 pounds of corn every day but i am someone who in this right wing caricature of who doesn’t doesn’t deserve help should be most against the idea of student loan forgiveness i came from a lower and then middle middle class background i went to a community college i dropped out and built a fairly lucrative and successful
Small business on my own now of course it would be ridiculous to say it was entirely on my own i have a co-founder i have partners i have employees like all of this was a collective effort but let’s just say in the very simplistic binary narrative of the american dream i clearly typify it and i did it while not accruing student loans because i don’t have a degree
So i should be a prime candidate for telling everyone about them making their own choices and how they should bootstrap their way to success and feel embittered by the fact that their frivolous choice to go to bard or oberlin and major in theater is being reimbursed while my sacrifice official decision to go to community college resulted in no such handout but
I am actually actually extremely supportive of the idea of student loan forgiveness and why is that even though i don’t benefit from it at all and could easily be filled with resentment at the idea well it’s because i live in a society and student loan debt on the whole is actually extremely harmful for our overall economy and therefore even if i weren’t morally
Supportive of debt forgiveness which i am i would support it for purely economic reasons but before we dive into my opinions on why this relief is actually a good thing and should go even further let’s just quickly go over what this forgiveness actually entails the average student loan debt in the u.s is currently 32 731 which has risen over 300 percent since
2004. now on the forgiveness front applications will be available starting in october for those who do not receive relief automatically and this will be the case at the department of education does not have your current income information if your application is accepted you can expect to receive relief in four to six weeks and apply before november 15th so your
Application can be processed before the payment pause period is up at the end of the year those who received pell grants generally people applying to college with exceptional financial need i actually received a pell grant fun fact may be eligible for up to twenty thousand dollars of debt forgiveness while other borrowers may be eligible for up to ten thousand
Dollars of forgiveness the income thresholds for this are 125 000 for individuals or two hundred and fifty thousand dollars for households this forgiveness is for public loans only if you took out private loans or had a public loan that you refinance to a private loan unfortunately that is not eligible for forgiveness and relief is capped at the amount you owe
For instance if your outstanding loan balance is fifteen thousand but you are eligible for 20k forgiveness you will still only receive 15k in relief you may be eligible to have the relief applied automatically based on the data the doe has on its borrowers and this would be reflected in your account balance and there are also temporary changes to the public service
Loan forgiveness program so if you work for a non-profit or government agency you can actually apply to have some of your past payments credited back to you even if you haven’t completed the program yet and even those who aren’t eligible for forgiveness the student loan repayment pause has been extended through the end of december 2022 and again reminder that this
Is not even what biden campaigned on which was full student loan forgiveness this is literally the least he can do but it is something now as i mentioned i went to a community college and don’t have a degree but as someone who does live in said society and who has to deal with all of the macroeconomic conditions happening around me i am very clearly aware of why
Having so many people hobbled by student loan debt is a bad thing generally so you may have heard a lot of talk about industries that millennials are killing and the myriad ways in which they’re not adulting at the levels their parents were and this is not on the whole because they’re buying too much avocado toast it’s because they’re entering into a completely
Different economy than their parents did where wages have almost completely stagnated things cost much more especially big things like houses and because they are strapped with a level of debt that was unheard of to previous generations because the cost of college has ballooned way past inflation if out of touch boomers are mad at millennials because they were not
Able to support themselves while going to college by working at a fast food restaurant full-time it makes a lot more sense when you realize that depending on when they went to college based on the actual tuition levels in times like the 60s 70s and early 80s that actually may genuinely have been possible to do but listen uncle steve one simple google search will
Tell you why that’s no longer possible but whether or not you personally would benefit from student loan forgiveness as a member of that same shared society you are negatively impacted by having a massive generation of adults who cannot afford to have a healthy and prosperous financial life aside from not being able to do things like buy homes which people selling
Homes need someone to do they also increasingly can’t afford to do things like have children you may not have heard but our birth rate has been pretty steadily declining over the years and not having enough children to replace our population is actually a terrible thing for societies societies need children to function you’re going to get old and someone is gonna
Have to wipe your ass and i don’t know if robots are going to be that dexterous by then essentially having an entire generation of young adults who cannot afford to make normal consumer or life choices is of no benefit to me and beyond that there is often this really strange moral argument which we saw come up plenty over the past few weeks which is you decided
To take this money out you’re responsible for paying it back now i think in some cases okay i can maybe see where that’s true but when it comes to student loans specifically i actually think the system is much closer to something like loan sharking than it is to like say getting a line of credit with your bank aside from the fact that universities have been able
To use the ubiquity of student debt to balloon their tuition past what any average american should be able to be expected to pay most of the 18 year olds and yes those are effectively children who are signing on to these loans are not only signing on to them at a time where they’re frankly too young to even understand the consequences of this financial decision
But they’re also signing on them in a context where they’ve likely been told their entire life that the most important thing they can do is get into the absolute best college possible and then pay for that college by any means because otherwise they’ll never have a chance at doing things like getting a good job or buying a home all of the things that said student
Loan debt will also often prevent them from doing the terms of these loans especially private ones are often extremely exploitative and many specific programs have even been sued by alumni over incredibly misleading advertising on things like post-grad job prospects or starting salaries it is not a coincidence that most people signing on to student loans think that
On the long term it is a solid investment with a high likely return it’s because this is what we’re being sold and in many cases what these universities are explicitly advertising even when it’s not true at the end of the day as someone who has truly no dog in this fight i fully support not just this current wave of student loan forgiveness but as much student
Loan forgiveness as we can possibly squeeze out of all of the bloodless boomers who are currently filling our federal government i support supported i say yes and honestly if you went to bard and you got a degree in gender dance and you got three hundred thousand dollars worth of student loan debt and it all gets wiped away honestly congratulations you game the
System and i’m proud of you and i hope you didn’t do too many psychedelic drugs to permanently ruin your brain anyway guys as always thank you for watching and don’t forget to hit the subscribe button and to come back every monday tuesday and thursday for new and awesome videos bye
Transcribed from video
I Don't Have A Degree. I Still Support Student Debt Forgiveness Because I'm Not An A**hole By The Financial Diet