Ep. 398: Does Mass Student Loan Forgiveness Make Sense?

We want to answer your questions about money. Email us: askpete@petetheplanner.com

This week on the Pete the Planner Show, Damian gets a “listener” question!

Remember: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances.

No time to listen? BUMMER. Here’s some of what happened and when:

Show Notes:

“LISTENER” QUESTION: [2:40]

  • “Dear Damian, we’ve got a car problem. You seem to be a car guy. We’ve got a 2008 Lexus SUV in solid condition, and it needs $3000 in repairs, yet Blue Book value is only $4K. Only 158K miles on it and we only put about 5K miles on it per year. Does it make sense?
    • Damian: I think the really interesting part of your case it how much it gets used, or how much it doesn’t get used.
    • Assess the risk: You could pony up the cash and make the repairs to get more use out of it for the next few years, not knowing what repairs could come in the future. You could consider being a one-car family. You could trade it in and purchase another.
    • Note: This question was not submitted by a listener. 🙄


STUDENT LOAN FORGIVENESS IN CONGRESS:
[13:20]

  • Student Loan Forgiveness talk is heating up again
    • Many Dems are pushing for $50,000 of forgiveness per person.
    • There is $1.7 trillion of student loan debt in our nation; this idea would eliminate $700 billion of that debt
    • The Biden Administration is encouraging $10,000 of forgiveness
    • Does student loan forgiveness on a large scale make any sense at all? LET US KNOW WHAT YOU THINK!


GAMESTOP & ROBINHOOD UPDATE:
[15:57]

  • LISTEN TO THE FULL SHOW FOR THE LATEST SCOOP

 

There’s so much more in the full show, including the laughs!  — click PLAY below for the full show.


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