ilmscore | She Came Here To Fight Me | Financial Audit

Predictions from this Video

Total: 4
Correct: 2
Incorrect: 1
Pending: 1
Prediction
Topic
Status
New legislation will allow for wage garnishment for unpaid student loans, affecting future borrowers and highlighting the importance of timely repayment.
"It has been announced with the bill that just signed the other day. It has changed to student loan repayments. It is for all future borrowers, but they will come garnish your wages if you do not pay on your student loans."
Student Loan Repayments
Correct
Losing a $1,000 monthly income stream, potentially from a grandparent's care, would significantly impact the guest's ability to afford their mortgage, increasing housing costs to 46% of their net pay.
"And that's going to be really difficult because that covers a part of your mortgage situation. I know it's okay. I I love my grandparents, too. It's going to devastate me the day that, you know, sadly that happens. But, um and I'm not advocating for it. I'm just saying that's very impressive cuz right now with your income, this is 34%. I'm relatively comfortable with that with your net pay. Okay. But without that, all of a sudden, we start getting a little concerned here with the $1,327 a month mortgage payment. All of a sudden, you lose $1,000. That becomes 46% of your pay."
Mortgage Affordability
Pending
The guest has student loans and is currently in a grace period, but anticipates a minimum monthly payment of $300. They also paid $2,500 to finalize their degree due to FAFSA pauses.
"I do have student loans. No. Unless I just don't want to pay my student loans and then go back to school. But I had to pay out and then at the beginning of the year they said that oh FASA was on a pause so I had to pay out the rest. So, it's roughly like I was almost done. So I think I paid like 2,500 just to then get my degree."
Student Loan Grace Period
Incorrect
To address debt, the guest should seek a higher-paying social work job and allocate an extra $1,000 monthly income towards debt repayment, which could clear non-mortgage debt in approximately three years.
"You need to go work a social work job that maybe you like a little less that makes more money. You need to boost your income. That boost income does not boost lifestyle. So you then throw that $1,000 hopefully extra that you make on a monthly basis and you throw that towards your debt and you pay off your debt not including mortgage and call it 3 years probably and you could do that and that's pretty fine."
Income Boosting for Debt Repayment
Correct