Season 2- Episode 5 - Millennials Beware of Child Support And Student Loan Trap.

Millennials - Beware of Child Support And Student Loan Trap.
 @chrish289
(c)copyright 2021 - 2130

Introduction:

Chris H  0:04  
Welcome. In 2014, the number of millennials in the United States was more than the number of baby boomers. According to the Census Bureau, there were 8.3 1 million millennials 75 point 4 million baby boomers, Millennials represents about a quarter of the population. At the same time, new companies were created, such as Facebook, LinkedIn. And of course, this YouTube channel. As these companies expand the millennials, born between 1981 and 1996, take full advantage of the growing economy in these new companies. So they went to school. And they are such as private and public while achieving the education. 

They also took on a lot of student debt. And we will talk more about the disaster waiting for the student debt. While that's happening, the millennials also had another sort of debt disaster called child support. Yes, child support.

Chris H  1:25  
Hello, my name is Chris. And in today's episode, we will talk about the disasters of the student loan in its relation to the child support debt, and how both of them are detrimental to your health. Yes, they are dangerous to your health and well being. On this channel, we provide education such as legal writings, decisions, case laws, review regulations, and statutes. We also provide templates such as affidavit supports and complaints. It is our opinion on this channel, that millennials who are enrolled in college and student loan debt are also enrolled in the Child Support Program. Let's review statute 45 CFR 264. Point three zero. 

The state agency must refer all individuals to the title four D program. Now if you disagree with our opinion, please feel free to email us. We'd love to share and we'll continue the conversation. In addition, we have on this site. Another video called defending my rights. Please review that as well, in relation to the child support enforcement. Let's take a look at the child support enforcement program. In 2015. The Enforcement Program spends $5.7 billion and Child Support Program is a federal state matching grant program. Wherein as the federal government will reimburse those local states 66% of their expenditures. However, it is an open ended, sort of Bill, as well as it has no limit and no ceiling. So let's look at the effectiveness of the program. For every dollar that the program spins, it collects $5.20 success. 

Doing quick math, it means that the child support enforcement program, technically, is a $28 billion business that is 5.7 times $5. They're in the same revenue category as Twitter, Facebook, of course, YouTube. So we're talking about a sizable program here. Let's turn to the student loan debt. As you know, Millennials went to school, whether private or public in order to gain education to take full advantage of the economy. Here are the facts. Approximately $1.5 trillion were spent on student loan debt. That represents about 45 million Americans involved in student student debt program. The average monthly payment is about $400. At the same time, the median monthly payment is about $225. 

Now Congress is in charge of the student loan program. Likewise, Congress is in charge of the Child Support Program. after June 30 2006, the carrying fixed expenses for the student loan program was Kept between 3% to 7%, depending on you're enrolled in an undergraduate or graduate program. Now this data information comes from both the US Federal Reserve, as well as the Federal Reserve Bank and other areas such as a student loan program. So this generation in order to take advantage of the economy and take advantage of all the new media companies, the Facebook, the YouTubes, they had to incur huge debt greater than their previous generation, which are the baby boomers, and Generation X. We somehow, over the last 10 years have decided that when you graduate college, you should amass enormous debt in order to achieve the American dream. So let's look further into that. This is leading up to the election year the 2020 election, many of the candidates have suggested that they will fix or provide solutions to the student loan disaster, maybe they will, maybe they will, who knows.

Chris H  6:18  
Now, there's a little bit of a reprieve in terms of student loan tax deduction. however small it is, the interest on student loan is capped at 20 $500 per return, not per person, per return. If you have additional questions on the tax deduction, please feel free to email us here or consult or get advice from your tax preparer or accountant. Now, let's look at the child support debt. First off, it is not tax deductible to the payer. That is the individual which is usually male millennial will pay child support. However, there are no tax break, there are no tax deduction. 

Remember, Congress manages both programs, they decided to weigh in on the student loan debt however small that tax deduction is, but on the child support side there are no tax deductions. In addition, there is no bankruptcy protection for either child support or to student debt. That is you cannot discharge it on your in terms of bankruptcy, you cannot file bankruptcy in order to eliminate the student loan debt. Will your child support that? here on this channel is the reasons why we provide tools and suggestions of how to remove yourself from the Child Support Program. Let's look further into the student loan debt. This chart here from Bloomberg suggests that the student loan growth since 2007 till 2018 was 157%. 

The growth has outpaced mortgages, auto loans, even credit cards. The US Supreme Court has looked at as a result of many lawsuits looked at the Child Support Program and came back with this decision that the child support payments is similar to any other debt and to think otherwise. Well, that is somewhat ludicrous. The case is called us versus Sage out of the Court of Appeals in the Second Circuit in New York. That means student loan debt and Child Support debt are identical. Same as with mortgages, and auto loan. Why did Congress treat Child Support separate category by not allowing a tax break to the payer remains to be seen. So let's look further into the program. Congress cre was called a federal consumer credit Protection Act or ccpa. 

Where it states that for a general rule in order for your paycheck to be garnished. It's capped at what is called 25%. That is your disposable income after paying social security and Medicaid. The statute for that is 15 USC 1673. However, Congress did something very difficult. They allow child support to circumvent their own statute and allow your employer to deduct 60% of your disposable income or take home pay. This is ludicrous So what we're seeing is you are working. And all you're doing if you're a millennial, you are paying off to massive debts, almost 80% of your take home pay or salary. We have a video called Show Me The Money, we go further into what happens to your paycheck. regards to the child support. 

Let's think about this even more. Congress, the public have decided that for this generation called millennials, which is the largest of all of our generations, they should spend their adult life from graduating college to retirement, paying off these two massive debts. Here on this channel, we want to do something or help you with the child support debt. So this brings us to our section what we call call to action. As we have said before,

Chris H  11:06  
we believe that every millennial mostly male is enrolled in the Child Support Program, whether or not you have a child or you have an order. So to help with that, we suggest that you watch our video called acknowledgement of paternity, which is one of the first phase of the child support. review that video understand that process. Next, if you've already signed the acknowledgement of paternity, or you're already involved in child support program, you should obtain a copy of your records. In addition, if you have questions, comments, please feel free to email us. 

Likewise, if you want to try to separate yourself from this title de Praga title for D program, which is the same thing as child support. please email us. So this brings us to the end of our presentation. Please feel free to contact us via email with your comments or questions. 

We ask for donations in order to help us to continue the research. And it takes time for us to select the appropriate and relevant information for your education. As well as we ask you to like, subscribe to our YouTube channel. And please share it with others on these new media platforms Facebook, LinkedIn, and so forth. for donations, we're asking for a $25 gift. However, we will accept any amount that you you could give us and thank you. This page, we provide the link to other videos including the acknowledgement of paternity. And thank you for listening today.