Category Archives: Financial Goals

INsight: Dr. Boyce Watkins x How to think like a wealth builder

The Dr Boyce Watkins Channel is an all-black news and commentary channel that features a number of African American thinkers, commentators and speakers. The views of each video are not necessarily representative of those of Dr Boyce Watkins himself.

You can follow Dr Watkins at the links below:

Instagram: @TheRealBoyceWatkins
Twitter: @DrBoyceWatkins1
Via Text: Text the word Boyce to 31996
Youtube: Youtube.com/DrBoyceWatkins
To learn how to start your own business: TheBlackBusinessSchool.com
Personal website: BoyceWatkins.com
The Dr Boyce Watkins Wealth-building program for children: BlackMillionairesOfTomorrow.com
To take my online course: TheBlackWealthBootcamp.com
The Dr Boyce Watkins podcast on Soundcloud: https://soundcloud.com/boyce-watkins
The Dr Boyce Watkins Black Economic Empowerment Tour: TheDrboyceWatkinsTour.com

News: Why $5 Billion Of Student Loans May Be Wiped Out

Could at least $5 billion of student loans be erased?

As reported by the New York Times, about $5 billion of student loan debt owned by the National Collegiate Student Loan Trusts – one of the nation’s largest owners of student loans – could be erased by judges due to alleged improper documentation and missing ownership records.

What Happened?

The National Collegiate Student Loan Trusts holds 800,000 private student loans through 15 different trusts, which collectively own approximately $12 billion of student loan debt, according to the New York Times.

Of that amount, about 160,000 private student loans are in default. These student loans were originally issued by banks, and then subsequently sold through securitization to investors, including the National Collegiate Student Loan Trusts. Ownership records may have been lost in the process.

The New York Times reports that given the incomplete ownership records, it is not exactly clear who owns the individual student loans. If true, this could pose a major problem for National Collegiate, which is seeking to collect unpaid student loan debt from borrowers who have defaulted.

Multiple Lawsuits

The paperwork dilemma pits student loan borrowers who have struggled to make student loan payments against creditors seeking to collect on unpaid student loan debt.

National Collegiate filed tens of thousands of lawsuits against borrowers – including about 800 this year – mostly in state and local courts in order to collect on the unpaid student loan debt.

While National Collegiate has prevailed in many cases, student loan borrowers have won other cases when National Collegiate could not produce documents supporting proper chain of title and ownership.

Part Of A Larger Issue

While these lawsuits involve borrowers who have defaulted on their student loans, the student loan crisis continues to grow.

More than 44 million student loan borrowers collectively owe more than $1.4 trillion in student loans, according to the most recent student loan debt report from personal finance site Make Lemonade.

Student loan debt is now the second highest consumer debt category – second only to mortgages.

According to Make Lemonade, about 11% of students default on their student loans each year

source: Forbes

Finances: How To Build Wealth In America by Dr. Boyce Watkins

TheBlackWealthBootcamp.com

Scholarships Alert: Florida High School and College Students Directory of Available Scholarships!!!

With sunshine nearly year-round, living in Florida can definitely have its advantages — for instance, scholarships! While you may instantly think of theme parks like Disney World and Universal Studios, or perhaps beautiful landscapes such as the Everglades or the beaches at the Florida Keys, Florida is also home to many top-level universities, like the University of Florida (UF), Florida State University (FSU), University of Miami (UM), and University of Central Florida (UCF). If you’re a student looking to attend a school in your home state of Florida, you could add a little bit of sunshine to your college savings, too! Check out this directory of scholarships for Florida students, and apply online today! For even more scholarships, fill out a free Unigo profile to discover your personalized list of possible awards.

source: https://www.unigo.com/scholarships/by-state/florida-scholarships/1

We Are In This Together

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