Episode•October 14, 2022•31 min

Student Loan Forgiveness Update, New Jobs Report, and Car-Buying Tips: Key Developments to Help You Make the Best Financial Decisions for Your Future | Ep. 148

Every Friday at 12 PM EST, Tiffany goes live on Facebook, Instagram, YouTube, and Twitter to review the latest financial news so you can stay in the know! In this episode, she goes over student loan forgiveness updates, the new jobs report, and some car-buying tips. Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
PSLF waiver deadline is October 31st for public service workers
Public Service Loan Forgiveness (PSLF) has existed for years but includes a limited waiver allowing previously non-qualifying payments to count
Applies only to government and nonprofit employees; applications must be submitted by October 31st to count non-qualifying payments
Scams are prevalent—never pay anyone to help with applications; contact loan servicer directly for free assistance
2
Widespread student loan forgiveness application not yet available
Biden's $10,000-$20,000 forgiveness plan application still pending release (originally expected early October)
Over 700,000 borrowers lost eligibility because FFEL loans owned by private entities no longer qualify unless consolidated before September 29
Application deadline will be December 31, 2023 once released; sign up for alerts at studentaid.gov
3
September jobs report shows cooling but still-strong labor market
263,000 jobs added (exceeding 250,000 forecast), marking 21st consecutive month of job growth
Largest gains in leisure/hospitality (+60k healthcare, +46k professional services), but still 1.1 million jobs below pre-COVID levels
Average hourly wage at $32.46 with 0.3% monthly growth—wage increases slowing while inflation continues
4
Car buyers have increased negotiation power as supply chain issues ease
Dealerships receiving cars at lower costs but maintaining high prices, creating negotiation opportunity
More buyers paying $1,000+ monthly car payments due to high prices and rate hikes
Advice: go informed, don't show desperation, be willing to walk away, and negotiate aggressively
5
Current labor market gives employees significant bargaining power
Workers successfully demanding raises and better conditions (e.g., $5/hour raises after San Francisco airport strike)
Amazon facing union election that could create second unionized location
Tiffany's recommendation: use this window to negotiate raises, change jobs, or organize before market conditions shift

Intro

Tiffany Grant returns after a two-week hiatus for Finance Friday Live, covering major updates on student loan forgiveness programs, the latest jobs report, and strategic car-buying advice amid cooling supply chain pressures.
Tiffany Grant is a financial coach and host of Money Talk with Tiff, providing weekly financial news analysis every Friday at 12 PM EST across Facebook, Instagram, YouTube, and Twitter.

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– Opening and Announcements

Tiffany returns after personal/family matters delayed recent episodes. Announces new Monday 9 PM Twitter Spaces called 'Fin Noir'—a roundtable for Black personal finance discussion with other influencers.

Episode agenda: PSLF and widespread student loan forgiveness updates, September jobs report, and car-buying negotiation strategies.

– PSLF Waiver Update

Clarifies PSLF (Public Service Loan Forgiveness) is separate from Biden's new forgiveness plan. October 31st deadline applies only to PSLF waiver allowing previously non-qualifying payments to count.

If you work in public service and you have student loans... just go ahead and apply if you work in public service and you have student loans. That would be my suggestion.
– Tiffany Grant

Warning about scams—applications are simple forms; never pay third parties. Contact loan servicer directly for assistance.

– Widespread Forgiveness Updates

Application still not released (originally expected early October). Over 700,000 borrowers disqualified because privately-held FFEL loans require consolidation before September 29 deadline (now passed).

Parent PLUS loans eligible for $10,000 forgiveness if direct loans held by government and income under $125k (single) or $250k (household) in 2020 or 2021. $20,000 only applies to parent's own loans with Pell Grant history.

Application deadline will be December 31, 2023 once released. Sign up for alerts at studentaid.gov.

– September Jobs Report Analysis

263,000 jobs added vs. 250,000 expected. Leisure/hospitality leading gains but still 1.1M jobs below February 2020 levels. Healthcare +60k, professional services +46k, temp agencies +27k.

Average hourly earnings at $32.46 with 0.3% monthly growth. Wage growth slowing while inflation persists, hitting low-wage workers hardest.

If we have an economy where people are underemployed or unemployed, then it's bad for the entire economy. That means it's bad for all of us.
– Tiffany Grant

– Employee Bargaining Power in Current Market

Labor market tightness giving workers leverage. Recent examples: 3-day San Francisco airport strike yielded $5/hour raises for 1,000 workers; Amazon facing union election.

This is the perfect time to start making changes, career changes or whatever it is, job changes, asking for raises. It's a good time for that because these companies want to keep you and now the power is in your hands.
– Tiffany Grant

21st consecutive month of job growth indicates economy remains strong, unlike 2008-2009 conditions.

– Car-Buying Strategy Amid Easing Supply Chains

Supply chain issues calming means dealers getting cars cheaper, but maintaining high prices. Creates negotiation opportunity for buyers.

If you are in the market for a car, make sure you negotiate... Insider information is cheaper for them. Don't let them get over on you.
– Tiffany Grant

Advice: go informed, don't show desperation, be willing to walk away. More buyers paying $1,000+ monthly due to high prices and rate hikes.

Resources

Topics

student loan forgivenessPSLFjobs reportlabor marketcar buyingnegotiationpersonal financeBiden student debt reliefwage growthFFEL loans