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Conservative Investing Explained
Conservative investing describes a strategy that avoids risky investments. Blue chip stocks and other established investments are considered conservative.
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What Is Cost Basis?
What is cost basis? Cost basis is the purchase price or original value of an asset or investment. It’s used to calculate capital gains and losses for tax filings.
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DeVry University Student Loan Forgiveness
Students who attended DeVry University between 2008 and 2015 may be entitled to federal and private student loan forgiveness. During that time period, the school made deceptive claims, according to the Federal Trade Commission (FTC), which brought a lawsuit against the school.
Read on to learn about the options regarding DeVry University student loan forgiveness, including who’s eligible and how to apply for loan cancellation.
Key Points
• Students who enrolled in DeVry University between January 1, 2008, and October 1, 2015, may be eligible for federal student loan forgiveness because of misleading claims the university was found to have made.
• Those eligible must have paid at least $5,000 via cash, loans, or military benefits and completed at least one class credit, among other requirements.
• To apply, complete a Borrower Defense Loan Discharge application at StudentAid.gov.
• Decisions are currently not being made on applications due to a court injunction on borrower defense regulations.
• Filing the application is still recommended despite the delay.
Background on DeVry University Settlement
DeVry University, a for-profit college with locations in 11 states, offers online and in-person courses in various areas of business, health care and technology, with undergraduate and graduate degree programs and certificate programs for students.
Between 2008 and 2015, DeVry advertised a 90% employment success rate and 15% higher income levels for students after graduation. The FTC alleged that those claims were deceptive, and in January 2016, the agency brought a lawsuit against DeVry for $100 million dollars.
In December of that year, DeVry settled with the FTC, agreeing to a $100 million settlement. Under the settlement terms, DeVry was ordered to pay qualifying students who attended their schools between September 2008 and September 2015 and were harmed by the deceptive ads.
As part of the DeVry University student loan forgiveness, DeVry agreed to pay $49.4 million to the FTC to be distributed to students for partial refunds, and provide $50.6 million in debt relief for those who took out private student loans and any other outstanding debts related to attending DeVry.
Types of Loan Forgiveness Available
As part of the FTC settlement terms, DeVry agreed to forgive student loan debt that included the full balance owed on all private student loans ($30.35 million) and any other student debts such as tuition, books, and lab fees ($20.25 million).
In June 2017, The FTC began mailing refund checks to the eligible DeVry students. However, in May 2024, the FTC reported there were 5,942 checks that had not been cashed. As a result, the FTC announced it was resending those payments, and instructed students to cash their check within 90 days.
Students who took out federal student loans to attend DeVry were not part of the FTC settlement. In February 2022, the U.S. Department of Education (DOE) announced it would forgive $71.7 million in federal student loan debt through borrower defense to repayment regulation, holding DeVry liable for $24 million.
That means if you took out federal loans to attend DeVry, you could apply for federal loan forgiveness.
However, DeVry challenged the DOE’s decision. In 2023, a court issued an injunction delaying the effective date of the DOE’s borrower defense regulation until there is a final judgment on it. As of mid-January 2025, the injunction is still in place. On January 10, the Supreme Court agreed to review the case, though no date for the review has been announced. In the meantime, borrowers may still apply online for borrower defense relief.
On January 16, 2025, the DOE announced they had approved forgiveness through borrower repayment to defense for 4,100 DeVry borrowers as part of the Biden administration’s final student loan debt relief approvals, though nothing can move forward while the injunction is in place.
Recommended: Who Pays for Student Loan Forgiveness?
Eligibility Criteria for Loan Forgiveness
Students who are eligible to receive private or federal student loan forgiveness related to attending DeVry need to fulfill all of the following criteria:
• Enrollment in a bachelor’s or associate degree program at DeVry University between January 1, 2008 and October 1, 2015
• Paid at least $5,000 in cash, loans, or military benefits
• Did not get debt or loan forgiveness as part of this settlement
• Completed at least one class credit
How to Apply for DeVry Loan Forgiveness
If you meet the criteria above, you’ll need to complete a Borrower Defense Loan Discharge application to start the process of having your DeVry federal student loans forgiven. As noted, while the injunction is in place, individuals can continue to file applications.
Under the law, to be eligible for borrower defense, your school must have engaged in misleading activities or other misconduct directly related to the loan or to the educational services for which the loan was given. If you attended DeVry during the specified time period and took out a federal student loan, you may qualify for a student loan discharge.
When applying for borrower defense repayment, be sure to have the following information:
• Verified account username and password (FSA ID)
• School name(s) and program of study
• Your enrollment dates
• Documentation to support why you believe you qualify for borrower defense and to demonstrate the harm you suffered
Alternative Debt Relief Options
Besides DeVry student loan forgiveness, there are some other options for getting out of student loan debt and managing student loan payments that you can explore.
Income-Driven Repayment Plans
If you have federal student loans, you may want to consider income-driven repayment (IDR). These plans base your federal student loan payments on your discretionary income and family size. This typically results in a lower monthly loan payment. There are several different IDR plans to choose from.
Under an IDR plan, you could qualify for forgiveness of your remaining debt after 20 or 25 years.
Public Student Loan Forgiveness
If you work full-time in public service for a qualifying employer like the government or a nonprofit organization, you may be eligible for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on most Federal Direct loans.
Qualifying borrowers can get PSLF after making the equivalent of 120 qualifying monthly payments under an IDR plan or the Standard Repayment Plan.
State Loan Repayment Programs
Some states help pay off student loans through state loan repayment assistance programs (LRAPs). These programs can assist borrowers with both private and federal student loans, depending on the program. Check with your state’s department of education to see what opportunities are available.
Student Loan Refinancing
When you refinance student loans, you replace your old loans with a new private loan, ideally one that has a lower interest rate and more favorable terms, which could lower your monthly payments.
Borrowers interested in refinancing student loans to save money should compare lenders and offers to choose the best one. But be aware that refinancing federal loans makes them ineligible for federal benefits like income-driven repayment.
A student loan refinancing calculator can help you decide whether refinancing makes sense for your situation.
Impact of Forgiveness on Credit and Taxes
Student loan forgiveness may affect your credit in surprising ways. For instance, having DeVry student loan debt forgiven could cause your credit score to dip temporarily.
One reason for this is that if you wipe out student loan debt, you’re no longer building a payment history for it. And a history of repayment makes up 35% of your credit score, according to FICO, the credit scoring company.
In addition, eliminating student loan debt can impact the mix of credit you have. Lenders like to see a diverse mix of credit because it shows you can responsibly manage different types of credit accounts.
On the other hand, not having a monthly student loan payment improves your debt-to-income ratio, which creditors view as a positive. Plus, you can use the extra money for other expenses or to build up your savings.
Forgiveness may also have some tax implications. The IRS generally requires that you report forgiven or canceled debt as income. However, thanks to a provision in the American Rescue Plan, if your federal or private student loans are dismissed between December 31, 2020 and January 1, 2026, those forgiven student loans won’t be taxed by the federal government.
You may need to pay state taxes on forgiven student loans, however, so it’s a good idea to consult a tax professional or contact your state’s tax department to find out.
The Takeaway
If you attended DeVry University between September 2008 and September 2015, you may be eligible for federal student loan forgiveness through “borrower defense to repayment.” You can start the process of getting your DeVry student loan forgiven by applying for a borrower defense loan discharge at StudentAid.gov.
Borrowers who are not eligible for DeVry forgiveness can explore alternative debt relief options such as income-driven repayment, state loan repayment assistance programs, Public Service Loan Forgiveness, and student loan refinancing.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
FAQ
Who is eligible for DeVry University loan forgiveness?
DeVry University students who were enrolled in an undergraduate (bachelor’s or associate degree) program between January 1, 2008 and October 1, 2015, paid at least $5,000 with cash, loans or military benefits to attend the school, completed at least one class credit, and didn’t receive debt or loan forgiveness as part of DeVry’s settlement with the FTC.
What types of loans qualify for forgiveness?
Through the federal government, borrower defense discharges apply to the following federal student loans: Direct Loans or those that can be consolidated into a Federal Direct Consolidation Loan. These discharges don’t apply to private student loans or loans that can’t be consolidated into a Federal Direct Consolidation Loan.
How long does the forgiveness process take?
Unfortunately, it might take a while. Because of a 2023 federal court injunction, no decisions may be made on applications until there is a final judgment on borrower defense regulations. The Supreme Court has agreed to review the case, though no date for the review has been given.
Will I owe taxes on forgiven DeVry loans?
Under the American Rescue Plan, federal or private student loans dismissed between December 31, 2020 and January 1, 2026, are not subject to federal taxes. However, you may have to pay state taxes on the forgiven loans, depending on the rules in your state. Consult a qualified tax professional for more information.
What if I’ve already paid off my DeVry loans?
If you have already paid off your DeVry loans, forgiveness through borrower defense is not an option. According to the Office of Federal Student Aid, in order to be eligible to apply for borrower defense, you must have at least one outstanding federal student loan associated with the school.
Photo credit: iStock/South_agency
SoFi Student Loan Refinance
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Loan Products
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This article is not intended to be legal advice. Please consult an attorney for advice.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Investing in Transportation Stocks and ETFs
Do you want to invest in transportation stocks or a transportation ETF? Here’s everything you need to know to get started investing in transportation.
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What Is a Good Salary to Live On in Florida for 2025?
A decent salary — one that allows for necessities — might start around $46,645 for a single, childless person in Florida and $63,567 for a couple. Add one child to the equation for two working people, and the figure can rise to $75,959, based on the MIT Living Wage Calculator.
However, these figures may represent the lower end of a “good salary,” as they don’t allow much room for “fun” spending or savings. You might need to earn more to qualify as having a good salary. As a point of comparison, the median income for a one-person household in Florida was $62,973.
Of course, your actual cost of living will depend on the city, size of your household, and your spending needs and habits. Read on for a breakdown of what it may take to say you earn a good annual salary in Florida.
Table of Contents
Key Points
• A good salary in Florida depends on factors such as location, industry, and individual needs.
• The cost of living in Florida is lower compared to some other states.
• The median household income in Florida is approximately $62,973.
• A good salary in Florida can range from $50,000 to $100,000 or more, depending on various factors.
• It’s important to consider expenses, lifestyle, and financial goals when determining what constitutes a good salary in Florida.
Is It Expensive to Live in Florida?
Florida is the second fastest-growing state in the U.S. in 2024 after Texas, the Census Bureau says, and it’s easy to see the draw.
It’s a state with no income tax, moderate property taxes, lots of sunshine, and plenty to do and explore. Corporate and sales taxes are lower than those of most other states.
Despite those perks, it isn’t the cheapest state to live in. Florida had the 34th lowest cost of living in the U.S. in the 3rd quarter of 2024, according to data gathered by the Missouri Economic Research Information Center (MERIC). That means 28 states had a lower cost of living, with Oklahoma the cheapest place to live.
Some cities are as sizzling as the summers. If you’re Miami-bound and plan to rent or buy, for example, that’s when you’ll especially need to check your finances. Miami-Dade is the second-least affordable place in the U.S. to live, according to the April 2024 RealtyHop Housing Affordability Index.
💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
What Is the Average Annual Salary in Florida?
Whether a salary can be considered “good” or not in Florida can depend on several factors, including where you choose to live. Proximity to a big city or beach can draw residents who are willing and able to pay more. So can living in an area known for high-end amenities (like shopping, nightlife, and cultural attractions) and luxurious homes.
The median household income among Floridians is $62,973, according to the latest data from the U.S. Census. That means, of course, that half of the state’s households bring in more than that, and half bring in less.
That figure compares with the median household income in upscale Collier County (which includes Naples and Marco Island) of $88,173. In Monroe County (Key West), it was $88,870. In Palm Beach County (Palm Beach, Wellington, Boca Raton), it was $84,921. And in St. Johns County (St. Augustine, Ponte Vedra), it was $106,281.
On the other hand, the median household incomes in landlocked and lesser-known Glades and Hendry counties in the south, and Hamilton County on the Georgia border, were $38,905, $49,259, and $47,668, respectively.
So what is a good salary in Florida, if you’re talking about one that goes beyond basic needs and allows for “wants” and savings?
A registered nurse pulls in an average base salary of nearly $75,000, according to Indeed. That’s a good income for a single person with no children in most parts of Florida as viewed through the 50/30/20 budget lens.
As noted above, one Floridian with no children needs to net $46,645 to cover necessities like groceries, a modest rental, health care, and transportation, the MIT Living Wage Calculator shows. Doubling that provides room for discretionary spending (30%) and savings (20%).
Recommended: What Is Competitive Pay?
What Can Affect Affordability in Florida?
As you can imagine, one of the biggest factors affecting how far your salary will go in Florida is housing. Housing costs can vary widely, depending on where you decide to settle and on whether you buy a house or condo. But home and rent prices across the entire state have risen sharply over the past few years.
The cost of insurance coverage — homeowners, health, and auto — also is generally higher than in many other states. Many home and condo owners also must pay for federal flood insurance, which is on the rise. In general, homeowners insurance is very pricey in Florida, in part because of the threat of flooding and storms impacting the area.
Still, owners of primary homes may get a property tax break with the homestead exemption, which decreases the property’s taxable value by as much as $50,000.
That doesn’t mean that everyone who lives in the Sunshine State is living large. The state’s median household income in 2022 (the Census Bureau’s most recent number) was just over $67,000 — while the median U.S. household income was closer to $74,580.
As of January 1, 2025, the state’s minimum wage is $14, and Florida is one of the states impacted most by inflation, according to the U.S. Congress Joint Economic Committee.
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What Are Some Average Annual Expenses in Florida?
How should you expect to divvy up your income if you live in Florida? Here are some costs you may want to plug into a money tracker app:
Housing
Whether you rent or buy a home, a major portion of your paycheck will likely go toward putting a roof over your head.
A couple of Florida cities appear on this price-to-rent ratio list. The ratios can be useful when considering whether to rent, buy, or invest.
Also useful if you haven’t owned a principal residence in the past three years or you’re a veteran: first-time homebuyer programs in Florida.
If you’re buying …
Florida’s housing market continues to be red hot, with prices in January 2024 up 4.5% compared with the same period last year, according to Redfin.
Here’s a look at median sale prices in cities across the state for that same period.
Cocoa: $258,000
Daytona Beach: $325,370
Marco Island: $1.2 million
Miami: $660,000
Ocala: $267,675
Orlando: $391,400
Palm Beach: $4.2 million
Stuart: $257,500
Tampa: $462,000
If you’re renting …
Rents are all over the place in Florida, as you can see from the list below. Here are some recent median monthly rents, according to Zillow.
Cocoa: $1,800
Daytona Beach: $1,750
Marco Island: $7,000
Miami: $3,000
Ocala: $1,725
Orlando: $2,000
Palm Beach: $10,000
Stuart: $2,700
Tampa: $2,040
Groceries
The U.S. Census Household Pulse Survey Family Budget Calculator ranked Florida 5th highest for food costs in the U.S. in 2024.
Here are the monthly costs for some Florida counties, based on a family of four (two adults and two children in a household where most food is purchased at a grocery store and prepared at home), according to the Economic Policy Institute Family Budget Calculator.
Brevard County: $1,092
Collier County: $1,185
Hamilton County: $970
Hillsborough County: $1,081
Miami-Dade County: $1,155
Monroe County: $1,318
Palm Beach County: $1,196
Washington County: $861
Utilities
Florida ranks 4th in the U.S. for energy costs, according to MarketWatch. Of course, utility costs can vary depending on whether you rely on natural gas or solar, the size and age of your home, your appliances, etc. But electrical costs came in at $168 per month in a late 2024 study.
According to USAToday, internet costs start at an average of almost $43 per month, and water costs can be $33 and up per month, depending on where you live.
Gasoline
According to GasBuddy’s interactive gas price map, Florida’s gas prices are about average compared with other states. But again, the cost can vary depending on where you live.
Here are GasBuddy numbers for some Florida in March 2024.
Bradenton-Sarasota-Venice: $3.54
Crestview-Fort Walton Beach: $3.27
Daytona Beach: $3.54
Fort Lauderdale: $3.60
Fort-Myers-Cape Coral: $3.55
Gainesville: $3.57
Jacksonville: $3.51
Lakeland-Winter Haven: $3.56
Melbourne-Titusville: $3.55
Miami: $3.56
Child Care
The cost of child care can depend on how old your kids are and if you choose an at-home or classroom setting. According to CostofChildCare.org, the average cost per month in Florida is $989 per child for home-based family care, $1,364 for an infant classroom, $790 for a toddler classroom, and $702 for a preschool classroom.
Recommended: What Is the Average Salary in the US?
Which City in Florida Has the Lowest Cost of Living?
According to NewHomeSource, the Florida city with the lowest overall cost of living is Titusville, followed by Winter Haven, Lauderdale Lakes, Daytona Beach, Sanford, Largo, Lakeland, Deltona, Jacksonville, and Pinellas Park.
A few of those, as well as more affluent cities, have a sizable retiree population. Yes, Florida is a senior magnet. (See: Winter Haven.) By 2030, the number of seniors in Florida is expected to account for 25.5% of the population vs. 21% in 2020.
How Much Money Do You Need to Live Comfortably in Florida?
“Comfort” is a subjective term in any context, as we all have different wants and needs when it comes to our lifestyle.
If you plan to spend more time outside doing things that are inexpensive or free, you may find it’s easier to embrace financial minimalism by living in the Sunshine State.
If, on the other hand, you long to reside in one of Florida’s bigger cities or near the beach, you may have to ask for a bigger salary than you’d need in a less expensive location. That’s especially true if you’ll be living on a single income.
Either way, it may be useful to consider your priorities and whether your income will cover those costs. Can you be happy without owning a boat or being a member of a golf club? Do you tend to live below your means or overspend? Are annual passes to Disney a must?
The Takeaway
Florida can be an expensive place, mostly because the cost of renting or owning a home has gone up so much. But with a good salary — by one definition at least $69,000 for a single, childless person — and a solid spending plan, you can enjoy the laid-back Florida lifestyle.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
What is a livable salary in Florida?
MIT’s Living Wage Calculator says a livable salary for a single person in Florida with no children is about $46,000 before taxes.
What job in Florida pays the most?
Cardiologists, ophthalmologists, and radiologists are among the highest earners in the state as of 2024.
Can you live on $30,000 a year in Florida?
You may find it challenging, especially when it comes to finding a place to live. But if you share a home and other expenses, find affordable health care, and budget carefully, $30,000 a year could be enough to live on in Florida.
Photo credit: iStock/Pgiam
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