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What is the student loan forgiveness tax bomb?


Find out how you might end up with a big tax bill and how to get ready now. (iStock)

If you don’t know what a student loan forgiveness tax bomb is, consider the term a mixed blessing. On the one hand, the government is giving up your student loans, but on the other hand, the government is making you liable for a heavy tax bill on the amount of money that is forgiven. This is because the canceled debt is treated as additional income.

With student loans exceeding $ 1.4 trillion in the United States, more borrowers are relying on loan forgiveness programs to help erase some of their growing debt. While the idea of ​​getting rid of your debt seems obvious, many students and their parents are caught off guard once the tax bill arrives. The taxes on this canceled debt are not cleared and you must report it to the IRS as income.

Who is facing a student loan forgiveness tax bomb?

As April 15 approaches, it’s worth discussing who’s really at risk from a student loan forgiveness tax bomb on the road so there aren’t any surprises. Borrowers who have difficulty making their payments often lean towards a income based repayment plan. These plans help you when your monthly debt exceeds your monthly income.


With income-based repayment plans, you can make very low payments for 20 or 25 years, depending on how much money you earn. But a little realized fact is that borrowers enrolled in income-driven repayment plans are also the most likely to be affected by the surprise and oversized tax bill. Once the repayment period is over, the remaining balance is canceled, and at the same time it is considered taxable income.

You will likely get a student loan tax bomb if:

  • You signed up for an income-based repayment plan.
  • You have not paid your entire balance within the allotted time.

You probably won’t get a student loan tax bomb if:

  • Your employer gives up your loans through one of the many programs depending on your current industry. Many programs do not apply tax on debt forgiveness. This includes the Teacher Loan Forgiveness program, the Public Service Loan Forgiveness program, and the National Health Service Corps Loan Repayment Program.
  • You have a Perkins loan that was canceled because of your employment or volunteer service or because of other conditions. These canceled loans are not subject to tax bills.
  • You have been the victim of a scam or fraud on the part of your educational institution or if the college has closed its doors for good.
  • You become permanently disabled or die.

How much will I have to pay?

While what you’ll have to pay will vary depending on your loan amount, remaining balance, and current income at the time, the following example gives you a good idea of ​​how the tax bomb works:

Suppose a borrower earns $ 60,000 per year. This same borrower is eligible for a $ 100,000 loan forgiveness under one of the programs. Before the loan forgiveness income, his federal income tax was $ 9,140.


However, after his $ 100,000 loan forgiveness, his federal income tax climbed to $ 32,980. This is because the extra income pushed him into a higher tax bracket. It equates to a huge tax increase, a bombshell, which he might not have expected.

Check with a tax professional to see if your state taxes will also be affected, as these can vary.

How to prepare for a forgiveness tax bomb

If you know you’ll be hit by a student loan forgiveness tax bomb, don’t worry, because planning now will save you some frustration in the long run. Here are some ways to plan so you don’t get caught off guard when it’s time to pay the IRS.

  • Check it out handy reimbursement calculator to get a good idea of ​​the amount of your student loan payments as well as the total amount of the forgiveness.
  • Start saving money now. Even just $ 25 a month will go a long way in starting to save in the long run when that IRS bill comes due. This is all the more true since you have a good 20 years to prepare and save. At that amount, you will have saved $ 3,000 after 10 years and $ 6,000 after 20 years.

Options when you can’t afford to pay the bill

If the tax bill arrives before you are ready to pay, you can set up a payment plan with the IRS. There will be interest payable on the plan, but it’s better than the alternative if you don’t have the funds.

It should also be noted that more and more companies are recognizing the problem of student debt that is affecting their employees. If you are lucky enough to work for a company that helps you pay off your student loans, be sure to take advantage of the program. If you are looking for a job you may want to keep an eye out for companies that offer student loan repayment benefits.

Personal loan vs 0% APR credit card: what is the best solution for debt consolidation?


How personal loans and 0% APR credit cards can get you out of high interest credit card debt and get you back in good financial health. (iStock)

Massive amounts of credit card debt can be nerve-racking. You may have enough income each month to pay off your mortgage, utilities, and other necessities, but you don’t have much left to pay credit cards.

You’re not alone. Credit card debt in the United States was around $ 890 billion in the first quarter of 2020, according to Statistical.

Two of the most common methods to clear credit card debt are a personal loan or the opening of a 0% APR credit card – but what is really better for debt consolidation?

A 0% APR credit card allows you to consolidate debt or transfer an existing balance and pay zero interest during the introductory period. Most personal loans are unsecured, which means you won’t need any collateral to get a loan from a bank, credit union, or online lender. But you may need good credit to qualify. Personal loans are repaid in fixed monthly payments for a predetermined period, usually 12 to 60 months.

So which is best depends on your personal needs.

Personal loans for debt consolidation

Paying off your debts with a personal loan has advantages and disadvantages. Some lenders have imposed more stringent requirements on who will and who will not be qualified for a personal loan due to the coronavirus pandemic. Others have introduced low rate low rate loans if you have been hit and have gone through tough times financially. Even so, if your credit is not good to excellent and your financial history is strong, it can be much more difficult to qualify.

Remember: you can explore all your personal loan options by visiting Credible.


You will have a fixed repayment term. Personal loans have fixed repayment terms that can range from around one to five years. This makes it easier to budget and plan for your repayment date well in advance.

You can lock in a low interest rate. Annual Percentage Rates (APRs) for personal loans vary from approximately 6% to 36%. Keep in mind that rates may go up even though you received an initial “preferred rate” when you got the loan, depending on the Consumer Financial Protection Bureau. Can believable show you the rates you are currently eligible for – just plug in your information.


You can rest easy with an unsecured loan. Most personal loans are unsecured, which means that no collateral is needed to secure the loan. Some personal loans, however, are unsecured, so if you miss payments, you could lose your collateral.

It is possible to improve your credit score. Using a personal loan to consolidate your debts can help lower your utilization rate – how much of your available credit you are using at any given time – and increase your credit score if you make your payments on time. You can make the process a lot easier by visiting Credible, which lets you compare personal loan quotes from multiple lenders in as little as two minutes. Plus, it doesn’t affect your credit score.


The inconvenients

You can pay a higher interest rate. Average APRs on personal loans are around 6-36%. If you have good credit, your APR will likely be lower. But if you’ve missed payments in the past, you could end up paying a higher interest rate, in the range of 29% to 35%.

Visit Credible to use their personal loan calculator and find the best personal loan rates.

You could end up paying a fee. Some lenders charge a processing or origination fee to take out a personal loan. These fees can add up, increasing the amount you owe on the loan. Some lenders also charge prepayment penalties for prepaying your loan.

You may need to post a guarantee. Most personal loans are unsecured, which means that no collateral is required to qualify. However, some lenders require collateral for the loan. If you miss a payment, you risk losing your warranty.

0% APR cards for debt consolidation

Using a 0% APR card for debt consolidation or balance transfer may be a better option than a personal loan. But not always. If you have debt on multiple cards and need time to pay off your balances, a credit card with a temporary 0% APR may not be the best option. But if you plan to pay off the balance quickly or want to access funds through a revolving line of credit, a low or 0% credit card may be suitable.

Before the pandemic, banks approved about 200 million 0% APR balance transfer cards each month. Since then, that number has declined dramatically, according to a Federal Reserve Bank of Philadelphia report.

Credible can help you find the right credit card for you. Choose zero percent credit cards and get a breakdown of annual fees, welcome offers, credit needed, and more.



You will get low interest or 0% for a promotional period. During the promotional period, you will pay low interest or 0% interest on all transferred balances and new purchases. You can visit Credible for compare different credit cards at zero percent and find your perfect match.

You can consolidate your debt: A low interest or 0% card allows you to transfer balances from high interest cards so you can consolidate your debt into one low monthly payment.

You could earn rewards. With some 0% credit cards, you also earn rewards and other benefits.

May be ideal for a large purchase. If you are planning to make a large purchase, a 0% interest card may be an option to consider if you plan to pay off the balance before the temporary promotional period ends.


The inconvenients

Your low or 0% APR is temporary. If you pay off the balance before the promotional period ends, this is a good option. Otherwise, you will be charged interest.

You might pay a fee. You could pay a balance transfer fee it can go up to 3% -5%. There may also be other charges which may add up.

You may not be eligible. If your credit is good to excellent, your chances are good. However, if your credit is less than stellar, you might not qualify, especially during the pandemic.

You could lose your 0% APR. If you make late payments or missed payments, you could lose your 0% APR and pay high interest.

Visit a online market like Credible to view multiple 0% APR credit card options in one place.


Should you use a personal loan or 0% APR credit card to consolidate your debt?

Using a personal loan to consolidate debt can be a good option if it comes with a low APR and favorable terms. Most personal loans are unsecured and you can usually lock in your rate.

On the other hand, a low interest or 0% loan may be better if you plan to pay off your debt quickly. You won’t pay any interest during the promotional period, but you may end up paying high fees.

Broken promises and debts pile up as loan forgiveness goes astray


The ministry highlighted a number of ongoing efforts to address the issue. The “Next Gen” project – a planned technological overhaul of the agency’s loan management system – will allow better oversight, he says. This month, Betsy DeVos, the education secretary, personally called loan service leaders to the first of the quarterly performance standards meetings.

“When services fail, we fail and our customers deserve more,” said department spokeswoman Angela Morabito.

Department officials told Congress that they also launched an aggressive information and awareness campaign to better communicate program requirements to borrowers.

In April, the sent a written warning to the Pennsylvania Higher Education Assistance Agency who said the performance of its call center was “totally unacceptable”.

Keith New, spokesperson for the loan service, said he “believes in” the civil service loan forgiveness program and “works tirelessly to help borrowers navigate the complexities of the program.” He added that the Pennsylvania Higher Education Assistance Agency “services the program in accordance with program rules and federal law.”

Under these rules, some borrowers expect to die with their debt.

Originally from Akron, Ohio, Ms. Finlaw, 36, attended a small private college in Indiana and then graduate school in Philadelphia, where she earned a master’s degree in urban studies. Raised by a mother who had to work multiple jobs to make ends meet, Finlaw had no choice but to take out loans to pay for her education. She was the first in her family to graduate from college.

She made her payments religiously, provided the documents to show that she remained a teacher, and was repeatedly told that she was on the right track. When her loan officer, Nelnet, declared in the spring of 2017 that she was eligible for the loan cancellation program, Ms. Finlaw did so immediately.

Widow wins auto loan insurance battle with Provident Insurance

Karen van Golstein next to the car her late husband bought for her on finance before his death.

Abigail Dougherty / Stuff

Karen van Golstein next to the car that her late husband bought for her on finances before his death.

Auckland widow Karen van Golstein can keep the car her husband bought her shortly before his death thanks to an about-face from insurer Provident.

Paul van Golstein died suddenly on the eve of the national Covid-19 lockdown, and before the 2018 car he bought for his wife was reimbursed.

But rather than be able to cry in peace, Karen van Golstein found herself locked in a battle with the insurer when he denied a claim on her husband’s loan insurance, claiming he had died of an illness. pre-existing.

She said she was concerned about having to sell the car and intended to file a complaint with the Insurance and Financial Services Ombudsman. But Provident has now decided to pay the debt, clearing the loan on the car, after Thing highlighted the case.

* A “smiley face” in insurer’s internal emails regarding declining claims shocked the widow
* Coronavirus: Auckland in pictures as it enters Covid-19 alert level 3 lockdown
* Car buyer warns of shocking ‘broker’ fees on dealer loans

Provident Insurance CEO Steve Owens said, “Sometimes you have to do what you think is the right thing to do.”

Paul van Golstein, who was a supervisor at a meat factory, died of pulmonary thromboembolism, a disease in which one or more arteries in the lungs are blocked by a blood clot.

She was caused by deep vein thrombosis (DVT), a blood clot in a deep vein in one of her legs, dislodging and traveling to her lungs.

Provident said it was a pre-existing condition as he was treated for superficial venous thrombosis in the same leg in 2017.

His medical expert said the superficial thrombosis indicated he had an increased risk of developing DVT.

Sketch of Paul van Golstein, who died just before the national Covid-19 lockdown.

PROVIDED / Contents

Sketch of Paul van Golstein, who died just before the national Covid-19 lockdown.

Karen van Golstein said an increased risk of developing a medical condition was not the same as having a pre-existing medical condition, and believed that insurers would often be able to deny claims on the grounds that a person had an above-average susceptibility to developing a medical condition that they did not have when they purchased a policy.

Van Golstein’s GP challenged the insurer, challenging its decision to deny the claim.

Owens said the expert opinions of the two medical experts differed and that Provident decided to pay the claim.

Karen van Golstein said she was delighted with the outcome as she feared she would have to sell the car, which was the last gift her husband gave her.

Karen van Golstein can now keep the car her husband bought her because the insurer Provident reimbursed the financing.

Abigail Dougherty / Stuff

Karen van Golstein can now keep the car her husband bought her because the insurer Provident reimbursed the financing.

She said she still hadn’t been able to say goodbye to her husband properly.

First of all, national confinement had made it impossible to hold his funeral.

Then, on the eve of the delayed funeral, Auckland was reset to Alert Level 3 after the outbreak of a Covid-19 epidemic in the city.

Spanish media react to Real Madrid winner on loan

Image Credit: PA

“The connection between two former Madrid players may have raised questions for some fans [Zinedine] Zidane’s strange decision [to let them leave]”declared that they declared by Daily mail.

Meanwhile, Mundo Deportivo said Bale was the hero and noted that the 31-year-old “enthusiastically celebrated the goal after a difficult period in his career”.

Spurs boss Jose Mourinho paid tribute to the winger after the game and joked that he would examine the reaction online.

“For about a week or so he’s been improving,” Mourinho said by Goal. “It’s not just looking at it, the data also confirms it. We knew it, Gareth knew it. We share ideas and feelings.

“He deserves this [the goal]. When I have five minutes, I go to Safari to look at the Madrid sites to see what they say about it.

“He showed a great personality and had a great impact, scoring a very important goal for us. He also joined Harry in a very experienced way to play the last 15 minutes for us.

Image Credit: PA
Image Credit: PA
Image Credit: PA
Image Credit: PA

“They were very smart, very smart, especially in holding the ball and bringing it to areas where they couldn’t hurt us.

“He knows we care about him and he cares about the club. I think he’s perfect. He’s very calm, very smart. I’m very happy that he scored the game-winning goal.”

Diaro Sport added that Mourinho “has not lost the opportunity to have fun” to the detriment of his former team.

Do you think Gareth Bale will be a good signing for Spurs?

Let us know in the comments.

P3 loan data errors raise questions about the effectiveness of relief


Herb Miller was taken aback when he learned that the Trump administration announced that his sole proprietorship in Hixson, Tennessee had been approved for a coronavirus relief loan of up to $ 5 million. The amount was $ 3,700, he said.

“There is something wrong there,” said Miller, who has been an accountant for nearly five decades. “I’m going to have to fix this. “

Bloomberg News analysis shows data from Paycheque Protection Program loans totaling more than $ 521 billion released on July 6 are riddled with anomalies. Although the maximum PPP loan for a one-person business is $ 20,833, over 75,000 loans with retained employment have larger amounts, including 154 with a million dollars or more.

The PPP was designed to keep small business employees on the payroll during the pandemic. Out of nearly 4.9 million loans, the number of “retained jobs” is zero for 554,146 and blank for 324,122. Seven loans show negative job numbers.

Conversely, nearly a thousand entries report 500 jobs for loans under $ 150,000, which is mathematically questionable given that the aid is based on 2.5 times the average monthly payroll. from a company. In 209 of these cases, this implies an average monthly salary of $ 4 or less per employee. Taken together, these figures call into question the number of jobs in 1 in 5 PPP loans.

The anomalies cast doubt on the accuracy of the data for the centerpiece of the $ 2.2 trillion relief plan enacted in March, including whether they supported the 51.1 million jobs the administration has touted.

The PPP program is already facing backlash for distributing millions of dollars to top law firms, Wall Street executives, and companies with ties to President Trump and other politicians. Now critics say data issues make it difficult to assess how well the program is working, especially because borrower names have been redacted for small loans which account for around 87% of the number of loans.

“We, as American taxpayers, spend over half a trillion dollars supposedly to help keep small businesses afloat,” said Kyle Herrig, chairman of Accountable.US, a government watchdog group. who often criticizes the Trump administration. “We should know where the money went, how many jobs were saved, and at the moment, with the data, we don’t have that ability to say for sure.”

The number of jobs reported is based on information provided by applicants, according to a spokesperson for the Treasury Department, which manages the PPP with the Small Business Administration. Although some borrowers may have wrongly omitted the number of jobs, the total value of loans approved is consistent with supporting around 51 million jobs based on the average compensation of employees in small businesses, a declared the spokesperson.

Under the program, borrowers file their application through an approved lender. After the SBA issues a loan guarantee number for banks to disburse funds, the lender and borrower can agree to a lower amount, the spokesperson said. The SBA and Treasury did not explain how some million dollar loans in the data are much higher than the amount some borrowers said they requested and received.

Some banks have said the problem with the jobs data is that neither the PPP application nor the SBA’s electronic system, called E-Tran, which lenders use to submit applications, required an entry for “retained jobs.” “. The request had a box for “number of employees” and some lenders said they submitted this number while others said they left it blank.

The Washington Trust Bank said that E-Tran, normally used for the SBA’s main 7 (a) loan program, offered three fields of job information: existing, created, or retained. In the absence of advice from the agency, the bank said it had entered its extension numbers in the “existing” field. The SBA dataset released last week only shows retained jobs, which helps explain why this category has so many zeros.

The Spokane-based bank said it has processed more than 5,000 PPP loans, affecting 117,714 jobs, as of July 3. SBA data shows 5,268 loans, with 6,336 jobs retained.

Washington Trust said it was contacting the media to explain why the job numbers were incorrect and that it was encouraging the SBA to clarify its data collection process and correct its information.

“The misleading SBA data has surprised and appalled businesses and small business owners who now receive calls from the media and customers,” Washington Trust chairman Jack Heath said in a statement.

Getting the right number of jobs will be even more important when borrowers apply for a loan forgiveness: business owners will need to prove that they’ve maintained their workforce and wages for their help to turn into a grant. If the SBA determines that a borrower is not eligible, the agency will order the lender to deny forgiveness of the loan, the Treasury spokesperson said.

Proponents credit the PPP, created and implemented within days, for the rapid funding of millions of small U.S. businesses that self-certified they needed funding while the businesses were shut down. They say that an unprecedented program, rolled out so quickly, is bound to have problems.

Bloomberg News spoke to more than a dozen companies that the government says have received loans of more than $ 1 million with one reported job retained. The borrowers all said there were mistakes in the database.

Frank Demandt, owner of an architectural firm in Miami, said he had four employees and the loan was grossly overestimated. He said he received $ 19,700, not the $ 1 million to $ 2 million range cited in SBA data. Demandt’s lender, BankUnited Inc., confirmed the loan amount and said it was unsure why the data said otherwise.

In Star City, Ark., Gregory Smith was stunned. The managing director of C&L Electric Cooperative Corp., which supplies electricity to more than 20,000 customers in a rural part of the state, said in his application that the company has about 100 employees.

“If that shows a job is being kept, it’s a long way off,” Smith said.

Several companies, including scooter rental service Bird Rides Inc., have complained that they appear in the data even though they have not requested or received help.

“I actually never received a PPP loan,” said Bridget Ottoh of the Ottoh Group in Mount Juliet, Tenn., Who has been listed as having been approved for a loan of $ 2-5 million. “I asked for it and then I took it off.”

The SBA Inspector General, who produced a report in May criticizing the agency for failing to collect demographic data to prioritize loans to underserved and rural areas as Congress intended, has an ongoing review implementation of the PPP and is aware of public reports of anomalies, said spokesperson Sheldon Shoemaker. Data analysis is part of investigations and reviews, he said.

Miller, the Tennessee accountant whose loan was reported between $ 2 million and $ 5 million in SBA data, said he learned of the mistake when a friend saw his name on a list of recipients of PPP published in a local newspaper. website and asked why Miller hadn’t left town yet. The lender, Millennium Bank, could not be reached for comment.

“This is all a joke,” Miller said.

Bloomberg writers Jason Grotto, David Ingold, Nic Querolo, Olga Kharif, Drew Hutchinson, Catherine Leffert, Ed Ludlow, and Renata S. Geraldo contributed to this report.

These California colleges have the lowest and highest student loan debt-to-income ratios

These California colleges have the lowest and highest student loan debt-to-income ratios

Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”.

Spring is an exciting time of year for high school students and their families, with acceptance letters appearing in letterboxes and email inboxes. But before deciding which school to attend next fall, students and their families should assess the financial aid offers they receive from each school.

Each school’s financial aid offer should clearly state how much a student’s first year of college will cost. For most students, this will also show how much they will need to borrow. But the financial aid offer won’t tell students what they can expect to earn after graduation, or how much debt it would be reasonable to incur.

The debt burden imposed on a student depends not only on how much he borrows, but also what he earns after graduation. To help students and their families weigh their options, Credible ranked 114 four-year universities in California by analyzing recent student debt-to-income ratios (DTIs). The lower the ratio (DTI), the better.

Here are the charts and data you will find below:

Main conclusions

When borrowing for college, an old rule of thumb is not to take on more debt than your expected annual salary upon graduation. So, getting a DTI student loan greater than 1.0 could be problematic. click here to visit Payday Now for free

Some key takeaways from 114 schools analyzed:

  • Average DTI student loan: 0.60
  • Percentage of for-profit schools with a lower than average DTI: 67%
  • Number of schools with a DTI of 1.0 or higher: 10

Another widely followed measure is the percentage of students who are able to repay at least $ 1 in loan principal within three years of leaving school. In schools with higher DTIs, a smaller proportion of students are able to repay at least $ 1 in student loan debt within 3 years of graduation.

Lowest debt-to-income ratio *

1. California Institute of Technology: 0.16
2.Stanford University: 0.16
3. Samuel Merritt University: 0.19
4.Trident International University: 0.24
5. Pomona College: 0.24
6. Claremont McKenna College: 0.25
7. University of California-Berkeley: 0.28
8. Loma Linda University: 0.29
9. Harvey Mudd College: 0.32
10. University of California-Davis: 0.32

Highest debt-to-income ratio *

105. San Francisco Art Institute: 1.02
106. SUM Bible College and Theological Seminary: 1.06
107. Cogswell College: 1.08
108. Laguna College of Art and Design: 1.08
109. University of Phoenix-California 1.16
110. Academy of Fine Arts: 1.17
111. Humphreys University – Stockton and Modesto: 1.19
112. Ashford University: 1.21
113. San Diego Institute of Design: 1.32
114. Mount Sierra College: 1.84

Lowest debt upon graduation

1. California Institute of Technology: $ 8,700
2. Pomona College: $ 10,040
3. Stanford University: $ 11,341
4. Trident University International: $ 11,761
5. University of California-Davis: $ 13,000
6. California State University-Los Angeles: $ 13,381
7. California State University-Monterey Bay: $ 13,521
8. University of California-Berkeley: $ 13,750
9. Middlebury Institute of International Studies in Monterey: $ 13,750
10. Scripps College: $ 13,900

Highest debt upon graduation

105. Art Center College of Design: $ 31,013
106. DeVry University-California: $ 31,206
107. University of the Academy of Fine Arts: $ 31,365
108. University of Phoenix-California: $ 32,813
109. West Coast University: $ 33,332
110. Ashford University: $ 34,375
111. American University of Health Sciences: $ 37,583
112. New school of architecture and design: $ 37,764
113. Mount Sierra College: $ 39,873
114. San Diego Institute of Design: $ 42,258

Highest median income 6 years after enrollment

1. Samuel Merritt University: $ 100,100
2. West Coast University: $ 74,600
3. California State University Maritime Academy: $ 73,100
4. Harvey Mudd College: $ 72,500
5. Loma Linda University: $ 72,000
6. Stanford University: $ 70,400
7. Golden Gate University-San Francisco: $ 66,100
8. University of Santa Clara: $ 61,100
9. Claremont McKenna College: $ 55,900
10. California Institute of Technology: $ 54,500

Lowest median income 6 years after enrollment

105. Christian College of San Diego: $ 27,700
106. University of the Academy of Fine Arts: $ 26,900
107. California Institute of the Arts: $ 26,900
108. San Francisco Art Institute: $ 26,500
109. Humboldt State University: $ 26,200
110. Humphreys University-Stockton and Modesto: $ 25,400
111. Laguna College of Art and Design: $ 24,900
112. Columbia College Hollywood: $ 23,800
113. SUM Bible College and Theological Seminary: $ 23,300
114. Mount Sierra College: $ 21,700

Highest percentage of students repaying at least $ 1 in debt within 3 years of graduation

1. California State University Maritime Academy: 93.6%
2. Samuel Merritt University: 93.4%
3. Stanford University: 91.6%
4. California Polytechnic State University-San Luis Obispo: 91.5%
5. University of Santa Clara: 90.2%
6. Middlebury Institute of International Studies in Monterey: 89.5%
7. Western College: 89.4%
8. Bethel-San Diego Seminar: 88.7%
9. University of California-Davis: 88.2%
10. Pitzer College: 87.4%

Lowest percentage of students repaying at least $ 1 in debt within 3 years of graduation

105. University of the United States: 53.9%
106. University of Antioch-LA and Santa Barbara: 52.1%
107. San Francisco Art Institute: 51.6%
108. Pacific Oaks College: 50.5%
109. California Institute for Integral Studies: 46.2%
110. Columbia College Hollywood: 42.9%
111. Humphreys University-Stockton and Modesto: 42.6%
112. Ashford University: 42.1%
113. University of Phoenix-California: 42.1%
114. SUM Bible College and Theological Seminary: 35.1%

*Methodology: This analysis is based on data collected by the Department of Education and made available to the public through College Scorecard. To calculate the DTI ratios for each school, Credible divided the median student loan debt at graduation by the median earnings of all students who were working and not enrolled in school six years after starting the school. university, including those who did not graduate. Data on debt at graduation was collected in 2017 and 2018. Earnings data was collected in 2014 and 2015 and adjusted by the Department of Education to 2017 dollars to account for the inflation. Data refer to schools which mainly award bachelor’s degrees. Schools that did not provide the data necessary to calculate the debt-to-income ratio were excluded. Since income also depends on field of study, students should also use University scorecard to find debt and profits by major.

About Credible

Credible is a multi-lender market which allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible Marketplace offers an unparalleled customer experience as evidenced by over 3,400 positive Trustpilot reviews and a Confidence index of 4.7 / 5.

Keep reading: These Michigan colleges have the lowest and highest student loan debt-to-income ratios

About the Author

Matt Carter

Matt Carter is a credible student loan expert. The analytical articles he contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal, and The Washington Post.

Read more

Rhian Brewster, on loan at Liverpool, scores 40-yard world strike against reading


Liverpool player Rhian Brewster just scored a 40-yard strike against Reading for Swansea tonight in the EFL Championship. The current Swansea striker has now scored 10 goals on loan.

Rhian brewster is a fit man since his loan deal was signed to join Swansea City.

The Liverpool academy product has been on fire, now scoring 10 goals in 20 appearances for Swansea in the EFL Championship, but his last goal is by far the best he has ever scored.

At the start of the 17th minute of the first half at 0-0, Brewster recovered his dribble with acres of space, but instead of hitting it, Brewster unleashed a daring shot from 40 yards that was shot straight at the back of the net just in front of the Reading goalkeeper.

The goal sent both Liverpool and Swansea fans in awe of the young England striker, with many fans reacting on Twitter.

Brewster joined Liverpool’s academy from Chelsea in 2015 and has worked his way up to the senior squad for the past five years. The forward was part of England’s 2017 Under-17 World Cup triumph, playing alongside Jadon Sancho, Phil Foden and Callum Hudson-Odoi.

What do you think of Rhian Brewster’s incredible strike?

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New Jersey publishes application procedures for student loan officers | Alston & Bird


A&B Summary: As we have previously discussed, effective November 27, 2019, Senate Bill 1149 (2019 NJ Laws 200) (the “Act”) creates the New Jersey “Student Loan Bill of Rights” and prohibits anyone “from acting[ing] as a student loan manager, directly or indirectly, without having previously obtained a license ”from the Department of Banking and Insurance (“ DOBI ”).

Although the law came into effect in 2019, the DOBI did not provide an application or an application mechanism to apply for a New Jersey student loan manager license in 2019. The DOBI recently issued guidelines on the application process and operational requirements for those wishing to serve students. loans in New Jersey.


On September 1, 2020, the DOBI published Bulletin n ° 20-31 (the “Bulletin”), which provides license application procedures. DOBI will begin accepting license applications from all individuals on September 15, 2020. The application must be submitted through the National Mortgage Licensing System (“NMLS”).

Individuals currently acting as student loan managers in the state who submit license forms before the close of business on December 31, 2020 may continue to function as student loan managers, pending approval by DOBI license forms. All student loan managers who are not exempt from licensure must submit all licensing requirements by December 31, 2020.

License types

The Act creates two distinct types of permits. The New Jersey Student Loan Servicer license is required for those who administer student loans other than Federal Contracted Student Loans (“FCSL”). A federally contracted student loan license is required for individuals administering student loans under a contract awarded by the United States Secretary of Education under 20 USCS 1087f.

Persons serving FCSL will automatically be issued a limited and irrevocable license, after having adequately demonstrated their eligibility. Those who manage FCLS and non-FCLS student loans are required to obtain both a federally contracted student loan license and a New Jersey student loan manager license, and must comply with all applicable requirements. to both types of license.


As noted above, the licensing requirement of the Act does not apply to: (1) any state or federal chartered bank, savings bank, savings and loan association, or cooperative credit ; (2) any wholly owned subsidiary of a bank or credit union; and (3) any operating subsidiary where each owner of the operating subsidiary is wholly owned by the same bank or credit union.

New Jersey Student Loan Service Application

Individuals seeking a New Jersey student loan manager license must complete a license application through the NMLS. Among other application requirements, applicants must submit:

  • A non-refundable license fee of $ 5,000;
  • A non-refundable investigation fee of $ 500;
  • A bond in the amount of $ 30,000 plus an additional $ 30,000 per branch;
  • A financial statement showing a net worth of $ 250,000 prepared by a CPA or a public account dated within 90 days of the end of the applicant’s fiscal year;
  • A business plan; and
  • A property table.

Beginning in 2021, all student loan manager licenses will expire at the close of business on December 31 of each year. Renewals will be processed by the NMLS.

Federal contract student loan manager license application

As noted, applicants providing FCSL service must apply for a license to engage in student loan service under a contract awarded by the Secretary of Education. Applicants must complete a license form and submit it through the NMLS. Applicants must submit:

  • A non-refundable license fee of $ 5,000;
  • A certificate indicating that the person manages student loans under a contract awarded by the Secretary of Education. The certification must be signed and sworn under oath before a notary public;
  • For those who only manage federal contract student loans, a bond in the amount of $ 30,000, plus an additional $ 30,000 for each branch. Those who manage both federal contract student loans and student loans of any other type seeking both license types are only required to obtain one bond in the amount of $ 30,000.

Operational requirements and penalties

The Bulletin covers the operational requirements of all student loan officers. Among other operational requirements, all student loan managers (regardless of license status) must: (1) keep records; (2) file an annual report with the DOBI, containing information on matters conducted during the previous calendar year; and (3) comply with all DOBI investigations and reviews.

The Bulletin notes that the DOBI Commissioner may suspend, revoke or refuse to review the license of license holders who violate the Act. In addition, the Commissioner has the power to bring a civil action against anyone who violates the Act and can request a fine of more than $ 10,000 for the first offense and $ 20,000 for the second offense and each subsequent offense.

The Act also created a private right of action for borrowers who suffer a verifiable loss of money as a result of the use or employment by a student loan officer of any method, act or practice declared illegal in under the law. Borrowers are entitled to terrible damages as well as reasonable attorney fees, filing fees and prosecution costs.


Those currently managing student loans in New Jersey should be prepared to submit a license application when the license application becomes active on September 15, 2020. Anyone currently engaged in the New Jersey student loan service should apply before December 31, 2020, or risk in an unauthorized activity after that date. Applicants should ensure that if they are serving FCSLs, they apply for both types of license.

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Steven Gerrard’s Rangers set to sign Tottenham’s Dele Alli on loan in January


Steven gerrard was backed to sensational attract the Tottenham star Dele Alli to Rangers by former Liverpool teammate Danny Murphy.

Alli, 24, gave up pecking under Jose Mourinho, with a possible departure from London in January.

He hasn’t made a Premier League start since day one of the new season.

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Image: PA
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But Murphy believes Gerrard could tempt Alli to move north to Scotland to sign for club Ibrox.

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Image: PA

“I’m not sure Dele would be up for it, but I thought maybe Rangers Stevie G could persuade him to go out there and win him the title,” he told talkSPORT.

“He would play every week, score a lot of goals, gain confidence and impress Gareth Southgate.”

The former Fulham midfielder added: “There is an argument that it would be enough to score at this level because it is a drop. But I don’t know.

“Maybe playing under Stevie is something he would enjoy.”

Alli is completely out of favor at Spurs after a prolific stint at the club since his transfer from MK Dons in 2015.

He was a regular with former manager Mauricio Pochettino and played for England in the 2018 World Cup.

Although the midfielder has only made three league appearances this campaign with most of his appearances in the Europa League.

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Image: PA

As for the Gers, they fly high at the top of the championship, with 13 points ahead of second-placed Celtic, but would need reinforcements before the second part of the season.

Alli to the Rangers? Watch this place.