ForgivenessOption

There are many student loan forgiveness programs at federal, state, and lower levels available to borrowers. Our API surfaces two of the largest programs—PSLF and TCLI—and support for more forgiveness programs will continue to increase in the future.

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Understand total_paid vs total_cost
total_paid is the sum of all monthly payments a borrower will make on a loan's current Repayment Plan over its lifetime.
With Income-Driven Repayment plans, there is sometimes a "tax bomb" at the end of their repayment term—any outstanding balance is forgiven, but treated as taxable income. Thus, total_cost provides the sum of total_paid plus the taxes owed on that forgiven amount (which is calculated and provided in the amount_forgiven and estimated_tax_liability properties). In other words,total_cost is the bottom line amount a borrower will pay to dispense of their loan on a given ForgivenessOption.

Schema Definition

Property	Type	Format	Description
`amount_forgiven`	`number`	`float`	Total amount of outstanding `Loan` balance that will be forgiven at the end of the required repayment term.
`eligible_loans`	`array`	`Loan`	An `array` of `Loan` objects which meet the eligibility criteria for this `ForgivenessOption`.
`ineligible_loans`	`array`	`Loan`	An `array` of `Loan` objects which do not meet the eligibility criteria for this `ForgivenessOption`.
`ineligible_reasons`	`array`	`string`	An `array` of reasons `Loans` or a `Borrower` may not meet eligibility criteria for this `ForgivenessOption`.
`matching_institutions`	`array`	`anyOf:` `Employer` `GovernmentAgency` `LowIncomeSchool` `School`	Institutions that employ a `Borrower` and qualify for this `ForgivenessOption`.
`metadata`	`object`		Additional details about this `ForgivenessOption`.
`name`	`string`		The name of this forgiveness program.
`savings`	`number`	`float`	The estimated savings a `Borrower` will realize on this `ForgivenessOption`.
`total_cost`	`number`	`float`	The sum of `total_paid` plus `estimated_tax_liability` owed on total `amount_forgiven`. In other words, `total_cost` is the bottom line amount a borrower will pay to dispense of their loan on this `ForgivenessOption`.
`total_paid`	`number`	`float`	The sum of all monthly payments a borrower will make on a loan's current Repayment Plan over its lifetime.
`type`	`string`	`pslf` `tcli`	A short string code representing the type of forgiveness program.

Example

An example ForgivenessOption returned from our Get Forgiveness Options API endpoint:

{
  "amount_forgiven": 0.00,
  "eligible_loans": [],
  "ineligible_loans": [],
  "ineligible_reasons": [
    "Does not work for qualifying employer"
  ],
  "matching_institutions": [],
  "metadata": {
    "qualifying_start_date": "2015-12-10"
  },
  "name": "Teacher Loan Forgiveness",
  "savings": 0.00,
  "total_cost": 0.00,
  "total_paid": 0.00,
  "type": "tcli"
}

📘Understand total_paid vs total_cost

Schema Definition

Example

📘
Understand `total_paid` vs `total_cost`