HomeGuidesAPI Reference

ForgivenessOption

Payitoff API: ForgivenessOption Schema

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.

📘

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

PropertyTypeFormatDescription
amount_forgivennumberfloatTotal amount of outstanding Loan balance that will be forgiven at the end of the required repayment term.
eligible_loansarrayLoanAn array of Loan objects which meet the eligibility criteria for this ForgivenessOption.
ineligible_loansarrayLoanAn array of Loan objects which do not meet the eligibility criteria for this ForgivenessOption.
ineligible_reasonsarraystringAn array of reasons Loans or a Borrower may not meet eligibility criteria for this ForgivenessOption.
matching_institutionsarrayanyOf:
Employer
GovernmentAgency
LowIncomeSchool
School
Institutions that employ a Borrower and qualify for this ForgivenessOption.
metadataobjectAdditional details about this ForgivenessOption.
namestringThe name of this forgiveness program.
savingsnumberfloatThe estimated savings a Borrower will realize on this ForgivenessOption.
total_costnumberfloatThe 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_paidnumberfloatThe sum of all monthly payments a borrower will make on a loan's current Repayment Plan over its lifetime.
typestringpslf
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"
}