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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.

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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"
}

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