RepaymentOption
Payitoff API: RepaymentOption
Schema
A RepaymentOption
object returns all the financial details of a given Repayment Plan, properly calculated for your Borrower
and their unique situation, allowing you to provide a unique Assessment tailored just for their needs—enabling them to compare various Repayment Plans against their current Repayment Plan, and choose a Plan that works best for their goals and needs.
Understand
total_paid
vstotal_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 oftotal_paid
plus the taxes owed on that forgiven amount (which is calculated and provided in theamount_forgiven
andestimated_tax_liability
properties). In other words,total_cost
is the bottom line amount a borrower will pay to dispense of their loan on aRepaymentOption
.
Understand
scheduled_monthly_payment
vsstarting_monthly_payment
When you look at
RepaymentOption
objects, you will notice there are two monthly payment properties—scheduled_monthly_payment
andstarting_monthly_payment
. Though confusing, these values are provided separately to help a borrower make the best financial decisions for their futures, not just during this historically anomalous time.During the ongoing COVID forbearance period—currently scheduled to end 2021-09-30—
scheduled_monthly_payment
provides the monthly payment a borrower would pay under normal conditions.On the other hand,
starting_monthly_payment
provides the monthly payment a borrower is expected to pay during COVID forbearance (which should always be0.00
).When the COVID forbearance period ends, both
scheduled_monthly_payment
andstarting_monthly_payment
should hold identical values.
Schema Definition
Property | Type | Format | Description |
---|---|---|---|
|
| Deprecated. Will be removed in API v2. | |
|
|
| Total amount of outstanding |
|
| TODO | TODO |
|
| An | |
|
|
| Estimated tax bomb, or the amount a |
|
|
| The amount of the final monthly payment. |
|
| An | |
|
|
| An |
|
| The name of the Repayment Plan this | |
|
|
| Total number of payments that will be made over the course of the repayment term. |
|
| Is this Defaults to | |
|
| A | |
|
|
| The regular monthly payment a borrower would pay under normal conditions, but is unlikely to pay during COVID forbearance. |
|
|
| The monthly payment a borrower is expected to pay during COVID forbearance (which should always be |
|
|
| The sum of |
|
|
| The sum of all monthly payments a |
Example
{
"action_items": [],
"amount_forgiven": 0,
"annual_snapshots": [],
"eligible_loans": [],
"estimated_tax_liability": 0,
"final_monthly_payment": 0,
"ineligible_loans": [],
"ineligible_reasons": [
"No partial financial hardship",
"New Borrower Date is required",
"Qualifying PAYE requires Adjusted Gross Income",
"Qualifying PAYE requires Residence",
"Qualifying PAYE requires Family Size",
"No eligible loans"
],
"name": "Income-Based (2009)",
"number_of_payments": 0,
"pslf_eligible": true,
"repayment_plan": {
"description": "Income Based Repayment Plan (2009)",
"idr": true,
"name": "IBR",
"type": "ibr"
},
"scheduled_monthly_payment": 0,
"starting_monthly_payment": 0,
"total_cost": 0,
"total_paid": 0
}
Updated 9 months ago