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
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 a givenForgivenessOption
.
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"
}
Updated over 2 years ago