OriginalLoanSummary

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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 its current Repayment Plan.

Schema Definition

Example

{
  "amount_forgiven": 0.00,
  "estimated_tax_liability": 0.00,
  "final_monthly_payment": 0.00,
  "monthly_payment": 0.00,
  "number_of_payments": 0,
  "outstanding_interest": 0.00,
  "outstanding_principal": 0.00,
  "total_cost": 0.00,
  "total_paid": 0.00
}