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

Property	Type	Format	Description
`amount_forgiven`	`number`	`float`	Total amount of outstanding `Loan` balance that will be forgiven at the end of the current Repayment Plan's term.
`estimated_tax_liability`	`number`	`float`	Estimated tax bomb, or the amount `Borrower` will have assessed as income based on total amount forgiven by the current Repayment Plan.
`final_monthly_payment`	`number`	`float`	The amount of the final monthly payment.
`monthly_payment`	`number`	`float`	The standard monthly payment over the course of the repayment term.
`number_of_payments`	`integer`	`int32`	Total number of payments that will be made over the course of the repayment term.
`outstanding_interest`	`number`	`float`	Total unpaid interest.
`outstanding_principal`	`number`	`float`	Total unpaid principal.
`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 the current Repayment Plan.
`total_paid`	`number`	`float`	The sum of all monthly payments a `Borrower` will make on a loan's current Repayment Plan over its lifetime.

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
}