Assessments are the most critical piece in a Borrower's journey to eliminate student loan debt and improve their current and future financial picture. Our API allows your products to present Repayment and Forgiveness Options available to your borrower, determine eligibility, and help your borrowers choose the best possible outcome for their unique financial situations and goals.
When you query our Get Repayment Options API endpoint, you'll receive a JSON response object with two properties—
original property provides an
OriginalLoanSummary, a high-level look at the key financial properties of a
Loan and its current Repayment Plan. The
repayment_options property provides an
RepaymentOption objects with a great deal of detail on a given Repayment Plan so you can provide detailed Assessments to your borrowers.
When you look at
RepaymentOption objects, you will notice there are two monthly payment properties—
starting_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 2023-06-30—
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 be
When the COVID forbearance period ends, both
starting_monthly_payment should hold identical values.
Updated about 1 year ago