Student Loan Calculator

function calculateRepaymentPlans() {
var balance = parseFloat(document.getElementById(‘loanBalance’).value);
var rate = parseFloat(document.getElementById(‘loanRate’).value) / 100 / 12;
var income = parseFloat(document.getElementById(‘income’).value);
var familySize = parseInt(document.getElementById(‘familySize’).value);
var location = document.getElementById(‘location’).value;
var loanType = document.getElementById(‘loanType’).value;

var povertyGuidelines = {
“us”: [15060, 20440, 25820, 31200, 36580, 41960, 47340, 52720],
“alaska”: [18810, 25540, 32270, 39000, 45730, 52460, 59190, 65920],
“hawaii”: [17310, 23500, 29690, 35880, 42070, 48260, 54450, 60640]
};

var fpg = povertyGuidelines[location][familySize – 1];
var discretionaryIncomeOldIBR = Math.max(income – (fpg * 1.5), 0);
var discretionaryIncomeNewIBR = Math.max(income – (fpg * 1.5), 0);
var discretionaryIncomePAYE = Math.max(income – (fpg * 1.5), 0);
var discretionaryIncomeSAVE = Math.max(income – (fpg * 2.25), 0);
var discretionaryIncomeICR = Math.max(income – fpg, 0);

var resultText = ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

if (balance && rate && income && familySize) {
// Standard Repayment Plan
var standardMonths = 120; // 10 years * 12 months
var standardPayment = Math.round((balance * rate) / (1 – Math.pow(1 + rate, -standardMonths)));
var totalInterestStandard = Math.round(standardPayment * standardMonths – balance);
var totalPaidStandard = Math.round(balance + totalInterestStandard);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

// Graduated Repayment Plan
var graduatedMonths = 120; // 10 years * 12 months
var graduatedPayment = Math.round((balance * rate) / (1 – Math.pow(1 + rate, -graduatedMonths)));
var graduatedIncrease = 1.5; // Graduated payments increase every 2 years
var totalInterestGraduated = 0;
var remainingBalance = balance;
var minPayment = graduatedPayment;
var maxPayment = graduatedPayment;

for (var i = 0; i < graduatedMonths; i++) {
if (i % 24 == 0 && i != 0) {
graduatedPayment = Math.round(graduatedPayment * graduatedIncrease);
maxPayment = graduatedPayment;
}
var interest = remainingBalance * rate;
totalInterestGraduated += interest;
if (remainingBalance + interest – graduatedPayment < 0) {
graduatedPayment = Math.round(remainingBalance + interest); // Adjust the final payment to avoid negative balance
}
remainingBalance += interest – graduatedPayment;
if (remainingBalance <= 0) {
remainingBalance = 0;
break;
}
}
var totalPaidGraduated = Math.round(balance + totalInterestGraduated);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

// Extended Repayment Plan
if (balance >= 30000) {
var extendedMonths = 300; // 25 years * 12 months
var extendedPayment = Math.round((balance * rate) / (1 – Math.pow(1 + rate, -extendedMonths)));
var totalInterestExtended = Math.round(extendedPayment * extendedMonths – balance);
var totalPaidExtended = Math.round(balance + totalInterestExtended);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;
} else {
resultText += ‘

‘;
}

// Income-Based Repayment (Old)
var ibrOldMonths = 300; // 25 years * 12 months
var ibrOldPayment = Math.round((discretionaryIncomeOldIBR * 0.15) / 12);
var totalInterestIBROld = 0;
var totalForgivenessIBROld = 0;
var remainingBalanceIBROld = balance;

for (var j = 0; j < ibrOldMonths; j++) {
var interestIBROld = remainingBalanceIBROld * rate;
totalInterestIBROld += interestIBROld;
if (ibrOldPayment >= interestIBROld) {
remainingBalanceIBROld -= (ibrOldPayment – interestIBROld);
} else {
remainingBalanceIBROld += interestIBROld – ibrOldPayment;
}
if (remainingBalanceIBROld <= 0) {
totalForgivenessIBROld += Math.abs(remainingBalanceIBROld);
remainingBalanceIBROld = 0;
break;
}
}
totalForgivenessIBROld += remainingBalanceIBROld;
var totalPaidIBROld = Math.round(balance + totalInterestIBROld – totalForgivenessIBROld);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

// Income-Based Repayment (New)
var ibrNewMonths = 240; // 20 years * 12 months
var ibrNewPayment = Math.round((discretionaryIncomeNewIBR * 0.10) / 12);
var totalInterestIBRNew = 0;
var totalForgivenessIBRNew = 0;
var remainingBalanceIBRNew = balance;

for (var k = 0; k < ibrNewMonths; k++) {
var interestIBRNew = remainingBalanceIBRNew * rate;
totalInterestIBRNew += interestIBRNew;
if (ibrNewPayment >= interestIBRNew) {
remainingBalanceIBRNew -= (ibrNewPayment – interestIBRNew);
} else {
remainingBalanceIBRNew += interestIBRNew – ibrNewPayment;
}
if (remainingBalanceIBRNew <= 0) {
totalForgivenessIBRNew += Math.abs(remainingBalanceIBRNew);
remainingBalanceIBRNew = 0;
break;
}
}
totalForgivenessIBRNew += remainingBalanceIBRNew;
var totalPaidIBRNew = Math.round(balance + totalInterestIBRNew – totalForgivenessIBRNew);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

// PAYE
var payeMonths = 240; // 20 years * 12 months
var payePayment = Math.round((discretionaryIncomePAYE * 0.10) / 12);
var totalInterestPAYE = 0;
var totalForgivenessPAYE = 0;
var remainingBalancePAYE = balance;

for (var l = 0; l < payeMonths; l++) {
var interestPAYE = remainingBalancePAYE * rate;
totalInterestPAYE += interestPAYE;
if (payePayment >= interestPAYE) {
remainingBalancePAYE -= (payePayment – interestPAYE);
} else {
remainingBalancePAYE += interestPAYE – payePayment;
}
if (remainingBalancePAYE <= 0) {
totalForgivenessPAYE += Math.abs(remainingBalancePAYE);
remainingBalancePAYE = 0;
break;
}
}
totalForgivenessPAYE += remainingBalancePAYE;
var totalPaidPAYE = Math.round(balance + totalInterestPAYE – totalForgivenessPAYE);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

// SAVE 2024
var saveMonths = loanType === “undergraduate” ? 240 : 300; // 20 years for undergrad, 25 years for grad
var savePayment = Math.round((discretionaryIncomeSAVE * 0.05) / 12);
var totalInterestSAVE = 0;
var totalForgivenessSAVE = 0;
var remainingBalanceSAVE = balance;

for (var m = 0; m < saveMonths; m++) {
var interestSAVE = remainingBalanceSAVE * rate;
totalInterestSAVE += interestSAVE;
if (savePayment >= interestSAVE) {
remainingBalanceSAVE -= (savePayment – interestSAVE);
} else {
remainingBalanceSAVE += interestSAVE – savePayment;
}
if (remainingBalanceSAVE <= 0) {
totalForgivenessSAVE += Math.abs(remainingBalanceSAVE);
remainingBalanceSAVE = 0;
break;
}
}
totalForgivenessSAVE += remainingBalanceSAVE;
var totalPaidSAVE = Math.round(balance + totalInterestSAVE – totalForgivenessSAVE);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;

// ICR
var icrMonths = 300; // 25 years * 12 months
var icr12YearStandardPayment = Math.round((balance * rate) / (1 – Math.pow(1 + rate, -144))); // 12 years * 12 months
var icrIncomeBasedPayment = Math.round((discretionaryIncomeICR * 0.20) / 12);
var icrPayment = Math.min(icr12YearStandardPayment, icrIncomeBasedPayment);
var totalInterestICR = 0;
var totalForgivenessICR = 0;
var remainingBalanceICR = balance;

for (var n = 0; n < icrMonths; n++) {
var interestICR = remainingBalanceICR * rate;
totalInterestICR += interestICR;
if (icrPayment >= interestICR) {
remainingBalanceICR -= (icrPayment – interestICR);
} else {
remainingBalanceICR += interestICR – icrPayment;
}
if (remainingBalanceICR <= 0) {
totalForgivenessICR += Math.abs(remainingBalanceICR);
remainingBalanceICR = 0;
break;
}
}
totalForgivenessICR += remainingBalanceICR;
var totalPaidICR = Math.round(balance + totalInterestICR – totalForgivenessICR);
resultText += ‘

‘ +
‘

‘ +
‘

‘ +
‘

‘ +
‘

‘;
} else {
resultText += ‘

‘;
}

resultText += ‘

‘;
document.getElementById(‘resultLoan’).innerHTML = resultText;
}

document.querySelector(‘button’).addEventListener(‘mouseover’, function() {
this.style.backgroundColor = ‘#fcb900’;
});

document.querySelector(‘button’).addEventListener(‘mouseout’, function() {
this.style.backgroundColor = ‘#007bff’;
});