// 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 += '

// 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 = 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 = 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 = 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 = 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 = 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 += '

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";
});

The post Student Loan Calculator appeared first on The College Investor.

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