Disclaimer: This calculator is for educational planning only and does not constitute tax, legal, or financial advice. Tax rates use 2026 IRS projected brackets and standard deductions; state rates use 2025 published top marginal or flat rates. Federal Poverty Levels use 2026 HHS estimated guidelines. Federal student loan plans reflect the One Big Beautiful Bill Act (OBBBA) signed July 2025, effective July 1, 2026: SAVE eliminated, PAYE & ICR sunsetting July 1, 2028, RAP launched as the only IDR option for loans disbursed after July 1, 2026, IBR remains available for legacy borrowers. Grad PLUS Loans eliminated for new borrowers (existing borrowers grandfathered up to 3 additional years). New annual cap: $50,000/yr Direct Unsubsidized for medical/dental students with $200,000 lifetime cap. PSLF eligibility preserved under qualifying plans (RAP, IBR, Standard 10-year). Time in medical residency/fellowship continues to count toward PSLF. Consult a CPA for tax filing and a financial advisor for personal recommendations.
Methodology: AGI = gross − (401k + health + HSA + FSA). Federal taxable = AGI − greater of standard or itemized. Federal tax = progressive bracket calculation. State tax = flat or marginal rate × (AGI − state exemption). FICA = 7.65% × W-2 wages (SS capped at $176,100). RAP = 1-10% of AGI by $10k bracket (≤$10k → $10/mo flat; >$100k → 10%) − $50/dependent, $10/mo minimum. Unpaid interest waived. $50/mo principal match when payment ≥ interest. 30-year forgiveness (taxable) or 10-year PSLF (tax-free). IBR = 10% × (AGI − 150% × FPL) ÷ 12, capped at standard 10-year payment, 20-year forgiveness for post-2014 borrowers. All projections compound monthly. IDR payments use prior-year AGI (annual recertification).