<p>can someone explain it to me?</p>
<p>my parents make a 100k a year but after mortgage and everything its very little</p>
<p>now i got my financial aid from the school i was going to. they offered all loans and 30k in federal plus loans.</p>
<p>my question is explain in common terms how it works. is it a monthly payment? just explain basics pls</p>
<p>Basically, PLUS loans have a fixed 8.5% interest rate, are easier to get for many parents as only a basic credit check is required, and the monthly payments can be started immediately or deferred until the student graduates (but interest keeps building up). </p>
<p>There’s alot of info for you here:
[FinAid</a> | Loans | Parent Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Parent Loans - Finaid)</p>
<p>According to the calculator here, a $30K PLUS loan would have your parents paying around $372/month for 10 years. Not good, imo, if you’re going to need that every year!</p>
<p>[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)</p>