AEach pays their own
Student
- 10-year payment
- $364/mo
- Share of pay above basic expenses
- 10.5%Good
- Each month, before tax
- $3,107 left
Parents
- 10-year payment
- $60/mo
- Share of income above basic expenses
- 2.5%Safe
- Each month, before tax
- $2,303 left
Financial GPS
Financial GPS · for students and parents together
Can we, as a family, afford it?
Two parts. First, can the family cover four years of cost under the new loan limits? Then, can everyone carry the payments afterward, including if the parents can’t pay?
Our answer
Start overStep 1 · Paying for school
University of Michigan-Flint: $7,508 a year after grants for a family earning about $83,000, or $30,030 over four years.
- Family $0
- Federal student loans $26,715
- Parent PLUS $3,316
- Private loans $0
Each year’s figures
| Year | Family | Federal student loans | Parent PLUS | Private loans |
|---|---|---|---|---|
| Year 1 | $0 | $5,442 | $2,066 | $0 |
| Year 2 | $0 | $6,431 | $1,076 | $0 |
| Year 3 | $0 | $7,421 | $87 | $0 |
| Year 4 | $0 | $7,421 | $87 | $0 |
Covered, with $3,316 of Parent PLUS. Parent PLUS is capped at $20,000 a year and $65,000 in total, with no income-based plan.
Paid in this order: family money, federal student loans up to the annual limits, Parent PLUS up to the caps, then private loans.
Step 2 · Paying it back
Step 2: paying it back
- Student
- $32,053 federal: $364 a month over 10 years.
- Parents
- $4,732 Parent PLUS: $60 a month on the 10-year yardstick, billed $60 a month over 10 years.
All fields at University of Michigan-Flint: typical pay of $65,600 four years after graduating. Basic expenses: $23,940 a year (150% of the 2026 poverty line, one person).
BWe pool it
Both incomes and both payments in one family budget: $364 + $60 a month together.
- Share of both incomes above basic expenses
- 7.3%
- Each month, before tax
- $5,411 left
Pooled, the family covers both with $5,411 a month left.
CThe student pays everything
If the parents can’t pay, the student takes on both: $364 + $60 a month.
Student
- Share of pay above basic expenses
- 12.2%Concerning
- Each month, before tax
- $3,047 left
Parents
- Each month, before tax
- $2,363 left
Student pays 0% of the Parent PLUS payment: the student pays $364 a month ($3,107 left), and the parents pay $60 ($2,303 left). At 0%, the parents pay all of their Parent PLUS.
The loan stays in the parent’s name whoever pays it.
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For a household of three: two adults and one child at home.
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How these loans work now
New Parent PLUS has no income-based plan and no Public Service Loan Forgiveness: the standard plan’s payment is the payment.
Its length depends on what you owe when repayment starts, including deferred interest: 10 years under $25,000, 15 under $50,000, 20 under $100,000, 25 above.
Already repaying Parent PLUS for an older child? A new loan moves those onto the new standard plan too.
Loans made from July 2027 can’t be paused for unemployment or hardship.
The student’s federal loans can use RAP, which is based on income. Private loans have no income-based plan.
10-year payment at 2026-2027 federal rates (6.52% undergraduate, 1.057% fee): a yardstick, not a repayment plan. Federal loans treated as unsubsidized, with interest from each disbursement until repayment starts six months after graduating. Private loans deferred in school at the chosen rate, repaid over 10 years. Earnings: College Scorecard median four years after graduating; half earn less. Basic expenses: 150% of the 2026 federal poverty guideline for one person, a national figure that doesn’t reflect local costs. Sources: College Scorecard via Azimuth; Federal Student Aid; HHS. Parent PLUS at 9.07% with a 4.228% fee, deferred while the student is enrolled. Parents’ basic expenses: 200% of the 2026 guideline for a household of three. Net price: the school’s reported averages by family income, estimated between bands.