Keep in mind that parents might need to borrow for each year the student is in school and should plan accordingly to keep loan debt manageable. Interest rates are variable and are adjusted every July 1st. Parents may apply for the PLUS loan through any lender. Parents must pass a credit check before the loan is approved. Repayment begins 60 days after the second disbursement of the PLUS loan.
Borrowers have up to ten years to repay the loan.