Students may choose any of four different repayment options. If students are judged to have no need based on the Federal Methodology eligibility formula, they are eligible to borrow under this program. While attending college, students must make monthly interest payments. PLUS loans are for parents who want to borrow to help pay for their dependent student's educational expenses. There are no longer yearly or aggregate maximums for the PLUS program.
All PLUS loans are subject to credit approval by the federal government.
Payment normally begins 60 days after the loan is received, however, various options, based on deferment, may be arranged.