The amount of each payment depends on your loan amount and on the length of your repayment period. The yearly limit on the amount to be borrowed under a PLUS Loan is equal to the cost of attendance minus any other financial aid for which the student is eligible. The interest rate is adjusted each year on July 1. Parents begin repaying the loan within 60 days after the final loan disbursement. There is no grace period for these loans.
Interest begins to accumulate at the time the first disbursement is made.
When you apply for federal student aid, your answers to certain questions will determine whether you're considered dependent on your parents or independent. If you are considered dependent on your parents, you must report their income and assets as well as your own. If you claim to be an independent student, your school may ask you to submit proof before you can receive any federal student aid. If you think you have unusual circumstances that would make you independent even though non of the above criteria apply to you, talk to your aid administrator. He or she can change your status if he or she thinks your circumstances warrant it based on the documentation you provide.