This refers to loan repayments. Graduated repayment is when the monthly loan payments are small at first and then increase with time. Graduated repayment schedules are not allowed for PLUS loans. Under this plan, monthly loan payments increase as income levels increase. PLUS loans are not eligible for this payment option.
Interest is the amount of money charged for borrowing from a lender.
Interest charges are usually included in each month's payments. Temporary use of money, by the borrower from the lender, that must be repaid. The unpaid or original dollar amount on a loan. It states the terms, details, and obligations of the borrower to repay the lender. If the borrower defaults on the loan, the lender has the option of selling or confiscating the collateral used in acquiring the loan.