After you graduate, leave school, or drop below half-time enrollment, you have six months before you begin repayment. Federal Direct PLUS Loans. This is a federal government loan program for parents of dependent undergraduate students enrolled for six or more credits. The yearly limit is equal to the cost of attendance minus any other financial aid. A 4 percent fee will be deducted from the loan.
Parents are responsible for the interest.
Repayment begins within 60 days of the final loan disbursement for the academic year. This is a loan program administered by the Michigan Higher Education Student Loan Authority. It offers loan funds to creditworthy Michigan students. A cosigner may be required. The maximum loan per academic year is the difference between the cost of attendance and any financial aid the student is eligible to receive.