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 variable but will never exceed 9 percent. 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.
A Consolidation Loan is designed to help student and parent borrowers combine several types of federal student loans with various repayment schedules into one loan. With a Consolidation Loan , you'll make only one payment a month instead of several separate payments. You may have a lower payment, a lower interest rate, and a longer repayment term. To obtain more information on federal or state financial aid programs, or to apply for financial aid through any of these programs, contact the financial aid office at the school you plan to attend, talk to your high school guidance counselor or Student Assistance Foundation of Montana .