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.
The Federal Consolidation Loan Program was created to allow you the opportunity to combine your education loans into one monthly payment. You are eligible for loan consolidation if you have education loans that you want to combine into a single loan. By doing this you may be able to reduce your monthly payment and extend your repayment period. In addition, you would have the convenience of one loan with one lender and one payment. Education loans can be consolidated while they are in a grace period or repayment status.