The student and parent must be U.S. Citizens, U.S. Permanent Residents, or Other Eligible Non-citizens as defined by the U.S. Department of Education. Interest begins accruing when the loan is disbursed. Parents must begin repaying the loan 60 days after the final loan disbursement of the loan period. For fall-spring loans, parents must begin repaying the loan 60 days after the spring disbursement. PLUS loan payments cannot be deferred while the student is in school unless the parent is also enrolled half time in school or if the parent borrowed a previous PLUS before July 1992.
Interest begins to accumulate at the time the first disbursement is made.
The maximum repayment term for the Federal PLUS is 10 years. There is no cumulative borrowing limit. For information on how to apply for the PLUS loan, see PLUS Loan Application Process . These loans are usually more expensive than the federal loans and the costs vary widely between programs. All of these lenders will review the borrower's credit history and some of them will require a loan cosigner.