PLUS loans are federal loans available to graduate students and the parents of dependent undergraduate students. The terms and conditions of PLUS loans include fixed interest rates, which are currently set at 6.28% for the 2021-2022 academic year, and origination fees deducted from the loan amount before disbursement. Repayment on PLUS loans typically begins within 60 days of disbursement, but borrowers may be able to defer or choose an alternative repayment plan.