Get more time to repay.
The standard repayment term for a Federal PLUS Loan is 10 years. Your repayment will begin 30 to 60 days after the final disbursement of your PLUS loan funds.
But consolidate your PLUS loans, and get up to 30 years to repay.
You’re eligible to consolidate your PLUS loans as soon as they go into repayment.
Repay early with no prepayment penalties.
You won’t ever be charged for making more than the minimum payment or for paying off your PLUS loans early.
What if I have trouble making my payments?
Once you’ve received all your PLUS loan funds, you can choose from different repayment options, such as income-sensitive and extended payment plans, which can help make repayment more affordable.
If you’re experiencing financial difficulties, you may qualify for deferment or forbearance benefits. With the deferment and forbearance benefits that come with your Federal PLUS Loan, you may be allowed to temporarily postpone making payments without affecting your credit rating.
If I’m temporarily not making any PLUS loan payments because I’m in deferment or forbearance, am I still being charged interest?
Yes. Your PLUS loan will continue to accrue interest while you’re in any deferment or forbearance period. Any unpaid interest that accrues during these postponement periods will be added to the principal of your PLUS loan for you to repay once your repayment resumes.
If you want to avoid having any accrued interest added to your principal PLUS loan balance, you can choose to make interest-only payments on your PLUS loan during either of these postponement periods.
What are my repayment options?
You have four repayment plans available to you for your PLUS loan. Besides the standard 10-year repayment plan, once you’ve received your final PLUS disbursement, you can also choose one of three alternate payment plans that could help make repayment more affordable:
- Standard Repayment: the typical repayment period for a Federal PLUS Loan is 10 years. For a fixed-rate PLUS loan in a standard repayment plan, your monthly payment amount will remain the same throughout your repayment period.
- Extended Repayment: a repayment plan that allows you to extend your repayment period up to a 25-year term, depending on your loan amount. This option is available to you if your PLUS loans total more than $30,000 and if you received your first PLUS loan on or after October 7, 1998.
- Graduated Repayment: a repayment plan that allows you to start with a lower monthly payment and then gradually increases the monthly payment amount over the repayment term. The payment amount generally increases every two years and must be at least enough to cover the monthly interest.
- Income-Sensitive Repayment: a repayment plan that bases your monthly payment amount on your monthly income. The monthly payment must be at least enough to cover the monthly interest. You’ll need to submit income documentation to qualify for this repayment plan, and you need to requalify each year
What’s a PLUS loan?
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PLUS Loan FAQs
