Maximum Loan Amount:
Your child's cost of attendance minus other financial aid. For example, if your child's cost of attendance is $6,000, and he or she receives $4,000 in other financial aid, you can borrow up to $2,000 in PLUS Loans.
Interest Rate: The interest rate is variable (adjusted annually on July 1), but it does not exceed nine percent. You'll be notified any time the variable rate changes. For the current PLUS Loan interest rate, go to http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp?tab=funding.
Maximum Loan Length: up to 30 years, depending on the amount borrowed and the repayment plan chosen. There are a number of repayment plans offered through the Direct and FFEL programs. Read the Repaying Your Student Loan online at http://www.studentaid.ed.gov/students/publications/repaying_loans/index.html for more information about repayment.
Frequency of Payments: monthly or quarterly. Generally, the first payment is due within 60 days after the loan is fully disbursed. You must begin repaying both principal and interest while the student is in school.
Prepayment Penalties: none
Fees: You will pay a fee of up to four percent of the loan, deducted proportionately each time a loan disbursement is made. Because of this deduction, you'll receive slightly less than the amount you're borrowing.