need some info about PLUS loans

pooball
Sun, 30 Apr 2006 15:45:19 +0000

Hey, I was offered a PLUS loan on my fin. award letter and I need some more info on it. When do we have to repay it back. According to finaid.org:

“Repayment begins 60 days after the funds are fully disbursed, and the repayment term is up to 10 years. There is no grace period as there is with the Stafford Loan program. Some lenders allow parents to defer payment on the PLUS Loan while the student is enrolled in school by capitalizing the interest. Interest is capitalized no more frequently than quarterly.”

So for example, if I was offered 3,000 in the PLUS loan, and I take the 3,000 out, I have to start paying it back while I am in college?