There are four repayment plans offered on the PLUS loan; they are:
1. Standard Repayment - requires you to pay a set amount monthly (with a minimum of at least $50) for up to a maximum of 10 years. However, this set amount may be changed depending on your interest rate, number of payments, and total principal balance.
2. Income Sensitive - is adjusted yearly according to your annual income and the amount of your loan. If this plan requires more than 10 years to complete your repayment, your lender can put your loan in forbearance to lengthen your repayment time up to five additional years.
3. Graduated Repayment - begins with smaller monthly payments, and then enlarges the payments over 10 years. The amount of your loan determines how often and by how much your payments increase.
4. Extended Repayment - allows for the repayment period to be extended for up to 25 years. You must be a new borrower on or after 10/7/98 with FFELP loans totaling more than $30,000. You may choose to make standard or graduated payments under this plan.
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