How long is the repayment term?
Generally, you have up to 10 years to repay a PLUS Loan (excluding periods of authorized deferment and forbearance). Lengthening the term will significantly reduce your monthly payment, although you should note that an extended repayment term will increase the total amount of interest you will pay on your loan. However, since there are no prepayment penalties under this program, you can reduce your interest costs by increasing the amount you pay each month or by paying off your loan early without penalty or fee.
