Parents have several repayment plans from which to choose to repay their PLUS loans: the standard, the extended, and the graduated repayment plans. Borrowers may change their repayment plans at anytime with certain restrictions.

The STANDARD REPAYMENT plan is a ten year plan. The minimum monthly payment is $50. Borrowers are initially given the standard plan, but may request a different plan.

The EXTENDED REPAYMENT plan allows for an increased length of time to pay off the loan. If you have borrowed a total of $30,000 or more in PLUS loans from the same lender, you can request to pay off the loans over 25 years. This will lower the monthly payments, but increase the total interest paid. Remember that you may pay extra on your loans, as there is no pre-payment penalty. This will help in paying off the loan sooner and reducing total interest paid.

If you would like an extended repayment plan to reduce your monthly payments, but do not have $30,000 or more in loans, consider consolidating your PLUS loans. Consolidation loan repayment terms range from 12 to 30 years depending on the amount borrowed.

The GRADUATED REPAYMENT plan is for ten years, but the payments in the first few years start out low and increase over time. The graduated period is usually during the time when the student is enrolled. During this time the monthly payment is usually only the interest charged, making the monthly payments much less than the standard plan. Once the interest only period has ended, the monthly payments must increase significantly in order to pay off the amount borrowed in the short period of time remaining on the loan.

The INCOME-CONTINGENT REPAYMENT plan allows borrowers to pay according to their annual income. Borrowers must consolidate their PLUS loans with the Direct Loan Program to be eligible for this repayment plan. Monthly payments are determined by the borrower's annual income and the repayment term is 25 years. Borrowers working in public service positions, including government and not-for-profit organizations may be eligible for the Public Service Loan Forgiveness Program.