The Federal PLUS Loan is a loan that parents can take to help pay for their dependent child’s undergraduate studies. There is an annual loan limit for a PLUS Loan, which can be calculated by the cost of attendance at the student’s school, minus other financial aid the student is receiving for that year. Unlike student loans, the PLUS Loan repayment begins 60 days after disbursement of the loan, but there is the opportunity for parents to apply for payment deferment if their child is enrolled at least half time.