I am eligible to take out $10,000 in parent plus loans. Can I take out $5,000 for this semester and wait until next semester to take out more or do I need to apply for a loan to cover the entire year right now?
You (your parents) can take out any amount you want this semester up to the cost of attendance. Definitely only take what you need for this semester, and then take out more for next semester when you need it. Interest on a Plus loan runs from when it is disbursed, so don’t take it until you need it.