The 23-year-old, who has already appeared on loan for Matlock Town earlier in the campaign, has failed to score in six starts and five substitute outings for the Pilgrims to date.
Waite becomes the fifth United player out on loan at an Evo-Stik club, with Jan Yeomans and Harry Vince at Matlock, Jack Broadhead at Buxton and Liam Adams at Stamford AFC.