Student Loans & the Grace Period
Student Loans & the Grace Period refer to the period of time after graduation before a borrower is required to start making loan payments. Most federal student loans carry a six-month grace period, but private loans may have different terms and conditions. During this time, borrowers do not need to make payments on their loan balances, giving them some breathing room as they transition out of college and into the workforce.
The grace period can be an ideal time for students to get their finances in order and come up with a budget that allows them to pay back their student loans without becoming overwhelmed. This could include looking at options like consolidation or refinancing which may help reduce the cost of repayment over time. Borrowers should also determine how much income they will have each month, so they are able to make timely payments when their grace period ends.
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