Student Loans & the Grace Period
Student Loans & the Grace Period: Graduating college and entering the real world can be an intimidating process, especially when student loans are part of the equation. Understanding the grace period associated with student loans is key to navigating through repayment successfully.
The grace period, which typically lasts six months after a student leaves school or drops below half-time enrollment, allows time for borrowers to get their finances in order before starting to repay their loan. Additionally, this period provides guidance and resources for those transitioning out of college life. During the grace period interest does still accrue on federal loans; however, it may not require payment until after the grace period ends.
It’s important for borrowers to understand all aspects of their loan agreement during this time frame.
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