How to Understand Student Loan Repayment Grace Periods

Some students who take out student loans don't fully understand the idea of a grace period. Grace periods are an allotted amount of time in which payments (of the principal and interest) are postponed, also known as deferred.

Things You'll Need

  • loan information
  • financial aid package
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Instructions

    • 1

      Contact your lender. Talk to them about the grace periods for each of your loans. Nearly every student loan starts out with either a three month or six month grace period following graduation.

    • 2

      Know the grace periods for each type of loan you have. The following is a list of the most common loans and their grace periods: Federal Perkins Loan - 9 month grace period. Direct Stafford Loan - 6 month grace period. Federal Family Education Loans (FFEL) - 6 month grace period. Nursing Loan - 9 month grace period. Health Professions Loan - 12 month grace period

    • 3

      Consider consolidation. This may help simplify your payments by placing all loans into one big loan with one interest rate.

    • 4

      Request forbearance or deferment. These both have terms in which loan repayment can be postponed, including financial hardship, accidents or disability. Talk to your lender about each of these.

    • 5

      Begin payment when grace period has ended.

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