When referring to student loans, the grace period is also called a waiting period, it is the period you have before you begin to pay back your loan. The grace period lasts for 6 months.
As a student, if you take a federal loan, you are required to start repaying your loan after graduation, although you are not compelled to start repaying your loan immediately after graduation. You still have a grace period.
Further Explanation
You are granted the grace period to look for a job to service your debt. Typically, this period starts upon graduation and expired after 6 months.
All the categories of federal loans include
- Parent PLUS Loans
- Graduate PLUS Loans
- Direct Consolidation Loans
- Direct Subsidized Loans
- Direct Unsubsidized Loans
Some loan types grant a grace period of nine months before you start to pay back your loans monthly, but the grace period for federal loans is six months.
Also, not the federal loans offer a six month grace period. For example, if you take PLUS loans, you have no grace period.
There is also no grace period when it comes to a private loan. If you take a private loan, then it incumbent on you to meet up with your loan service and inquire about the grace period.
A student loan refers to financial assistance that is designed to assist students to pay for different fees in school.
Some of these fees include:
- Tuition
- Books
- Living expenses and many more
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- student loans
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