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A grace period is a time period automatically granted on a loan during which the borrower does not have to pay the issuer any monies toward the loan, and the borrower does not incur any penalties for not paying. Payments may be made during both grace periods and deferment but are not required.

For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period (sometimes nine months for Perkins Loans) before you must begin making payments. This grace period gives you time to get financially settled and to select your repayment plan.

Not: The purpose of the grace period of a student loan is to give you breathing room between graduation and your first student loan payment. It is there, so you have the time to find a job and start making money before you have to pay for your debt. Describe some of the characteristics of federal student loans.

A ?post-deferment grace period? is the period of 6 consecutive months that immediately follows the end of a period of deferment and precedes the date on which the borrower must resume repayment on the loan. Neither the deferment nor the grace period is counted as part of the 10-year repayment period.

Direct Subsidized Loans and Direct Unsubsidized Loans have a six-month grace period before payments are due.

The DEAL Student Loan can help you cover the cost of attending college if federal loans, grants, scholarships and savings don't meet funding needs. It can be used for undergraduate and graduate classes.