You are graduating, or you have graduated for 3 moths and yet there’s no sign of a full time job. You’re still hunting for that job and you’re losing sleep over the upcoming payment of your student loans. You are worried that someone from the lender will call you soon and you will receive a written notice.
Regardless what people tell you, there’s a Borrower Grace Period.
Here’s what it stands for: after you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be
- Six months for a Federal Stafford Loan (Direct Loan ProgramSM or Federal Family Education Loan (FFELSM) Program).
- Nine months for Federal Perkins Loans.
It does offer some relief in a bad economy such as this one, but you will still need to find that job soon.
Source: studentaid.ed.gov