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A student loan grace period typically is a six-month-long term where a student doesn’t have to make payments on their student loan debt. This time allows new graduates to find a job, start making a paycheck, and get their feet underneath them.
While you don’t have to, can you start paying your student loans during your grace period? Should you?
Benefits of Making Payments During a Grace Period
Yes! You can start paying your student loans during your grace period. In fact, there are benefits to starting your payments early.
Getting started right away can help you pay off your loans that much faster, and can save you money in terms of reducing interest build up.
Should I Make Payments During My Grace Period?
Whether or not you should repay during your grace period depends on a few factors:
- Did you get a full-time job right out of college?
- Can you fit repayments into your monthly budget?
- Do the terms of your loan change if you start paying early?
It’s important to consider all of your options before selecting a course of action. Be sure to get into contact with your loan lender(s) and ask them about potentially repaying during your grace period.
