You may have heard that if you take out a student loan, you will potentially have a grace period before you have to start making payments back. This is true for some, but not all loans. It is meant for students to regroup and continue saving money in order to make their upcoming monthly student loan payments.
Student Loan Grace Period
A student loan grace period is typically six to nine months long but vary depending on your loan provider. You can find out what your exact grace period is by going to your loan provider’s web page. Using this time wisely will help you stay focused and prepared for making your monthly payments. You can use your grace period to calculate your monthly payment amount and start saving and budgeting so you can afford to pay it off every month. We also have an article with ideas for utilizing this time in the best way possible that you can find here.
Don’t Ignore Your Loans
It can certainly be easy to want to ignore your loans during this period, but it’s better to plan ahead and create a budget. Don’t hesitate to ask your college financial aid office or parents for help with this. They may have invaluable resources and experience to help guide you.