Question

what is the purpose of the grace period of a student loan

Answer 1

Answer:

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.

Step-by-step explanation:

Answer 2

The grace period is intended to provide you some breathing room as you hunt for employment and prepare to repay your loans.

• A grace period is meant to provide you some breathing room after graduation before you have to start paying back your student loans.
• Be sure to inquire with your lender or loan servicer to determine if a grace period is offered on your particular loan before you graduate, quit school, or reduce your enrollment to less than half-time.
• A grace period during which a loan or credit card account can be paid off without incurring penalties or additional interest.
• An insurance grace period is a predetermined period after the due date for a premium payment.

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