Student Loan Essentials - Grace and Deferment

Know your Student Loan Grace Period

Find out exactly how long you have from when you finish your course till when you have to start paying off your loans, or the time your are no longer enrolled. You could have dropped out or your study load has reduced to below half-time study.

The grace period on Student loans is normally 6 months on most Federally Guaranteed loans, but it can very, such as:

PLUS Student Loan - 0 Months
Stafford Student Loan - 6 months
Perkins Student Loan- 9 months
FISL Loan - 12 months

A good idea is to use your grace period as a time to consolidate your loans, so use the time wisely to apply for consolidation loans which could end up reducing your repayment time considerably. Also use the time to land a part-time or full-time job to help you start meeting your loan repayment as soon as the grace period is over!

Student Loan Deferment and Forbearance Options

Deferment lets you go without having to make any repayments for an approved period. For Federal Stafford Loans there is no interest charges on your account during this period.

There are three types of Deferment you need to know about:

In School Deferment:

This is the period you're enrolled in your school and class contact time is at least part time - normally 6 units for undergrads and 4 units for grads. This In School Deferment Period also normally includes a six month grace period. You may need to provide proof of your enrollment time via a letter from the school's register to confirm these details - check with your school as they may be a participant of the National Clearing House - where their enrollment data is automatically sent to the loan agency.

Unemployed Deferment:

A Student Loan Borrower may be allowed to defer payment for up to three whole years after leaving school. Make sure you submit the correct form for this arrangement; check with your loan agency.

Economic Hardship Deferment:

If the Student Loan borrower is not allowed to apply for the above two types of deferment options then you might be able to apply for the Economic Hardship Deferment.

Forbearance Student Loan

This is an excellent option that you should strongly consider. Nearly all lenders will offer this option as they don't want you to default on the loan.

The terms allows a variety of ways to help you ease the burden of paying off your loan. The options include; a temporary stop on your repayments, a pay interest only agreement, or a payment amount that is less than the normal repayment amount. A Forbearance loan is not as good as a deferment loan as you will still need to pay the interest amount back unlike a Stafford loan where the government pays the interest for you.

These two options - Deferment and Forbearance - allow you some great options to prevent you having to default on your loan and can provide much needed relief from your repayment conditions. When you are in the market for a student loan, it pays to think ahead.

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