ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The time between when your monthly bill is due and when you’ll be charged a late fee
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The total number of years it will take you to pay off your loan
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The 6 months you have AFTER finding a job to begin paying off your student loans
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The number of on-time payments you must make in order to have your loans forgiven
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None of the above
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Detailed explanation-1: -Do all student loans have a grace period? Most federal loans, with a few exceptions we’ll discuss below, offer a six-month grace period. The grace period begins as soon as you graduate or cease being a half-time student.
Detailed explanation-2: -The Grace Period 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.
Detailed explanation-3: -Deferment Period. The deferment period is an agreed-upon time during which a borrower does not have to pay interest or principal on a loan, such as with a student loan.
Detailed explanation-4: -For example, if your billing cycle ends on the first of each month and your bill is due on the 22nd of the month, your grace period is 21 days.