Find out when your first payment is due
Most federal loans have a grace period. The length of the grace period varies based on the type of loans you have.
Contact your lender to find out the specifics on your loans so you don’t miss that first payment. If you don’t know who your lender is, go to the National Student Loan Data System (NSLDS), the central database for federal student loan information.
| Each loan type has its own interest rate, grace period and repayment period. | |||
| Loan type | Interest | Grace period | Repayment period |
|---|---|---|---|
| Federal Stafford (FFEL and Direct) - Subsidized - Unsubsidized |
Fixed rate - Subsidized: 5.6% for undergraduate (expected to drop in 2010 and 2011); 6.8% for graduate -Unsubsidized: 6.8% |
6 months | 10-25 years |
| Federal Perkins loan | 5% | 9 months | Up to 10 years |
| Federal PLUS loan | Direct: 7.9%* FFEL : 8.5%* |
N/A | 10-25 years |
| Federal Grad PLUS loan | Direct: 7.9%* FFEL: 8.5%* |
6 months | 10-25 years |
| Federal Consolidation loan | - Some variable interest rate loans available - For rates that are fixed over the life of the loan, rates are based on a weighted average of the interest rates for all the loans held (not to exceed 8.25%) |
N/A | Up to 30 years |
| Private or alternative loan | Contact your lender | ||
| State program loan | Contact your lender | ||
*Applicable for loans first disbursed on or after July 1, 2006.
When does your grace period start?
If you have loans that are eligible for a grace period, any of the following situations will start your grace period.
- Graduating from school
- Withdrawing from or leaving school
- Anything that causes you to drop below half-time enrollment
Your grace period begins the day after your separation date. Your school determines the exact date on which it considers you “separated.” If you graduated, your separation date is usually graduation day.
Contact your lender to find out exactly when your grace period began and when your first payment is due. Be sure to give your lender your current contact information so they can send you payment information.
Why you should make payments when you don’t have to
One of the best ways to pay down your student loans is to make payments while you’re still in school, or during your grace period or deferment.
To see how much you can save by making voluntary payments, use our Value of making interest payments calculator.
What if you go back to school?
If you go back to school at least half-time and your grace period has expired, you can request a deferment. You won’t have to make any student loan payments, although if you have unsubsidized loans, interest will continue to be added to your loan balance.
If you go back to school at least half-time and your grace period has NOT expired, your grace period starts over. For example, if you have used 5 months of your grace period and you go back to school, you will get the full 6-month grace period again the next time you leave school.
To learn more, visit our Deferment section.
