Graceful Options

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Do you know what your loan grace period is?

Graceful Options

The standard grace period for the Federal Perkins Loan is nine months. This is three months longer than the six usually allowed for other federal and private student loans.

If you have not yet graduated but have fallen below half-time status, check with your financial aid adviser to find out the terms of your grace period. Your repayment period for a Federal Perkins Loan will begin nine months after you graduate from college. The repayment period can last as many as 10 years.

If you're called to active military duty, your grace period and repayment schedule will be adjusted according to your service. The student loan holder must maintain the grace period for all men and women called to active duty through the duration of their service. This period may not exceed three years. If you are currently in your repayment period when you enter active duty, your loans will be placed in forbearance, which is a temporary suspension of repayment obligations. This period may not last longer than one year. Special circumstances that exceed this time limit will require documentation by the proper military branch.



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