Generally, payments of principal and interest on both federal and private educational loans are currently deferred until six or nine months after graduation or after a student's enrollment status drops to less than half time. The current grace period is six (6) months for Federal
Direct Stafford loans and nine (9) months for Federal Perkins loans. Some private educational loans have grace periods of up to nine (9) months. The Federal Direct Graduate PLUS loan does not offer a grace period; repayment begins immediately after graduation or after enrollment status drops to less than half-time. However, lenders/holders/servicers may offer optional deferment or forbearance for students unable to make loan payments upon graduation. Equally important, educational loans only carry one grace period. Therefore, if you had previous educational loans on which the grace period has expired (usually due to taking time between previous education and law school or taking a leave of absence during law school), those loans begin repayment immediately upon graduation or after your enrollment drops to less than half time. In some cases forbearance is available, but you must request it from your lender/holder/servicer. While no loan payments are required during the grace period, most student loans accrue interest. Please consult your disclosure statements and/or contact your loan provider(s) for current updated information and terms.
