You know that when you take out a federal student loan, your going to have to repay the loan at some point. But, did you know that you don’t have to start paying your loans right away? There is a waiting period after graduation and before payment begins. It’s known as the grace period. Repayment will start after your grace period is over. But there can be a different grace period for different loans.
You may have both federal and private student loans and it’s crucial that you know the difference. It’s often confusing to tell the difference between the loans because the same lenders are often involved. Schools will sometimes put their names on the loan, and you may be getting bills and correspondence from people you have never heard of about your student loan.