Scholarship News

Grace Period for Student Loans Coming to an End


November 11, 2010
by Suada Kolovic
With the typical six-month grace period on student loans right around the corner, recent college graduates across the country will start making monthly payments whether they’re ready to or not . If you’re one of those students, or just starting your college career, here are a few suggestions from the Project on Student Debt, an initiative of the Institute for College Access & Success, a nonprofit independent research and policy organization, on how to manage your loans.

With the typical six-month grace period on student loans right around the corner, recent college graduates across the country will start making monthly payments whether they’re ready to or not . If you’re one of those students, or just starting your college career, here are a few suggestions from the Project on Student Debt, an initiative of the Institute for College Access & Success, a nonprofit independent research and policy organization, on how to manage your loans.

ADVERTISEMENT
  • Know where you stand.

    A great way to get the exact amount you owe is to visit your lender – in some cases, lenders – or you can find details of your student loans, including balances, by visiting the National Student Loan Data System, the U.S. Department of Education’s central database for student aid. If you have non-federal loans, there is a possibility they won’t be listed so contact your institution for that information.
  • When’s the first payment?

    The grace period for student loans is the time after graduation before having to make your first payment. But the length of grace periods can vary; for Federal Stafford loans it’s six months, nine months for Federal Perkins Loans and Federal Plus Loans depend of when they were issued. To find out the grace period attached to private loans contact your lender.
  • Keep in touch with your lender.

    It’s important to remember to keep your contact information updated with your lender. Whether you’re moving or changing your phone number, an updated contact sheet could save you from unnecessary fees.
  • Consider what repayment option works best for you.

    One option is the Income-Based Repayment Program (IBR), which is not available on private loans, that sets a reasonable monthly payment based on a borrower’s income and family size. Under IBR, after 25 years of qualifying payments, your remaining debt, including interest, will be forgiven.
  • Prepare for life and the unexpected.

    Sometimes life doesn’t go according to plan. If you can’t make payments due to unemployment, health issues or other unexpected financial challenges, you have options for managing your federal student loans. There are options to temporarily postpone your payments, such as deferments and forbearance. Contact your lender for more information and the interest attached to those options.
  • Never ignore your financial responsibilities.

    Ignoring your student loans – or any loan for that matter – can result in serious consequences that can last a lifetime. When you default, your total loan balance becomes due, your credit score is ruined and the total amount you owe increases dramatically. If you default on a federal loan, the government can garnish your wages and seize your tax refunds.

Get instantly matched to scholarships that meet your skillset, strengths and unique talents. Our search algorithms match you to scholarships that fit your profile. Access a complete list of college scholarships now by conducting a free college scholarship search at Scholarships.com.

ADVERTISEMENT

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Even after all the battles you have won in applying to schools and getting accepted, there will most likely still be work to get done when it comes to paying tuition. There are two main avenues you can take to try to address this problem: scholarships or student loans:

Student Loans vs. Scholarships

July 13, 2021 2:57 PM
by Scholarships.com Staff
Even after all the battles you have won in applying to schools and getting accepted, there will most likely still be work to get done when it comes to paying tuition. There are two main avenues you
Among the most important things you want to do before applying for a job is to update your resume with relevant experience. Doing so makes it possible for employers to take notice of you, your skills, and what you have to offer their companies. The sooner you clean up and polish your resume, the easier it becomes to submit it to companies seeking employees like you.

Create an Outstanding Resume That Employers Notice

July 7, 2021 11:58 AM
by Scholarships.com Staff
Among the most important things you want to do before applying for a job is to update your resume with relevant experience. Doing so makes it possible for employers to take notice of you, your
College is expensive. That’s why a majority of college students take out student loans. Nearly 70% of the Class of 2019 took out student loans and graduated with almost $30,000 in debt. It’s a frightening statistic, and it’s part of why Scholarships.com exists to help students discover scholarships to pay for college. In general, scholarships do not entirely replace the need to take out loans. Responsibly borrowing for college can be a worthwhile investment, but for students and their families take out an abundance of student loans, the results can be frustrating – saddled with debt that’s increasingly harder and harder to pay off.

Risks of Over-Borrowing on Student Loans

June 24, 2021 2:08 PM
by Izzy Hall
College is expensive. That’s why a majority of college students take out student loans. Nearly 70% of the Class of 2019 took out student loans and graduated with almost $30,000 in debt. It’s a
Summer is the perfect time to take on a student internship. Your class load is lighter, so you have more time to explore options in your preferred industry. There isn’t as much competition from your peers, either, because many have gone elsewhere for summer break, leaving opportunities wide open for you to take advantage of now. Internships open doors in your professional and academic careers by adding to your work experience and offering you a chance to see what a career in your major or interest is truly like.

How to Find a Summer Internship

June 22, 2021 9:46 AM
by Scholarships.com Staff
Summer is the perfect time to take on a student internship. Your class load is lighter, so you have more time to explore options in your preferred industry. There isn’t as much competition from your
Juneteenth is an annual holiday celebrating the emancipation of slaves in the U.S. Though it commemorates a day in the 19th century – June 19th, 1865, when southern slaves first learned of their emancipation – it is in 2021 that the holiday is getting official recognition. President Biden is expected to sign a bill passed by the House making Juneteenth a national holiday. It will be the first new national holiday since MLK Day was created in 1983. To commemorate Juneteenth, Scholarships.com has 8 scholarships opportunities for Black students to apply to in 2021 and early 2022. Be sure to try a free scholarship search to discover even more opportunities for student of color to win free money towards college costs!

8 African-American Scholarships to Celebrate Juneteenth

June 17, 2021 1:49 PM
by Izzy Hall
Juneteenth is an annual holiday celebrating the emancipation of slaves in the U.S. Though it commemorates a day in the 19th century – June 19th, 1865, when southern slaves first learned of their
For someone with limited work experience, creating a resume can be challenging. After all, isn’t the job history section the most important part of the document? If you’re unsure how to create a resume that grabs an employer’s attention because you haven’t had many jobs, don’t worry. There are things you can do to stand out as a student or recent graduate.

How to Add Scholarships to Your Resume

June 15, 2021 9:10 AM
by Scholarships.com Staff
For someone with limited work experience, creating a resume can be challenging. After all, isn’t the job history section the most important part of the document? If you’re unsure how to create a
Summer is in full swing! Students have left their classrooms and homework behind them to enjoy summer break. But don’t forget about school just yet. Summer is a great time to search for and apply to scholarships, especially if you’re a rising high school senior.

Enter Scholarships.com’s $2,000 4th of July Scholarship

June 10, 2021 3:53 PM
by Izzy Hall
Summer is in full swing! Students have left their classrooms and homework behind them to enjoy summer break. But don’t forget about school just yet. Summer is a great time to search for and apply to
Black communities in the U.S. were among the hardest hit by the coronavirus. Infection rates and financial losses were on average were higher in Black communities compared to white communities. Black students take on more student debt than their white peers, and are more likely to struggle to pay their debt off. To give their outgoing and incoming students a leg up financially, some Historically Black Colleges and Universities (HBCUs) have announced student debt forgiveness for their graduating classes and lowered tuition for students enrolling Fall 2021.

HBCUs Forgiving Student Debt and Lowering Tuition

June 8, 2021 11:45 AM
by Izzy Hall
Black communities in the U.S. were among the hardest hit by the coronavirus. Infection rates and financial losses were on average were higher in Black communities compared to white communities. Black
Last month, the FDA authorized COVID-19 vaccines for 12 to 15-year-olds. Previously, you had to be at least 16 years of age to receive any of the three approved COVID vaccines. Now, all high school-aged students can get vaccinated, and New York state has an interesting idea to incentivize getting a vaccine – offering students a scholarship lottery.

NY Students Have a Shot at This Scholarship

June 3, 2021 11:42 AM
by Izzy Hall
Last month, the FDA authorized COVID-19 vaccines for 12 to 15-year-olds. Previously, you had to be at least 16 years of age to receive any of the three approved COVID vaccines. Now, all high
Even after all the battles you have won in applying to schools and getting accepted, there will most likely still be work to get done when it comes to paying tuition. There are two main avenues you can take to try to address this problem: scholarships or student loans.

Five Reasons Why Scholarships are Better Than Student Loans

May 27, 2021 8:51 AM
by Scholarships.com Staff
Even after all the battles you have won in applying to schools and getting accepted, there will most likely still be work to get done when it comes to paying tuition. There are two main avenues you