3 Things You Should Do During Your Grace Period

By: Bryan Lee, UHEAA

Graduating from college is always exciting, but don’t forget that you’ll start repaying your loans soon – which is decidedly less exiting.

On most federal student loans you get a 6-month grace period, however, each loan has its own terms, so make sure to find out how long your grace period is. Here are three ways to get ready to repay your loans.


1. Get organized


First things first, figure out how much student loan debt you have. Calculate the total balance you owe then be sure to find out the interest rate of your loans.


This can help you budget your finances for the future.


If you have a federal student loan, you can login to the National Student Loan Data System (NSLDS) using your FSA ID to access information about your federal student loan.


If you have a private student loan, you can find your loan details by contacting your lender or logging into your account.


2. Financial Literacy

Completing a financial literacy session can help you learn about your repayment options. Most federal student loans you’re required to complete an exit counseling session. Some private student loans may have exit counseling as well. You can find free resources like the National Endowment for Financial Education for financial literacy.


3. Start paying your loans before your grace period is over
Fist, watching, looking at the time

It’s a good idea to start repaying your loans before your grace period ends if you can. With some federal student loans, you won’t have to pay interest during your grace period.

The grace period is the perfect time for you to sit down and create an action plan for your financial well being.