Grace Period

• The grace period begins when you graduate or leave school before graduation. By the law governing federally backed student loans, your grace period also begins if you begin attending less than half of a full class schedule. The length of the grace period varies with the kind of loan you have. For a loan processed through the Direct Loan Program, or for a Family Education Loan, the grace period lasts six months. For a Perkins Loan, the grace period lasts nine months.
  
  

Loan Servicing

• The company that services the loan will provide repayment information to you during the grace period. This will include contact information, the address for mailing payments and the phone number you may call for information or assistance. The servicer will also provide the first due date, and the day of the month afterward on which the payments are due.
  
  

PLUS Loans

• PLUS loans have no grace period, but fall due when the loan is fully disbursed. Once that happens, the first payment has to be made within 60 days. Graduate students, and parents who borrow on the PLUS program for their children, can delay the repayment of the loan as long as the student is enrolled for at least a half academic schedule. For PLUS loans that are paid after July 1, 2008, there is a grace period of six months after the borrower's academic schedule falls below half time.
  
  

Information Sources

• The servicing company that is handling your loan will provide you with a repayment schedule on request. In addition, you can get information on your loan through the National Student Loan Data System, or NSLDS. Student loans, like other kinds of loans, are paid monthly.
  
  

Terms of Repayment

• The amount you have to repay every month varies with the amount, type of loan and the repayment plan you have chosen. A standard plan provides for fixed payments for up to 10 years, while a graduated plan allows you to pay a smaller amount in the beginning of the repayment period. With a Direct Loan of at least $30,000, you can select a graduated plan for up to 25 years. There are also Income-Contingent Repayment and Income-Based Repayment schedules that adjust the monthly payments depending on your income, spouse's income and family size.