The grace period
is a period of six (6) months where you will not have to make any
payments on your loan
At the end of 6 months, the
grace period ends and your student loans
enter repayment status
your first monthly payment will then
view the repayment table below to see how much more you can save each month by consolidating your student loans while you are in your grace period
Note: The chart is for example only. Your
actual savings my differ. The numbers
are estimated as follows:
Payment: uses a 7.14% interest
rate under a standard 10 year repayment
plan. This rate is for loans first disbursed
between July 1, 1998 and June 30, 2006.
Loans disbursed before this period have
a slightly higher interest rate.
Payment: calculated under the
Federal Consolidation Program using
an example of a 7.25% with extended
In-Grace Consolidated Payment: calculated under the Federal Consolidation
Program using the in-grace discount
of 6.625% with extended repayment terms.
that extending the repayment period
increases your total interest costs
because you will be making smaller payments
over a period of time. You can however
prepay all or any portion of your outstanding
balance without penalty reducing the
total amount of interest paid over the
life of the loan.