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Understanding the Student Loan Grace Period

Hi Friend,

May 1 is usually celebrated as “National College Decision Day” – a time when colleges and universities request their accepted students to finalize their choice of school for the upcoming fall semester by making a deposit. However, this year is an exception…

Due to a series of technical issues with the newly implemented FAFSA form, the Department of Education has requested educational institutions to extend their deadlines to at least May 15th, with some opting for an extension until June 1st to allow for more flexibility. Once students start receiving their award letters, it will be crucial to know how to manage the financial aspects of this challenging year for financial aid

Filing the FAFSA gives college-bound students the opportunity to receive financial aid, which includes federal student loans. Part of taking out student loans includes the repayment of the amounts borrowed, and with that comes a student loan grace period. The grace period is a window of time after students are no longer enrolled in school or they fall below half-time enrollment where they’ll get a buffer before diving into repayment.  

If you find that you need assistance with filing the FAFSA, or understanding student loan repayment and the grace period, we are here to help. Sign up for a complimentary consultation today!

– Trixie

Let’s Talk!
      

College Financial Aid: How to Navigate Offers in One of the Most Challenging Years Yet

The spring is often a stressful and exciting time for seniors in high school and their families as they dig into the details of their college admissions offers and start to make their decisions. But the botched rollout of a revamped federal financial aid form has made this year’s college acceptance season particularly vexing. 

The glitches in launching the new FAFSA — the Free Application for Federal Student Aid form — meant delays for students in filling out the form and delays for colleges in receiving students’ data. As a result, financial-aid offers, which typically arrive in the winter and early spring, are just now trickling in. 

Navigating the Student Loan Grace Period: A Comprehensive Guide

Following graduation, leaving school, or dropping below half-time enrollment, college students are granted a student loan grace period. During this time, borrowers do not have to make payments towards their student loans.

This temporary break serves as a valuable opportunity for recent graduates and those transitioning out of school to secure employment and acclimate to their new financial situation before embarking on the repayment of their loans. In this guide, we’ll explore the student loan grace period, from its duration to tips for making the most of this payment-free window.

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  • Cost of Attendance (CoA)
  • FAFSA and CSS profile
  • Public versus private costs
  • How you can afford college without jeopardizing retirement

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If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!

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