The most common student loans which you as the student can take out are the Federal Perkins Loan and the Stafford Loan. If you are an undergraduate student who is still a dependent of their parents or guardians, then there is also an option called a PLUS Loan where they can take out a loan designed to cover the cost of your degree.
All student loans have to be repaid, but loans in your own name can usually be deferred while you are undertaking your studies by way of what is called an In School Deferment. This is so that you don't have to have the financial burden of student loan repayments until you have, theoretically at least, graduated from college and got a job.
Of course, finding a job that pays well enough to allow you to comfortably afford your repayments takes time when you are fresh out of university, so most student loans come with a grace period between graduation and having to start your monthly repayments. This is to give you a chance to find work and start receiving a regular income.
The grace period for all types of student loans begins either when you graduate (assuming you do not continue into post graduate education and request a further In School Deferment) or when you drop below half time enrollment at your school. This means also, that if you opt not to complete your studies, your grace period will start as soon as you are no longer enrolled at your university.
The grace period for the Perkins loan is the longest. The Perkins loan is the most financially desirable type of loan, with the lowest interest rate, and is offered only to students who can prove they are, by comparison to other students, financially needy. The extended grace period is another one of the reasons why this type of loan is the most highly sought after by students needing financial assistance. If you hold a Perkins Loan, you do not have to commence your repayments for 9 months after you graduate, drop under half time enrollment, or quit school.
The more commonplace Stafford loan has a grace period of six months from the date your in school deferment eligibility stops.
There is no grace period at all for Parent PLUS borrowers, because in this case the money is lent to the parents of the student who will have passed a credit screening and are therefore assumed to already be in a position to make repayments. Repayments on Parent Plus loans start within 60 days of the loan being disbursed, and there is no In School Deferment option so repayments will need to be made while you are still in college.
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