A defined fixed period allowed by the government between graduating and finding a job where students do not have to pay their student loans.
One of the benefits of taking out student loans is that they are not due immediately after graduating. Because it could take some time to find a job, the government allows students a "grace period," or period between graduating and finding a job where they do not have to pay back their loans.
The standard grace period is six months, but could be extended to three years for those that are serving in the Armed Forces.
Private lenders, such as your bank or an online lender, do usually offer grace periods, too. However, the amount of time you have is up to the lender, so make sure to read and understand the terms and conditions carefully.
