After graduating from college or drop below half-time enrollment status, you will have a six-month grace period before being required to repay your federal student loans. During this grace period, you’ll be notified of repayment information and your first payment date from your loan servicer. Payment to your Federal student loans is due monthly. If you go back to school or increase your credit load to meet half-time enrollment status, you can temporarily postpone payments.
Similar to Federal student loans, private student loan repayments may begin after graduation or after a grace period. Find out from your private student loan provider if a grace period applies.
With Federal student loans, you’re offered repayment options such as income-based repayment, graduated plans, and extended plans that can make monthly payments affordable. You’re also able to easily change your repayment plan by simply calling your lender or servicer or logging into StudentLoans.gov.
On the other hand, with private student loans, you’re not given repayment flexibility. You’ll be required to get a new loan. Basically, refinancing your existing loan into a new one for a lower rate or longer terms.