What is the Status of My Student Loan
Here are the terms you should know about the status of your student loan(s).
In-School
When you're still in college as a full-time student (or half-time or part-time as defined by your school).
Grace
The time after graduation when you are not required to start repaying
your loan. For Stafford Loans, this is six months; for Perkins loans, it's nine
months. (There is no grace period on a PLUS loan.)
Repayment
Following the grace period, this is when you begin repaying your
student loans.
Delinquency
When you fail to make a payment when it's due.
Deferment
When your lender allows you to temporarily postpone your payments
due to economic hardship.
Forbearance
When your lender allows you to temporarily postpone paying the
principal on your loan, though interest on the loan still accrues.
Default
When you fail to make your payments or abide by the terms of your
loan. Defaulted loans are reported to credit-reporting agencies, which is really
bad for your future credit scores.
