A Federal student loan makes it possible for many people to attend college and obtain a better education. Everyone knows the benefits, which include no credit check loans, low fixed rates, and easy qualifications. However, few people are aware of the flexible repayment options that come with a Federal student loan.

Upon graduation from college, you don’t have to start making payments the very next month. Rather, Federal student loan lenders give each graduate a grace period. In other words, you don’t have to repay the loan until six to nine months after graduation. This is an excellent provision because it gives recent graduates enough time to find employment, a place to live, and start earning money. Once you’ve adjusted to your new life and bills, then you can start repaying your Federal student loan.

But, if you ever fall upon financial hardships, Federal student loans feature additional provisions. Apply for forbearance or deferment, and stop making payments temporarily. With forbearance, interest continues to incur. On the other hand, if you qualify for a deferment, you don’t have to pay interest during this period.