After graduation
Federal student loans go into repayment when a borrower graduates or leaves school. However, most federal student loan borrowers are given a grace period.
Borrowers with Direct Subsidized, Direct Unsubsidized or Federal Family Education Loans are given a six-month grace period before they are expected to start making payments.
Borrowers with Perkins Loans are given a nine-month grace period.
After the grace period, borrowers are expected to make regular payments in accordance with their selected repayment plan.
15 days after payment is due
Persis Yu, director of NCLC s Student Loan Borrower Assistance Project says that most federal student loans give borrowers a roughly 15-day grace window after their regular due date to make a payment. This means if you are less than 15 days late making a federal student loan payment, there will likely be few consequences.
The Comprehensive Debt Collection Improvement Act would stop debt collectors from threatening military members. Author: Mike Gooding Updated: 6:04 PM EDT May 18, 2021
WASHINGTON Lawmakers are working to protect troops from those who could do them financial harm.
The Comprehensive Debt Collection Improvement Act is designed to help military members who might get behind on various debts.
The measure prohibits debt collectors from threatening a service member with reducing their rank, revoking their security clearance or prosecuting them under the Uniform Code of Military Justice. I think this seeks to ensure that anyone in the debt collection practice is not trying to use any pressure tactics that are really dishonest in trying to approach service members about what the consequences of failing to meet a payment could be, said Rep. Elaine Luria (D-VA., Second District).
Congress Looks to Judicial Overrides to Strengthen Consumer Protections
The under-utilized tool would allow Congress to reverse SCOTUS rulings that insulate lenders and corporations from regulation.
Graeme Sloan/Sipa USA via AP Images
An important check on judicial power, statutory overrides have fallen by the wayside in recent years.
This piece has been co-published with
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In a unanimous decision last Thursday, the U.S. Supreme Court issued a ruling that would limit the ability of the Federal Trade Commission to seek monetary relief for customers who have been defrauded by corporate lenders. Under the new ruling, the FTC would only be allowed to pursue restitution in the form of injunctions, not cash payments, for customers who fell victim to deceptive practices like short-term or payday loans.Â