After you graduate, leave school or drop below half-time enrollment, you are entitled to one grace period. During this time – which is typically six or nine months, depending on the type of student loan you receive – you are not expected to make payments.
The interest on subsidized loans is paid by the federal government while in school. On unsubsidized loans, you are responsible for the interest. The unpaid interest is capitalized unless interest is paid during in-school, grace, and deferment periods.
Monthly payments begin the day after your grace period ends.