{"id":7838,"date":"2023-10-17T18:49:41","date_gmt":"2023-10-17T13:19:41","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7838"},"modified":"2024-06-04T18:38:21","modified_gmt":"2024-06-04T13:08:21","slug":"impact-of-moratorium-and-grace-periods-in-education-loan-refinancing","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/","title":{"rendered":"Impact of Moratorium and Grace Periods in Education Loan Refinancing"},"content":{"rendered":"\n<p><strong>Impact of Moratorium and Grace Periods in Education Loan Refinancing:<\/strong> A lot of students in India rely on education loans to study abroad for a better career. However, it is very important to understand every terms and conditions and the repayment structure of the loan. While obtaining an education loan is essential for pursuing higher education, repaying these loans can be a difficult task if not planned well. Sounds apprehensive? No need to worry.\u00a0<\/p>\n\n\n\n<p>Fortunately, <a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-refinancing\/\"><strong>education loan refinancing<\/strong><\/a> with features like moratoriums and grace periods significantly impacts students&#8217; ability to manage their financial obligations. Let\u2019s discuss how exactly moratoriums and grace periods affect education loan refinancing.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-what-is-a-moratorium-or-repayment-holiday-in-education-loans\" data-level=\"2\">What is a Moratorium or Repayment Holiday in Education Loans?<\/a><\/li><li><a href=\"#h-impact-of-moratorium-and-grace-period-on-education-loan-refinancing\" data-level=\"2\">Impact of Moratorium and Grace Period on Education Loan Refinancing<\/a><ul><li><a href=\"#h-reduced-immediate-financial-pressure\" data-level=\"3\">Reduced Immediate Financial Pressure<\/a><\/li><li><a href=\"#h-career-development\" data-level=\"3\">Career Development<\/a><\/li><li><a href=\"#h-financial-planning\" data-level=\"3\">Financial Planning<\/a><\/li><li><a href=\"#h-loan-affordability\" data-level=\"3\">Loan Affordability<\/a><\/li><\/ul><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-moratorium-or-repayment-holiday-in-education-loans\"><span id=\"what-is-a-moratorium-or-repayment-holiday-in-education-loans\">What is a Moratorium or Repayment Holiday in Education Loans?<\/span><\/h2>\n\n\n\n<p>Rishi got admission to a postgraduate program at Oxford University. He took an education loan of INR 20 lakhs to pay the tuition fees and accommodation costs. The duration of his course is 2 years. The repayment of the loan will start after the completion of the course. Even if \u2018A\u2019 doesn\u2019t get a job immediately after completing the course he will get 1 additional year before the repayment of the loan starts and this is called the grace period in moratorium. This period of course duration + 1 year is called the moratorium period or repayment holiday which is allowed by the bank and it doesn\u2019t affect your credit score. However, banks may charge simple interest during a moratorium subject to terms and conditions.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/credit-scores-and-their-impact-on-education-loan-refinancing\/\"><strong>Understanding Credit Score and Its Impact on Education Loan Refinancing<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-impact-of-moratorium-and-grace-period-on-education-loan-refinancing\"><span id=\"impact-of-moratorium-and-grace-period-on-education-loan-refinancing\">Impact of Moratorium and Grace Period on Education Loan Refinancing<\/span><\/h2>\n\n\n\n<p>Moratorium and Grace Periods in Education Loan Refinancing aims to reduce your immediate financial hardship as you are not obliged to make the loan repayment during this period. For example, if you have chosen SBI Education Loan takeover you have an option of getting a top-up loan after refinancing to pursue further with an extended repayment period for that course. Your repayment will start after the course duration + 1 year or 6 months after getting the job, whichever is earlier. Let\u2019s understand properly the impact of the moratorium on Education Loan Refinancing:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-reduced-immediate-financial-pressure\"><span id=\"reduced-immediate-financial-pressure\">Reduced Immediate Financial Pressure<\/span><\/h3>\n\n\n\n<p>Alex was admitted to Boston College in a 2 year MBA program. After two years he didn\u2019t get a job from the campus and started looking for better opportunities there. Now if there is no moratorium period he will be liable to repay the loan and it will be very difficult to manage EMI payments. Hence, the moratorium and grace periods provide students with the much-needed breathing space to focus on their studies and to look for suitable job opportunities for a longer period without worrying about immediate loan repayments.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/demystifying-education-loan-refinancing-for-indian-students\/\"><strong>Demystifying Education Loan Refinancing for Indian Students<\/strong><\/a><strong>&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-career-development\"><span id=\"career-development\">Career Development<\/span><\/h3>\n\n\n\n<p>After completing their courses, students can use the grace period to find suitable job opportunities and secure a stable income source. Most of the banks in India provide a year grace period apart from the course duration. During this period students can look for better job opportunities without worrying about loan repayment. Your credit history also has no impact during this particular period. Even if you get a job immediately after the course you get 6 months grace period before starting the repayment. With a job in hand, students are better equipped to start repaying the loans without compromising their standard of living.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-planning\"><span id=\"financial-planning\">Financial Planning<\/span><\/h3>\n\n\n\n<p>Financial planning is very important especially when you have a debt to pay. The moratorium period and the the grace period allow you to plan your finances, budget for future loan repayments, and get a clear picture of your financial responsibilities. During the moratorium period, you can even choose to pay the interest accrued for that period which will ultimately reduce the loan amount. After getting a refinance you will have to pay lesser EMI and you start saving money this way.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-loan-affordability\"><span id=\"loan-affordability\">Loan Affordability<\/span><\/h3>\n\n\n\n<p>There are a lot of factors which you need to consider before deciding on education loan refinance. The availability of these periods makes loan refinancing a more attractive option for students as it eases the initial financial burden. You can even continue your study further without worrying about repayments as you will get extended periods in education loan refinancing. Moreover, the lower interest rates offered during refinancing also contribute to making loan repayments more affordable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1697548508567\"><strong class=\"schema-faq-question\">Can I get a moratorium on education loan refinancing?<\/strong> <p class=\"schema-faq-answer\">If you plan to study more and have already started repayment of your existing education loan you can get an education loan refinancing with extended repayments and moratorium.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1697548516019\"><strong class=\"schema-faq-question\">Will the bank charge interest during the moratorium period?<\/strong> <p class=\"schema-faq-answer\">The bank charges simple interest on your loan during the moratorium.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1697548523096\"><strong class=\"schema-faq-question\">What is the purpose of availing a moratorium period in an education loan?\u00a0<\/strong> <p class=\"schema-faq-answer\">The major purpose of a moratorium is to provide temporary financial relief and to avoid loan defaults without affecting the credit score.\u00a0<\/p> <\/div> <\/div>\n\n\n\n<p>Education loan refinancing with moratorium and grace periods can be a game-changer for students in India. It not only relieves immediate financial pressure but also empowers students to pursue their education and career goals more confidently without worrying about repayment.&nbsp;<\/p>\n\n\n\n<p>To know more about the education loan refinancer, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-default\/\"><strong>Education Loan Default: Causes, Consequences, Prevention Strategies<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-secure-a-good-education-loan-at-a-low-interest-rate\/\"><strong>How to Secure a Good Education Loan at a Low Interest Rate<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-apply-for-education-loan-through-vidya-lakshmi-portal\/\"><strong>How to Apply for Education Loan through Vidya Lakshmi Portal<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path 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c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Impact of Moratorium and Grace Periods in Education Loan Refinancing: A lot of students in India rely on education loans to study abroad for a better career. However, it is very important to understand every terms and conditions and the repayment structure of the loan. While obtaining an education loan is essential for pursuing higher &#8230; <a title=\"Impact of Moratorium and Grace Periods in Education Loan Refinancing\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/\" aria-label=\"Read more about Impact of Moratorium and Grace Periods in Education Loan Refinancing\">Read more<\/a><\/p>\n","protected":false},"author":24,"featured_media":7841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Impact of Moratorium and Grace Periods in Education Loan 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Loan Refinancing","datePublished":"2023-10-17T13:19:41+00:00","dateModified":"2024-06-04T13:08:21+00:00","mainEntityOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/"},"wordCount":976,"commentCount":0,"publisher":{"@id":"https:\/\/fly.finance\/blog\/#organization"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/10\/17184902\/Impact-of-Moratorium-and-Grace-Periods-in-Education-Loan-Refinancing.png","articleSection":["Education 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Beyond his professional pursuits, he finds solace in the writing Shayari.","sameAs":["https:\/\/in.linkedin.com\/in\/thahankmoody","https:\/\/www.tumblr.com\/blog\/dhanlabh"],"url":"https:\/\/fly.finance\/blog\/author\/shekhar\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#faq-question-1697548508567","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#faq-question-1697548508567","name":"Can I get a moratorium on education loan refinancing?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"If you plan to study more and have already started repayment of your existing education loan you can get an education loan refinancing with extended repayments and moratorium.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#faq-question-1697548516019","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#faq-question-1697548516019","name":"Will the bank charge interest during the moratorium period?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The bank charges simple interest on your loan during the moratorium.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#faq-question-1697548523096","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-moratorium-and-grace-periods-in-education-loan-refinancing\/#faq-question-1697548523096","name":"What is the purpose of availing a moratorium period in an education loan?\u00a0","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The major purpose of a moratorium is to provide temporary financial relief and to avoid loan defaults without affecting the credit score.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=7838"}],"version-history":[{"count":4,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7838\/revisions"}],"predecessor-version":[{"id":12861,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7838\/revisions\/12861"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/7841"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=7838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=7838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=7838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}