If you’re attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. This is called a grace period. If you’re attending less than half time, check the Bursar’s Office (Perkins Loans division) to determine your grace period. At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay.