grace period

noun

1. a period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled.

Example Sentences

He again urged the university and veterans to come up with a “holistic” agreement by July 4, when the grace period expires, and made it clear he still considers the stadium as a potential site for housing.

From Los Angeles Times

If you graduated college or left school in the spring, your six-month grace period for student loans is coming to an end.

From Salon

Then there was the fact that the secretary decided not to give ALG a grace period to fix any potential mistakes.

From Slate

There is a finite window before it goes to collections, depending on the company’s policies, but generally, it goes something like this: The first 30–60 days of missed payments are usually considered a grace period.

From Slate

An investigation had been launched on 30 July into Economic Secretary Tulip Siddiq after she missed the 28-day grace period to register interests.

From BBC