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

More About Grace Period

What is a grace period?

A grace period is a length of time after which something is due but no penalties are administered, such as with payment of a bill. 

Grace period is most often used to describe the time after a payment is due and before a late fee is charged or the service is canceled. Credit card companies and insurance agencies often have a short grace period for late payments.

Grace periods are also sometimes used for application deadlines, such as with school applications or applications for aid. In this sense, the grace period would be a short time after the application deadline, during which you could still submit your application.

Another common use of grace period is in regards to new laws and policies. When a new law passes, for example, there might be a brief time during which you will not be penalized for not following the new law. Such a grace period may be given to give people time to adjust, to give the government agency time to set up systems for enforcing the law, or for another reason the lawmakers thought might be helpful.

Example: The company gave everyone a two-week grace period during which they could remove social media posts that broke company policy without being reported to HR.

Where does grace period come from?

The first records of the term grace period come from around the 1880s. It combines the term grace, meaning “favor” or “goodwill,” and period, meaning “a specified portion of time.”

Did you know ... ?

What are some words that share a root or word element with grace period? 

• grace-and-favor
• grace cup
• period
• period drama

What are some words that often get used in discussing grace period?

• bill
• order
• payment
• penalty

How is grace period used in real life?

Grace period is most often used in discussions of payment and bills, but it can be used generally in a variety of situations in which something is owed or due.

avocados really be out here giving you a 30 minute grace period

— Bobbiana (@thatonequeen) August 5, 2020

The 2018 Super Bowl grace period ended tonight.

— Kevin Negandhi (@KevinNegandhi) October 21, 2019

There’s still two weeks left to apply if you were impacted by Hurricane Ida and are not eligible for FEMA assistance! The application grace period for the Ida Relief Fund for Excluded New Yorkers ends close of business on April 29, 2022.

Visit: https://t.co/h6HHHKHBYx pic.twitter.com/JqHJEMx7wR

— NYS New Americans (@NYSNewAmericans) April 14, 2022

Try using grace period!

True or False?

If your landlord gives you extra time to pay your rent, that is a grace period.