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grace period
noun
: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation
Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples on the Web
Interest-Free Period Credit cards usually come with an interest-free grace period, typically lasting 20 to 30 days after the statement date.
—True Tamplin, Forbes, 16 Oct. 2024
On Monday of that week, a yearlong grace period ended for student loan borrowers struggling to make payments since the pandemic pause lifted a year ago.
—Zachary Schermele, USA TODAY, 13 Oct. 2024
OneMain Financial Best for payment grace period: Avant Best for no credit history: Upstart
Best for 6-month term: PNC Bank
Looking to consolidate debt or make home improvements?
—Jasmin Suknanan, CNBC, 2 Oct. 2024
Another 12 states – including California, Florida and New York – and the District of Columbia have similar grace periods ranging from one to 10 days for absentee ballots.
—Bart Jansen, USA TODAY, 7 Oct. 2024
See all Example Sentences for grace period
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Word History
First Known Use
1907, in the meaning defined above
Dictionary Entries Near grace period
Cite this Entry
“Grace period.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/grace%20period. Accessed 5 Nov. 2024.
Legal Definition
grace period
noun
grace pe·ri·od
: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as
a
: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty
b
: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code
called also days of grace
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