grace period

Definition from Nolo’s Plain-English Law Dictionary

A period of time during which a debtor is not required to make payments on a debt or will not be charged a fee. For example, most credit cards offer a grace period of 20 to 30 days before interest is charged on purchases; as long as you pay your bill in full within the grace period, you won't owe any interest. Similarly, many student loans offer a grace period for at least a few months after graduation, so new graduates don't have to start repaying their loans right away.

Definition provided by Nolo’s Plain-English Law Dictionary.