The Wretched Refuse of Your Teeming Shores. Take a close look at those refugees who are fleeing the war-torn Middle East and trying desperately to save their lives by escaping to Europe. Look at their faces. Examine their clothing.
Definition of grace period. : a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation.
The major difference between a grace period and a deferment is when a borrower qualifies for each delayed payment option on any given loan. A grace period is a time period automatically granted on a loan where the borrower does not have to pay the issuer any monies toward the loan, and the borrower does not incur any penalties for not paying.