Guaranteeing Respite After College Ends Act or the GRACE Act This bill (1) provides for deferment periods (i.e., grace periods) that apply to federal student loan payments, and (2) prohibits interest from accruing on these loans during such deferment periods. The bill specifies that Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans first disbursed on or after July 1, 2020, are not subject to repayment of principal or interest accrual while the student borrower is in school or during the six-month grace period after the student borrower leaves school. Additionally, the bill specifies that Federal Direct PLUS Loans and Federal Direct Consolidation Loans first disbursed on or after July 1, 2020, are not subject to repayment of principal or interest accrual prior to 60 days after loan disbursement.