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A forbearance is a temporary modification of the monthly payment obligation on an education loan. Both federal education loans and private student loans offer forbearances, but with different criteria and terms. Forbearance options on private student loans are generally more limited than the forbearance options on federal education loans. There are three main types of forbearances: 1  Temporary cessation of monthly payments. 2  Temporary reduction in the monthly payment amount (e.g., interest-only payments).
Private loans arenât flexibleâ¦. But if you have a private student loan you canât afford, you have far fewer alternatives. Depending on your lender and the terms and conditions of your loan, you may be eligible for forbearance that will get you some relief for a while.tudent loans can be wiped out in bankruptcyâ¦. And youâve likely heard that you canât unload student loans in bankruptcy, but that is also largely untrue and in fact, it may be easier to get rid of private than federal loans in a chapter 7 bankruptcy.