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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).
The principal reduction will start out as forbearance, which means repayment of a portion of the loan amount will be deferred. The deferred amount will then be forgiven (i.e., written off) in three equal portions over three years if the borrower stays current on the payments.