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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 term âmandatoryâ refers to the lenderâs obligation to grant you a forbearance, not your obligation to request one. Most relevant for low-income borrowers are mandatory administrative forbearances for up to five years in cases where the borrower will not be able to repay the loan within the maximum repayment term.