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Your forbearance options with private student loans will vary by lender, but they are generally less flexible than those available with federal student loans.

Many private lenders extend a forbearance option while you are in school or taking part in an internship or medical residency. Some let you make interest-only payments while in school. In-school forbearance typically has a time limit, which could create problems if you take longer than four years to graduate. Some lenders also offer a six-month grace period after graduation.

Some private lenders grant a forbearance if you are unemployed or are having difficulty making payments after you graduate. Typically, these are granted for two months at a time for no longer than 12 months in total. There may be an additional fee for each month you are in forbearance.

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With all student loan forbearance, interest on your loan continues to accrue during the deferral period and is usually capitalized (added to the loan amount owed) at the end of the deferral period unless you pay the interest as it accrues.

Federal Student Aid. “Student Loan Forbearance.”

Perkins Loans are an exception to the capitalization rule. With a Perkins Loan, your interest accrues during the deferral period but is not capitalized. Instead, it is added to the interest balance (not the principal) during repayment, unless you pay it as it accrues. (Although the U.S. government stopped offering Perkins Loans in 2017, many people are still paying back what they borrowed through these loans.)

Federal student loan forbearance is usually granted for 12 months at a time and can be renewed for up to three years. Conditions and payment amounts for some types of federal student loan forbearance are mandated by law. In other instances, the loan servicer has discretion.

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Student loan forbearance is a way to suspend or lower your student loan payments temporarily, typically for 12 months or less, during times of financial stress. Forbearance is not as desirable as deferment, in which you may not have to pay interest that accrues during the deferment period on certain types of loans. With forbearance, you are always responsible for accrued interest when the forbearance period is over.