Expert: Les Thomas - 11/20/2011

Question
Hello, I'm a college graduate and been dealing with a medical condition for several years which began in college.  However, it hasn't improved, the doctors are saying it's depression, and it's been very difficult to work with.  I had worked temporarily before but my condition got worse so I'm not working and trying to get better instead.  I've been thinking of deferring my student loans (one from Sallie Mae and another is a Perkins loan) but as I understand, loans can only be deferred if a person has total disability (I'm guessing conditions like being deaf or having MS).  The other qualification is being unemployed but actively looking for work.  I'm in a pickle.  My situation wouldn't qualify for deferment, right?  Would there even be a chance of deferment if I wrote a letter to the loan institutions and included doctors' approvals saying that I need time to improve my condition?

Answer
Jon,

First of all... let me say that I am very sorry to hear that you are wrestling with the mental depression you are experiencing right now.  You do understand... that it is a temporary condition, and with proper nutrients and possibly medication it is completely controllable.  

With that being said... let me suggest that you do exactly what you described in your question.  The only way to get any type of relief from deferred payments, until your condition gets better is to get permission directly from the lending source.

Supplying them a written letter from your doctor may entice them to ease your repayment burden, however... they are going to need some sort of time frame (doctors opinion) of how long this condition will be lasting, and when they could expect payments to begin.  They won't let it go for an indefinite period of time... so give them some light at the end of the tunnel, and they'll be more likely to work with you.

I cannot guess about the chance of them approving your request... all I can tell you, is that if any deferment is going to happen... it will have to be approved by them... and the chance of that approval will be better supported, if there is a doctors letter describing the condition, and time frame for recovery.

Good luck... and all the best to you my friend.

Les Thomas
College Funding Connection