Student loan help

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Bill_johnson

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I was just curious if there was any advice on how to fundraise off my student debts as I plan to enter religious life by November 2020. I currently owe $35k in loans and am working right now to pay them off along with going to school. The order said they could take around $30k, however if they do that I’d have to pay for 2 years of college seminary and am unsure how I’d pay for that. I realize I have to trust God above all. Besides the vocations funds I’ve looked into (Mater and Labouré which I’m not guaranteed to get the Mater fund and Labouré is a bit of a scam from what I’ve been told), I don’t know what to do. Any advice for how to fundraise off such a debt?
 
If you haven’t already make a budget and stick to it! Look at your expenses. What can you lower or minimise?

Then the very boring suggestion to ask for help to pay off parts of student loans instead of “something everybody thinks you need” for birthday/Christmas present. Parents and relatives are likely to accept this especially if you already have all the things you need for everyday living. You would have to sell or give stuff away anyway when entering religious life.

Does your parish priest know you are serious and about to enter religious life? Does he know if there are parish members who are willing to help those about to enter RL to pay off student debt?

Student loans are “a pain in the behind” for everyone.
 
Didn’t think about talking with my parish priest. Thanks for the suggestion!
 
My student loan was only about 7.5k when I started paying it back (mind you, I went to state school, so I was only paying for boarding), but even though my loan was only a 5th of yours there was a time when paying it back seemed impossible. I find the best way to pay off your student loan is to make a budget, start working it off and let God worry about the minutiae. I think it’s a bad idea to set your mind to a specific time to have to have paid off your debt (I’m like this myself to be fair), it will only stress you out. Rather, ask God for help to pay off your debt ASAP.
I’m praying for you. ❤️
 
Two or three jobs and busting your hump would be the quickest and most effective way. And, it would tend to show your devotion.
 
The Laboure Society is definitely not a scam. I know for a fact that there are young men and women who wouldn’t be in the seminary or the religious life without the help of the Laboure Society (at least two in the community my daughter is in.) Are they just going to open their pocketbooks and start paying off your loans? No. They have a program in which each year’s “class” must attend fundraising workshops and then fundraise in your own parish and community. They give you the tools and ideas, but you are expected to contribute. They will pay on your loans as long as you are pursuing the priesthood or religious life, but you assume them again if you leave.

As an aside, I know of a story of a young woman whose parish and community worked together to pay off her $30,000+ in student loans. She left religious life after only two weeks. Talk about awkward. It is just much better if either you can pay it off yourself or an organization can make the payments for you.
 
That does seem like a tricky situation. Id be worried about the financial issue having too big an effect on objectivediscernment. It could be difficult to honestly admit that one doesn’t have a vocation if one will have to repossess 30,000 in debt as a result. Not saying that is the case with the OP of course.
 
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The best thing to do is to speak to the order or congregation to which you have a vocation. I’ve noticed on many orders’ websites that where they list entry requirements most will say, ‘no debts except student loans’. Orders no that if they’re to get vocations from young people those young people are likely to have student debts. They have the knowledge and experience to advise you how they can be resolved.
 
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