SeekingHisPlan Posted June 25, 2006 Share Posted June 25, 2006 I won't have to worry about this for a while. as I am currently still in school and racking up *more* debt. However, I will be done in December and then I will be staring at a big debt snowball. I know that, I will need to clear my debts before entering religious life (if indeed that is what I am called to.) For those of you who have cleared/are clearing your debts to be able to enter, how have you gone about it? Link to comment Share on other sites More sharing options...
benedictaj Posted June 25, 2006 Share Posted June 25, 2006 I'm still a first year at university, so I have about three years to go. Luckily I was awarded a scholarship which helped out a lot for my first year, and I have a regular part time job with extra work always offered in the holidays. I may possibly work a year or two after uni, I'm still not sure yet. Whatever He wants. However, the debt we rack up down under, is hardly anything compared to in the States, so I'm not that helpful. I think that you'll find that once you know where you are meant to be, (if it does include entering religious life) the money will come through. Heaps of people here on pm have remarkable stories of money, support, everything coming through at the last minute. I'll keep you in my prayers. : Link to comment Share on other sites More sharing options...
eddieloudog Posted June 26, 2006 Share Posted June 26, 2006 Try The total money makeover by Dave Ramsey. It's gerat! My finacee and I are just starting to work on this plan now! : [url="http://www.daveramsey.com/radio/home/"]http://www.daveramsey.com/radio/home/[/url] Pax! Oh, and cut up those cards! Link to comment Share on other sites More sharing options...
Sixtina87 Posted June 26, 2006 Share Posted June 26, 2006 What i do, i would pay part of it each time i get a check. I would take out $50 or $100 to pay my credit card. However right now with me entering in August, i try my best to keep it under $50 as a balance used. However with doing mnost of my shopping useing the card, its kinda hard to do so. But I still make payments every time I got to use the card!! Good Luck!! Link to comment Share on other sites More sharing options...
awyers Posted June 26, 2006 Share Posted June 26, 2006 This might sound cheeky but pray! If God wants you to enter a community then He will take care of your debt like he did for me and believe me, after finishing two degrees I had A LOT of debt!!!! It truly is amazing. On the other hand God may have other plans for you, maybe to continue your growth in the world as you work to pay off your debt before entering. I had planned on getting a job in my field and taking the next year or two to pay off my debt while deeping my prayer life and knowledge of God but if there is one thing I have learned it is in God's time, not ours!! God Bless in your discernment Allison Link to comment Share on other sites More sharing options...
jgirl Posted June 26, 2006 Share Posted June 26, 2006 I got a grant from the Fraser Family Foundation. Somebody on phatmass (Deepa, but I don't remember her pm name) told me about it, and I applied and got it. They pay the monthly payment on the loans, and if I leave, I would start paying on the loans again. It is a huge gift to be able to enter religious life because of the grant. I did delay my entrance by a year, and to start socking away at my loans, I moved back in with my 'rents and put all my extra money into my loans instead of utilities at my place. I think I paid close to 10,000 over the past year, while saving for my health insurance and paying down my car (which is also paid ahead by about a year). My advice is to start paying now if you can, even if it's 25 dollars a month. It will pay down your interest, so that you won't have as much capitalized when your grace period is over. And definitely start paying during your grace period! Link to comment Share on other sites More sharing options...
HisChild Posted June 26, 2006 Share Posted June 26, 2006 Pray Pray Pray. That's what I did. I left it in His hands, and all of a sudden, all my (40K) debt was gone. There are grants, sometimes the local KofC, sometimes your local parish can help, etc. I will keep you in my prayers. Link to comment Share on other sites More sharing options...
HollyDolly Posted June 26, 2006 Share Posted June 26, 2006 There is an orginzation called the Laboure Foundation in honor of St.Catherine Laboure,to whom Our Lady gave the Miraculous Medal.They supposedly help those with debts who wish to menter the religious life. Link to comment Share on other sites More sharing options...
scardella Posted June 26, 2006 Share Posted June 26, 2006 (edited) I suppose you already know this, but look for ways to save money: - cook your own food/bring your lunch to work $15-50 a month - cancel cable $50 or so a month - save energy: lights off during daytime, use as little a/c as you can bear - plan out trips/shopping beforehand; stick to your list when you get to grocery/shopping - use generic brands rather than name brands - make sure you use coupons - simplify diet, don't get froo-froo foods - walk/ride a bike if you can rather than drive - reduce cell features to only what you need (do you need 500 txt messages a month?) - Don't go clothes/shoe shopping more than once a month. Prefer "discount" places. - Dump what you save into paying off loans. If you're making $2k/month, then you should be able to dump at least $500/mo into debt reduction. - Work on 1 loan at a time, pay min payment on others. Start on highest interest first. This will give you a definite accomplishment at intervals (Yay! I got loan #1 done!) - if possible, live with your parents... there's nothing like $300+ more in your pocket a month. Edited June 26, 2006 by scardella Link to comment Share on other sites More sharing options...
stlmom Posted June 26, 2006 Share Posted June 26, 2006 [quote name='scardella' post='1012543' date='Jun 26 2006, 01:58 PM'] I suppose you already know this, but look for ways to save money: - cook your own food/bring your lunch to work $15-50 a month - cancel cable $50 or so a month - save energy: lights off during daytime, use as little a/c as you can bear - plan out trips/shopping beforehand; stick to your list when you get to grocery/shopping - use generic brands rather than name brands - make sure you use coupons - simplify diet, don't get froo-froo foods - walk/ride a bike if you can rather than drive - reduce cell features to only what you need (do you need 500 txt messages a month?) - Don't go clothes/shoe shopping more than once a month. Prefer "discount" places. - Dump what you save into paying off loans. If you're making $2k/month, then you should be able to dump at least $500/mo into debt reduction. - Work on 1 loan at a time, pay min payment on others. Start on highest interest first. This will give you a definite accomplishment at intervals (Yay! I got loan #1 done!) - if possible, live with your parents... there's nothing like $300+ more in your pocket a month. [/quote] Scardella, you're pretty smart for a young guy! Link to comment Share on other sites More sharing options...
memory-singer Posted June 26, 2006 Share Posted June 26, 2006 Hi, I'm 27 and just finished paying off my school loans in April. I did two things that helped me pay me pay off the loans in 20 months (grad.school loans) I decided to take a position in a major corporation (as opposed to teaching which would have been my first choice)which pays quite well and has performance bonuses bulit in. And I have been living as if I.were working for a non-profit, putting 1/2 of each paycheck into repaying the loan. In April I received a very generous performance bonus and asked if it could go directly to my debt. The corporate office did this and so I was able to avoid the huge bite income tax would have taken out of the bonus. (The government got it all. ) So be creative. I didn't know if the company would cooperate but I prayed, asked,and they did. Good Luck! Pax, Dare Link to comment Share on other sites More sharing options...
magnificat Posted June 27, 2006 Share Posted June 27, 2006 (edited) [quote name='Mercy's Child' post='1012657' date='Jun 26 2006, 05:25 PM'] I decided to take a position in a major corporation (as opposed to teaching which would have been my first choice)which pays quite well and has performance bonuses bulit in. And I have been living as if I.were working for a non-profit, putting 1/2 of each paycheck into repaying the loan. In April I received a very generous performance bonus and asked if it could go directly to my debt. The corporate office did this and so I was able to avoid the huge bite income tax would have taken out of the bonus. (The government got it all. ) [/quote] Hmm...the first one I've thought about doing which actually would let me pay off mine in a year. The second is definately unique! Edited June 27, 2006 by magnificat Link to comment Share on other sites More sharing options...
jgirl Posted June 27, 2006 Share Posted June 27, 2006 Magnificat and I are friends with a girl who had two bake sales to pay off her student loans so that she can enter the Poor Clares. She was able to clear away $25k from the donations. Link to comment Share on other sites More sharing options...
jkaands Posted June 27, 2006 Share Posted June 27, 2006 [quote name='Mercy's Child' post='1012657' date='Jun 26 2006, 04:25 PM'] Hi, I'm 27 and just finished paying off my school loans in April. I did two things that helped me pay me pay off the loans in 20 months (grad.school loans) I decided to take a position in a major corporation (as opposed to teaching which would have been my first choice)which pays quite well and has performance bonuses bulit in. And I have been living as if I.were working for a non-profit, putting 1/2 of each paycheck into repaying the loan. In April I received a very generous performance bonus and asked if it could go directly to my debt. The corporate office did this and so I was able to avoid the huge bite income tax would have taken out of the bonus. (The government got it all. ) So be creative. I didn't know if the company would cooperate but I prayed, asked,and they did. Good Luck! Pax, Dare [/quote] Mercy-- What order are you thinking of entering? --or are you? Are you interested in a teaching order? Link to comment Share on other sites More sharing options...
scardella Posted June 27, 2006 Share Posted June 27, 2006 [quote name='stlmom' post='1012597' date='Jun 26 2006, 04:02 PM'] Scardella, you're pretty smart for a young guy! [/quote] Thanks! I've paid off about 40% of my FUS loans in 3 years, but now that I'm looking at NET, I'm wishing I put more into savings. Link to comment Share on other sites More sharing options...
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