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Paying Back School Loans - 4/26/2008 10:36:34 AM
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FroMan
Posts: 22
Joined: 4/26/2008
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When I graduate Bible school next week I will have 30,000 in school loans to pay back, on top of my wife's 40,000.
With the average youth pastor in my denomination making about 27,000 a year and me having to support my wife and son, how exactly am I going to pay back such a high student loan amount.
Do any of you have loans you're paying on? Suggestions on what to do are greatly appreciated. I am anxious of the financial strain that lies ahead for me and my family...
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RE: Paying Back School Loans - 4/26/2008 12:31:52 PM
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ta_mosquito
Posts: 10935
Joined: 3/31/2005
From: from MN, now in Ontario :D
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Hmmm. I think this will get more response in the Finances section. I'll move it there.
_____________________________
Tricia
"When tempted to fight fire with fire, remember that the fire department generally uses water." ~Unknown
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RE: Paying Back School Loans - 4/26/2008 6:02:13 PM
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Auben
Posts: 1643
Joined: 4/13/2005
From: Where pines tower and cranberries float
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What is your wife's profession? If its teaching she may be able to look into programs which help her repay her loans by teaching in an inner city or very rural school.
Look into other programs which help repay your debt for volunteering a certain number of years in certain areas.
Get a second job. Most people I know who are youth pastors have other occupations as well. Perhaps something seasonal like construction can help you get ahead or very scheduled work like being a postman, garbage man or working an early morning shift.
Its going to be uncomfortable for a while, but you knew this when you started out. You knew that sacrifices eventually would be needed by making the decision to borrow the money, marry your wife, have your son at this time. None of those were wrong decisions but they all come with consequences. You won't have the white picket fence right away, like many young marrieds you will struggle for several years.
But if you're faithful it will all come together. There will be a day when you can relax a bit more and the debt will be gone. Both my husband and I had student loans and we had a honeymoon baby so we struggled for a long time, but when we finished repaying the debt in the last few years everything relaxed and I can see that having to be so budget conscious so early was good for us and for our marriage. It disciplined us and made us stronger.
I wish you well.
_____________________________
Tamara
~Everywhere is walking distance if you have the time~
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RE: Paying Back School Loans - 4/26/2008 11:10:46 PM
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FroMan
Posts: 22
Joined: 4/26/2008
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quote:
ORIGINAL: Auben
What is your wife's profession? If its teaching she may be able to look into programs which help her repay her loans by teaching in an inner city or very rural school.
Look into other programs which help repay your debt for volunteering a certain number of years in certain areas.
Get a second job. Most people I know who are youth pastors have other occupations as well. Perhaps something seasonal like construction can help you get ahead or very scheduled work like being a postman, garbage man or working an early morning shift.
Its going to be uncomfortable for a while, but you knew this when you started out. You knew that sacrifices eventually would be needed by making the decision to borrow the money, marry your wife, have your son at this time. None of those were wrong decisions but they all come with consequences. You won't have the white picket fence right away, like many young marrieds you will struggle for several years.
But if you're faithful it will all come together. There will be a day when you can relax a bit more and the debt will be gone. Both my husband and I had student loans and we had a honeymoon baby so we struggled for a long time, but when we finished repaying the debt in the last few years everything relaxed and I can see that having to be so budget conscious so early was good for us and for our marriage. It disciplined us and made us stronger.
I wish you well.
Funny you say that, our baby was a honeymooner also. We'll be married a year in May and our son was born on January 28th (he was 3 weeks early).
Fast is not the correct term...
My wife's degree is in psychology. We are actually trying to get her into grad school, because the job market is a lot better when you have a Master's in psych instead of just a BA. However, grad school adds more debt to the tally, but we are hoping that a better job for her, that pays better, will end up off-setting the extra debt.
When I'm done with school next week, I am starting another part-time job doing grounds maintenence at a business.
Loans, kids, and living are all expensive. lol
It is good to hear a "light at the end of the tunnel" story though. Thanks. 
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RE: Paying Back School Loans - 4/27/2008 9:45:58 PM
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Auben
Posts: 1643
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From: Where pines tower and cranberries float
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Have your wife look around for a job working in a juvenile facility or something similar. A roommate of mine in college worked there and they paid her to get her Masters. She worked there part time and went to school part time.
_____________________________
Tamara
~Everywhere is walking distance if you have the time~
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RE: Paying Back School Loans - 4/28/2008 9:09:53 AM
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Row1
Posts: 163
Joined: 12/2/2005
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Froman-
I would figure out who can mentor you as you consider your next job.
I have been through a lot of this stuff, including college degrees and student loans. I went through most of it before I was a Christian.
As a Christian, I now believe that we should not be putting ourselves into slavery with debt. So, respectfully, it might be wise to free yourself from the debt before you can whole-heartedly pursue your ministry in the role as a youth pastor.
You are truly trying to serve two masters. I am, but I have a serious plan to get out from under this debt, and I have been making great progress. Each month I am reducing my credit card and student loan debt in a plan to get rid of it all and never go back to Egypt.
Colossians 3:22 says 'whatever you do, work at it with all your heart, as working for the Lord, not men, since you know that you will receive an inheritance from the lord as a reward." It may not necessarily be going against God's plan for your life to work at some other job before seeking a ministry job.
Have an open mind to this possibility, and seek counsel from people you trust. If you go work at some other job for a few years, and simply volunteer with the youth at your church in the meantime, you will have a chance to get rid of the debt rather than risking the stress and compromise that goes along with the debt.
The thing that will make this idea work is if you and your wife truly believe the same thing, that debt compromises your life, and then you both figure out a plan, and a budget to get rid of that debt.
We are doing just that. It is not easy. But we really believe we are living according to God's plan, versus our plan.
If you have a good mentor or two, review this idea with them. I would consider the possibility of not putting yourselves in low paying jobs, with 70,000 in debt looming over you, plus whatever else the world is gonna throw at you.
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RE: Paying Back School Loans - 4/28/2008 11:47:04 AM
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APZR
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From: GA
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Wait... you are talking about $70,000 in debt for a $27,000 year job? The numbers just don't work, you'll for ever be behind. Hate to say it, but seems to me that you need to look at other majors, job opportunities, or reduce your expenses and debt. You don't have to be an minister of a church to minister to the world. And you certainly can't do it if you are always behind in money, stressed out over paying bills, and become sour over your self made bondage. Do some sole searching, and make sure this isn't something you want VS what God wants... the numbers just don't work.
< Message edited by APZR -- 4/28/2008 11:54:56 AM >
_____________________________
Ya can't keep trouble from visitin, but you don't have to offer it a chair.
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RE: Paying Back School Loans - 5/28/2008 5:33:39 PM
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ruby2700
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As a fellow minister, I just want to say I totally understand! And, let's be honest for a second, most of America is in debt. My husband and I both have large amounts of student-loan debt from graduate and undergraduate degrees (to the tune of $100,000 plus credit cards).
The main thing I want to encourage you with is this: God has the ability to move miraculously in your finances. I know people who have received checks for thousands of dollars just because God laid it on someone's heart to do it. So while we continue to be obedient in making small steps in paying off our debt, we also believe that God has a plan to bless us with abundance from unexpected places.
The other things we do are very practical. First, the system we are using to pay off our debt is called "debt stacking." Basically, you take your smallest loan amount (for us it is the credit card), and you make big payments on it every month (as much as you can afford to put toward it), while making minimum payments on everything else. When that loan is paid off you take the big payment amount you were putting toward the first loan and add it to the minimum payment on your next smallest loan. You keep going when the loans get paid off, and you keep making bigger and bigger payments.
The last thing is, don't forget to give (tithe, if that is something you believe in). Giving frees us by helping us remember that God is the source of all our blessing, and especially when you are in the ministry you know you are not working for the paycheck! LOL! God is your source, and He knows your needs.
Blessings!
A God-Lover
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RE: Paying Back School Loans - 5/30/2008 2:08:54 PM
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lexie
Posts: 2531
Joined: 6/27/2005
From: Toronto
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I know that student loans are different between the US and Canada, but what sort of programs do they have to help you repay?
For example, my husband has pretty large student loans. In order to get into his field, he has had to take contract jobs that don't pay as much. His loan company (the government actually) has a program that takes into account how much you make as well as your dependents, and they have given him two years where he doesn't have to pay back anything and they don't charge him interest. Now that time is up, and they have him on another program that will allow him to do the same for a little while longer.
It is giving us time to save up for when we do start paying off the loan, in case he still isn't working a permanent job then.
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RE: Paying Back School Loans - 6/2/2008 5:24:59 PM
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BlueAdept
Posts: 37
Joined: 4/18/2005
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I am just a little curious, I see something like this and I think.... HUH???
I have no problem with people going to school and studying whatever they feel lead to study. However, my concern/issue is why would you take on the debt if you didn't know how you would repay it? You knew 4 years ago when you started that you would be getting a job paying 27-30K a year. So why even take on the debt?
Why not slow down, take fewer classes work part/full time?
You have effectively made yourself a slave to 2 masters. Do I believe God can deliver you, YES! However, I think there are MANY TIMES when God calls us to do something, and we don't follow his timing or his plan. We want to rush ahead, or we just do it like "everyone" else does it. Borrow without thinking about what happens later.
My suggestion is plan on working 2 jobs, and having your wife work outside the home as well. Or even better, pray and ask the Lord how he wants you to get out from under this burden.
If the Lord called you into the ministry (I am not saying he didn't) then he would have also given you a way to graduate without a mountain of debt, it was up to you to have followed that plan. Now you have to work doubly hard to get out from the burden.
Oh and for the record, it took me 10 years to get my degrees. Mainly working full time and going to school part time. When I graduated I did so with less than 4K in student loan debt, all received my freshman year of school. I know it is a hard road to follow, and that you will be passed by many on the way. However, IF you are called to work someplace without much pay, you can accept that without as much struggle.
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RE: Paying Back School Loans - 6/2/2008 9:27:00 PM
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manhattan42
Posts: 62
Joined: 4/13/2005
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quote:
"The main thing I want to encourage you with is this: God has the ability to move miraculously in your finances. I know people who have received checks for thousands of dollars just because God laid it on someone's heart to do it. So while we continue to be obedient in making small steps in paying off our debt, we also believe that God has a plan to bless us with abundance from unexpected places. "
The problem with this view is that it is one of presumption and one that Tempts God.
As APZR correctly stated, one needs to think logically and soundly in order to spiritually be a Good Steward of all the talents God has given you.
Just because one graduates from Bible School or gets a College Degree in any given field does not mean that person should or will end up working in that field ....or that is where God ultimately wants to use you....or that it was the right decision in the first place to pursue this type of education.
Many Churches labor in debt or go bankrupt from such bad advice as was quoted above.
Presuming on the Almighty to bail us out of our own foolish decisions is about as absurd as thinking our parents should do the same till the day they die.
At some point in one's life...one needs to take responsibility for one's own decisions....and leave God out of it.
This seems like one of those times.
Edited TOS 6
< Message edited by Kath -- 6/9/2008 5:12:01 PM >
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RE: Paying Back School Loans - 6/3/2008 2:14:48 PM
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stellaluna
Posts: 3278
Joined: 4/11/2005
Status: online
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I second the idea of looking for a higher-paying job and/or second job. You can consolidate your loans, and you can combine your loan with your wife's and consolidate the whole amount. That would give you one payment a month and you can generally choose between income-contingent, graduated, etc. HOWEVER...that amount will take years and years to pay off.
I just made my last student loan payment today--15 years after graduating from college. I consolidated several years ago because I couldn't afford the payments they initially set out for me. While that reduced my monthly burden of a payment amount, it still pushed my payoff date a couple of decades into the future. I was able to pay it off this soon because my husband and I made it a priority to get rid of it. The total I consolidated was about $2,000. Let me repeat: $2,000.
The thing about student loans is that they never go away. If you filed for bankruptcy, you wouldn't get rid of your student loan debt. If you default, there are all kinds of consequences like wage garnishment and it could keep your wife from being licensed.
My advice is to do everything you can do to get those loans paid off--without taking on more debt!
_____________________________
CW Underground
"Everything Stellaluna said (I do agree with her, honest)." -- miasma
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RE: Paying Back School Loans - 6/3/2008 5:21:18 PM
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BlueAdept
Posts: 37
Joined: 4/18/2005
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Oh and another thuoght.
I am not sure why your wife chose her field of study, but from my past experince this is something I found. Many women that go into psychology and counseling, do so because they are highly emphetic. As a result they end up with difficulties in remaining at arms length. They end up working in a field that kills them each day.
I say that to make a larger suggestion, and that is have your wife work in the field for a while before going back to school. Make sure this is really a field that she can handle emotionally before investing (spending) another 30-50K for a degree that she will never use. Yes she can make more with the higher degree, but making more in a field that she truly enjoys, and thrives at is better than getting deeper in the hole, only to find out that she can't handle the duties.
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RE: Paying Back School Loans - 6/3/2008 8:11:56 PM
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creationtalk
Posts: 591
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I agree with those who suggested that you look for a job either in place of ministry (for now) or in addition to it. Also agree that your wife should work for a while to see if she really wants to go back to school. And if the decision is made for your wife to return to school, then I STRONGLY urge you both to make a commitment that she will do so ONLY if she can do it without borrowing money (assistantships, fellowships, scholarships, grants, part-time job, etc). I wish that colleges required students to work out a realistic budget based on an average salary for the proposed career field BEFORE they borrow the money ...
I borrowed $30K for grad school. My initial payments were more than my house payment. If I had it to do over, I would try to not borrow so much. I consolidated to a 20 year loan to bring down the monthly payment to something a bit more manageable--will cost close to double what I borrowed if I do not pay it off early (I plan to). My starting salary was close to 2X what you are reporting for a starting salary and I was not supporting a family and I still had to be very careful with my expenses.
Consider your potential salary vs cost of these loans. Your take home pay from $27K/yr will likely be $2K/mo or less. If the rate for the SLs is 5-6% financed over 20 years, you will be paying $500 per month on these loans alone. If the rate is 11% for 10 years, monthly payments will be close to $1K. You need to base your budget on your salary alone. Although your wife may plan to work, if another baby comes along it might not be possible--and it may cost more to put this one child in day care than she could make working (not only the cost of child care but increased fuel costs due to driving, perhaps an additional vehicle, clothing for work, increased food costs because of less time for cooking, etc.).
Also do not count on God bailing you out of these loans. The Bible warns repeatedly against borrowing. God has made no promise that he will bail us out of bad decisions (you will reap what you sow, is more like it). Sometimes God blesses us through or in spite of our sin and/or disobedience, but not always--and if he does, it's to fulfill his purpose.
I wish you and your family well. It's very easy to say you should not have borrowed the money, but the reality is you have so decisions have to be made in that way. You have been given responsibility for a child as well. Although it is true that the Bible says that man does not live by bread alone but on every work that comes from the mouth of God...it is also true that man must have bread to as well to live.
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RE: Paying Back School Loans - 6/3/2008 11:15:56 PM
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mikeman2
Posts: 323
Joined: 9/23/2005
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quote:
ORIGINAL: FroMan
When I graduate Bible school next week I will have 30,000 in school loans to pay back, on top of my wife's 40,000.
With the average youth pastor in my denomination making about 27,000 a year and me having to support my wife and son, how exactly am I going to pay back such a high student loan amount.
Do any of you have loans you're paying on? Suggestions on what to do are greatly appreciated. I am anxious of the financial strain that lies ahead for me and my family...
I know! Somehow convince the government that your debt was part of the Bear Sterns debacle so they will bail you out. After all, the government cares more for Bear Sterns than it does for the likes of you and I. LOL.
As for myself, I can relate somewhat. My wife ran up a huge student loan that I have had to tackle. Our lives would be so much better had she not run up the loan and then repeatidly defer payments over the years. I'll tell you what, when you figure it out, let me know and I will do the same for you if I figure it out!!!
_____________________________
Man will occasionally stumble over the truth, but most of the time he will pick himself up and continue on.
-Winston Churchill.
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RE: Paying Back School Loans - 6/5/2008 3:54:34 PM
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Row1
Posts: 163
Joined: 12/2/2005
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quote:
We are actually trying to get her into grad school, because the job market is a lot better when you have a Master's in psych instead of just a BA.
This idea should be researched well. In most states, currently, it is a much more direct path to get a master's degree in social work, with a focus on counseling within the sw. Or a counseling degree. Often, a master's degree in psychology is not the fastest track to a good-paying job.
1.
State "lpc" licensed profesional counselor rules favor the MSW compared to master in psychol. a psychol masters grad might have to take additional courses and get additional training in order to get what is typically included in a msw or m in "counseling."
2.
to be eligible for any counseling type job, you usually need to be licensed. getting licensed usually requires some supervised work experience done AFTER the degree has been granted. it is generally difficult to get hired for these hours with a masters in psych, and counseling, but much easier to get hired if the degree is the msw.
so:
these things are generally the case in most states. your state may be different. she should talk to someone who knows all of this stuff and get their advice.
if she prefers psychology over social work, it can still be better to get the msw - once graduated and employed, she can take psych courses including training seminars, etc., whenever she wants. she can work or be a volunteer with whatever population she wants, just by looking for opportunities.
i suggest these things because going into debt just is not a great idea. it really takes the fun out of following your dreams.
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RE: Paying Back School Loans - 6/9/2008 5:11:04 PM
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Kath
Posts: 15992
Joined: 2/28/2005
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Telling him he shouldn't have gotten himself into such debt is off topic and unwelcome counsel (TOS 9) Hindsight is 20/20 and all that.
He is asking for suggestions as to what to do now that he has gotten himself in this predicament.
Please stick to the OP. If you cannot help but offer unwelcome advice then I'd suggest you sit this thread out. Thank you.
Sincerely
Kath
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