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?

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.

Try The total money makeover by Dave Ramsey. It's gerat! My finacee and I are just starting to work on this plan now!

http://www.daveramsey.com/radio/home/

Pax!

Oh, and cut up those cards!

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!!

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

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!

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.

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.

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.

Scardella, you're pretty smart for a young guy!

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

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!

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.

Mercy--

What order are you thinking of entering? --or are you? Are you interested in a teaching order?

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.

Actually, I'm discerning with the St. Emma Benedictine Monastery in Pennsylvania. I feel a deep call to monastic life and the ministry of the community is the life itself. They do have a retreat House and the sisters provide hospitality/meals etc.

Pax,

Dare

Well, technically, part of her debt she paid off by working and saving money while in school, part of it was from the bake sales, and part of it was from a couple of very generous donors. But the bake sales did raise a lot of money and Mother was pleasantly shocked by the generosity of the parishoners.

God will make a way...

Thanks for the prayers! They're needed. I worked for three years before I went to school, every summer and every year except first year, and yet still here I am in debt! *facepalm* Honestly though, my "debt snowball" is the same as or smaller than most people's, thanks to some scholarships, and the fact that tuition is a little more reasonable in Canada than the states, thank goodness.





Ummm..let's see

I buy lunch at work once a week, absolute max
I don't have cable
I am the light police,always following housemates around turning off lights. We have no AC
Most of the stuff in my fridge is no-name
I have never driven a car in my life
I don't have a cell phone
Shopping for clothes and shoes? Surely you jest.
Dude....if I were bringing home 2K a month, I wouldn't know what to do will it all! (Student jobs, you know?)


[Are you shaking your head at my level of "broke" yet?)


So, left are making a list and sticking to it, which I DO need to do. You're right! Thanks for the reminder. And you can bet I will be heading for my parents' placce once the rental leas runs out. (April '07)








Not cheeky. In fact, quite sensible!

God's blessings on you as well. His timing is wonderful, as you have so recently shown us.

Well, the bake sales took care of over one third of the debt. An important thing to remember: no price tags. It sounds strange, but people pay alot more for the goods because they're giving to help you out, and getting cookies as a benefit, rather than just buying cookies. Also, people will be alot more generous if you're doing alot to pay off your debt yourself.

What kind of debt are you talking about clearing? Are you thinking of bankrupcy? or just the fastest way to pay it off...

The dreaded student debt. I wouldn't be too excited about it, except that it's most often an impediment to entering religious life. Since there is a strong possibility that is how I am called, I need to start looking at ways to get rid of the debt. God will help, of course, but I can't be over here sitting on my butt in the meantime.

Some of the simplest ways are to know your loopholes and cut corners where you can. Student loan debt is one of the best debts to have. The interest it tax deductible so keeping the loan for a long time is not a bad thing. It only gets bad if you make too much money because then you cannot deduct the interest, but going into religious life... I do not think you will have that problem. (I am a tax accountant)

I can't always tell gender based on name and avatar. There's lots of girls on here discerning being a nun, so I figured I'd throw it in. It's wierd for me to go out and buy more than one piece of clothing per quarter. For girls this might be a challenge.



No, I just didn't know where you were. When people talk about paying off student loans, they're usually out of school already. I've been there; I know what it's like. 2k a month goes pretty quick when you're trying to pay off student loans, living in an apartment, car insurance, fuel, food, etc. It's decent for one person, though it is tight to sustain a family on it.



Oh, and don't go grocery shopping when you're hungry.

LOL...no no no, I'm a girl. It's just that I'm a broke one who knows she can't afford to shop for clothes and shoes unless they're needed.


Don't go shopping when I'm hungry.....Amen. That's one of my biggest downfalls, actually.

When I enter the colleg seminary and need to pay off my loans, I'm going to rent out an outdoor booth or something at Walmart or somewhere and sell hamburgers, soda, hotdogs, etc.

In Christ,

Ed L.

Can't believe I'm first to post these links:

Vocations money laundering: Laboure Society

Write to anyone who might in the remotest chance be able or willing to help with your vocations story. Talk to Cy at the link above, he can arrange it that the donations are tax deductible. (they donate to a non-profit, who turns it all over to your debt.)


There's also the Fraser Family Foundation, but I don't know as much about how they work.

chris

Y'all have given this woman much food for thought! Now let us pray I can actually bring some of these ideas into practice!!

I'm reviving this thread because I do have a question now...My main problem is holidays & birthdays & graduations....I usually buy fairly decent gifts for family & friends...& sometimes it really adds up! I'm not certain how my family would feel if I stopped with the serious gift-giving...Any suggestions? Thanks much...

I am not very familiar with your vocation [if you have been accepted, are still discerning or at the very beginning] but here's my thought:

First, do the gift thing only for those in your immediate family. Make it for birthdays, Christmas and very important days--you have to choose which ones since you can't do every celebration and every holiday.

Then think of something you can make...for instance a small inexpensive photo album with copies of favorite pics Mom/Dads B'Day, having all the siblings write a letter that includes a childhood memory on your parents anniversary, a pretty card with a religious poem, prayer, or promises of prayer for the graduate.

You don't have to forget everyone else. Send them lovely notes or prayers with holy cards. It can be tough to simply grit your teeth and not do buy gifts because you care so much. Hopefully this gave you something to think on and perhaps you can come up with better ideas.

Depending on what "serious gift giving" means, I have a few suggestions. (But if serious means expensive , these don't apply.)

First know your talents and give them. For example, I play the harp (not professionally-- although I have earned extra cash by playing) and belong to a consort. One of the gifts I give close friends/family who I know will "use" it is the gift of entertainment at an event they are having within the year. My fellow musicians and I have agreed to do a certain number of these "freebies" together for each other (and yes, my parish festival always gets us ).

Another is the gift of time; Free child-care is a big one for my friends with young children.. They love that gift-certificate. For Christmas/ Channukah/Winter Hoildays. I go to Pier One Imports and buy beautiful baskets on sale during the year. Then I fill them with home-made baked goods and relishes. I include a personal note and wrap it up with care. I think my dear ones enjoy getting them almost as much as I love making them.

AND I AM NOT A MARTHA STEWART OR BETTY CROCKER CLONE.

(I'm gonna miss all this in the convent.)

Love ya,

Dare

That's amazing! (She must've baked a lot! )

Thank you all very much! You have given me much to ponder...


@ Betty Crocker Clone comment....