“Dear Steve,
I’m a graduate student finishing up my Masters and working toward a PhD. I aspire to be a professor of Ancient Hebrew/Bible and an episcopal priest within the next 10 years.
I will have $100,000 in student loans by the end of my master’s degree program next May, and currently have $30,000 in credit card debt. I would like to find a loan that will cover student credit card debt while i’m finishing up my degrees. My monthly payment on the credit cards is $700.
I live on student loans that and whatever money i can get from work-study programs and odd jobs, and have just barely made my bills. But i don’t have enough in my checking and savings to make it work anymore. Do you have any advice for me?
Adrienne”
The Answer:
Dear Adrienne,
Lots of people are praying for a solution in situations similar to yours. It sounds like you might have a leg up though.
Seriously, the only legit loan I am aware of would be a unsecured fixed rate debt consolidation loan from LendingClub.com. LendingClub is a peer-to-peer network where people lend to others, cutting the banks out of the loop. In fact I help people myself through LendingClub.com. The downside is that the limit on these loans is $25,000 and you will need a credit score above 660 to even get in the door.
Good luck on those student loans. My understanding is that the salary for an Episcopal priest is around $40,000 plus a housing allowance or provided housing. That should be enough to start paying on those student loans as soon as possible. Don’t defer them if possible. The interest that builds is a killer.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.