Lana Oconnell
Student debt is a significant obstacle for aspiring missionaries, with the average medical student graduating with over $241,000 in educational debt. However, several options are available to help medical graduates manage their loans while pursuing missionary work. Some missionaries choose to include loan payments in their mission budget, sacrificing leisure expenses to make payments. Others may seek additional financial support from churches or individuals to supplement their income and cover loan payments. Various organizations, such as The GO Fund and MedSend, offer student debt repayment programs specifically for missionaries. These programs may provide funds to cover loan payments while the missionary is serving or offer grants to repay student loans for healthcare professionals serving in underserved areas. Additionally, some Christian colleges and universities have missionary student loan forgiveness programs for recent graduates. For those with strong convictions, stepping out in faith and trusting in God's provision is an important aspect of their journey.
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What You'll Learn
Seek loan repayment grants from MedSend
If you're a healthcare professional with student loan debt who's planning to serve as a missionary, you may be eligible for a MedSend grant. MedSend is an organisation that has helped medical missionaries go to the field for over 30 years, providing grants to access spiritual, professional, and relational support.
MedSend offers two types of grants for those who wish to serve as Christian medical missionaries. The first type of grant is for US residents who have completed their medical training and are ready to commit to long-term missions. The second type of grant is for students abroad who wish to further their medical training and intend to serve as Christian medical missionaries in their home country. These grants are awarded through the MedSend National Scholars Program and fund residency or discipleship programs for those who have already completed some level of medical training.
MedSend awards grants to repay student loans for healthcare professionals while they serve as healthcare missionaries in medically underserved areas of the world. The grants are typically awarded for four-year terms and are renewable for additional four-year terms. The MedSend board reviews applications three times a year. To be eligible for a MedSend grant, you must meet certain requirements, including demonstrating a personal and growing relationship with Jesus Christ and a commitment to using your healthcare training to spread the gospel.
If your grant application is approved, MedSend will begin raising the necessary funds to cover your monthly loan payments for the first term, up to four years. Once the funds are raised, MedSend will take over the payments on your student loans when you go on salary with your MedSend Associate, typically one month before you depart for the mission field. It's important to note that if you return from the mission field early, your grant will be terminated, and you will resume responsibility for your student loan payments.
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Apply for The GO Fund's Student Debt Repayment Program
If you're considering becoming a missionary but are concerned about your student debt, there are a few options to explore. Firstly, it's important to note that many mission agencies recognise that qualified individuals often come with student debt, and they may be willing to work with you. Some missionaries choose to include loan payments in their mission budget, sacrificing leisure money to make it work. Others raise extra funds specifically to cover loan payments. Additionally, some agencies, like WEC, will ignore your debt if you can present a letter from a supporter pledging to pay off your loans during your time with them.
Now, let's focus on your request to provide details about The GO Funds Student Debt Repayment Program. This program is specifically designed to address the student debt that often burdens missionaries. Here's how it works:
- The Go Fund has the legal right to make payments directly towards the student debt of its partners.
- 100% of every public donation to The Go Fund is dedicated solely to student debt repayment.
- The Go Fund manages the monthly repayment of student loans for its partners, including tracking interest rate changes and corresponding with loan providers.
- The Go Fund employs strategies to minimise the amount of interest paid to loan companies, such as extending the terms of individual loans to lower monthly payments.
- By reducing the interest burden, The Go Fund can focus on paying off the highest-interest loans first, accelerating debt reduction.
In addition to The GO Funds Student Debt Repayment Program, there are other programmes like Project MedSend, which offers educational loan repayment grants to healthcare professionals serving as healthcare missionaries in underserved areas. Ministries like TEAM and scholarship opportunities like the Billy Graham scholarship also provide support for missionaries with student debt.
If you're interested in applying for The GO Funds Student Debt Repayment Program, the first step is to visit their website and gather specific information about the application process and eligibility requirements. It appears that Radius International graduates with student debt between $20,000 and $100,000 are pre-approved for the program, provided they commit to planting churches among unreached people groups. However, for detailed instructions and criteria, the official website will provide the most accurate and up-to-date information.
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Include loan payments in your mission budget
If you are a missionary with student debt, there are several options for handling your loans. One approach is to include loan payments in your mission budget. This means that you will need to carefully plan your finances and decide how much money you can allocate to loan payments each month.
To start, you should create a detailed budget that outlines your projected expenses and income. This will help you understand how much money you will have available to put towards loan payments. Be sure to include all necessary expenses, such as salaries, fringe benefits, rent or mortgage payments, program supplies and equipment, office supplies, and consultant services. When estimating your income, it is generally recommended to guess on the lower end to ensure that you stay within your budget.
Once you have a clear picture of your financial situation, you can decide how much money you can allocate to loan payments. This may involve sacrificing leisure money or other non-essential expenses. Some missionaries choose to raise extra funds specifically for loan payments, either by finding additional supporters or by taking on additional work.
It is important to stay organized and track your loan payments to ensure that you are meeting your financial obligations. This can be done through budgeting tools, spreadsheets, or accounting software. Additionally, there may be loan repayment programs or scholarships that can assist in reducing your debt. For example, the Billy Graham scholarship forgives a quarter of your school loans for each year you serve with an approved agency overseas. Alternatively, you may consider income-based repayment plans that base your monthly payments on your income level rather than the amount of your loan.
Including loan payments in your mission budget requires careful financial planning and discipline, but it can be a viable option for managing your student debt while serving as a missionary.
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Research debt forgiveness programs
If you're considering a career in medical missions, it's worth looking into debt forgiveness programs to help manage your student loans. Here are some options to explore:
Income-Driven Repayment (IDR) Plans:
IDR plans allow you to make loan payments based on your income. After a certain period and number of payments, your loans may be forgiven. These plans often result in lower monthly payments but may extend your repayment period.
The Public Service Loan Forgiveness Program:
This program is designed for individuals employed by the government or not-for-profit organizations, including mission agencies. It requires you to make 120 qualifying monthly payments while working for a nonprofit. After 10 years, the program pays off the remaining balance of your loans.
The Billy Graham Scholarship:
The Billy Graham Scholarship forgives a quarter of your school loans for each year you serve with an approved agency overseas. This scholarship can significantly reduce your debt burden while serving in missionary work.
Project MedSend:
Project MedSend, offered by the Christian Medical & Dental Associations (CMDA), provides educational loan repayment grants for healthcare professionals serving as missionaries in underserved areas. These grants are aimed at qualified applicants who have borrowed responsibly, maintained a frugal lifestyle, and started repaying their loans promptly. MedSend will take over student loan payments once your grant is funded and you are on salary with your MedSend Associate, typically one month before departing for the mission field.
Mission Agency Provisions:
Some mission agencies, such as WEC, accommodate missionaries with student debt. They may accept a letter from a supporter or church promising to repay your student loans during your tenure with the agency. This approach allows them to overlook your debt during the application process.
Educational Loan Repayment Program:
The Educational Loan Repayment Program, mentioned by a representative of The GO Fund, can help you manage your debt as you prepare for the field. This program may be worth exploring as a potential pathway to debt forgiveness.
Remember that each program has its own requirements, guidelines, and application processes. Be sure to carefully review the details of each program and seek additional resources or financial advice as needed to make an informed decision.
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Ask your church for support
Asking your church for financial support as a missionary can be a daunting task, but it is a common practice and there are many ways to go about it. Firstly, it is important to remember that asking for financial support is not about "begging for money". Instead, it is about sharing your ministry and inviting others to participate in the work that God has called you to do. This allows others to affirm your future work and be a part of something bigger than themselves.
One way to approach this is by writing a letter to your church congregation. This letter can be a powerful way to make a donation request and share your story. When writing this letter, it is important to know your congregation well and balance general principles with your personal knowledge of them. A good letter will form an emotional bond with the reader and make them feel recognized and valued. You can do this by referencing unique facts about individuals, such as times when they were helped by the church or scriptures that are special to them. It is also essential to be thorough and direct in your request, demonstrating how you can help congregation members and the church's financial responsibility.
Another approach is to actively work within your local church and gain their support. This could mean staying and serving in your local church for a few years before going overseas. During this time, you can practice what you plan to do overseas and gain the trust and support of church members. It is also beneficial to brainstorm a list of friends, family, church members, and coworkers who you believe would be willing to support you financially. You can then meet with these individuals, share your presentation, and ask them to become monthly partners. Remember that you are only responsible for inviting them to be a part of this work and that the decision to give is between them and God.
Additionally, some mission agencies, such as WEC, will ignore your debt if you can present a letter from a supporter, such as a church, promising to pay down your student loans for as long as you are with the agency. There are also organizations like MedSend that award grants to repay student loans for healthcare professionals serving as healthcare missionaries in underserved areas.
Remember, there are many ways to fund your missionary work and asking your church for financial support is just one option. By sharing your story and inviting others to participate, you can gain the necessary funding while also building meaningful partnerships and connections.
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Frequently asked questions
There are several options for paying off medical student loans as a missionary. You can pay off your debt before leaving for the field, or include loan payments in your mission budget. Alternatively, you can apply for a grant or scholarship, such as the Billy Graham scholarship, which forgives a portion of your school loans for each year you serve overseas. You can also look into debt forgiveness programs offered by the government or your school. Additionally, some mission agencies may provide support for student loan repayment, and you can also include loan repayment in your fundraising efforts.
The GO Fund is a student debt repayment program that can help you pay off your student loans while you are on the field. The fund secures notarized power of attorney documentation, which gives them the legal right to make payments toward your student debt. They use tools to minimize the amount of interest paid to loan companies, helping your dollar go further. Candidates apply online and go through a rigorous interview process.
MedSend is an organization that awards grants to healthcare professionals serving as missionaries in medically underserved areas. They make monthly payments toward your student loans while you are on the mission field. To be eligible, you must have a bachelor's degree, the necessary licensing and training to practice in your medical field, and commit at least 50% of your time to healthcare practice and a minimum of 20 hours per week.
