Clergy Debt Reduction Loan Program: Apply by August 31

July 28, 2020


By: United Methodist Foundation of Western North Carolina

The United Methodist Foundation of Western North Carolina, Inc. is pleased to announce they have partnered with The Conference Board of Pension and Health Benefits, Inc. of The Western North Carolina Conference of the United Methodist Church and The Duke Endowment to promote the Clergy Debt Reduction Loan Program.  This program is designed to relieve clergy of paralyzing debt that can result in physical, emotional, and spiritual burden.  In an effort to create good stewards of God's financial resources and ensure long-term success, mentorship and financial counseling are offered as an aspect of the program. 

Who is eligible?

  • Active Clergy in good standing
  • Serving at least ½ compensation time to an Episcopal appointment made by the Resident Bishop of the Conference
  • Physically residing within the geographical boundaries of the Western North Carolina Conference of the United Methodist Church
Terms of the program:
  • Loan approval is based on ability to repay, not credit score
  • Student loan refinancing available up to $100,000 for 15 years at 1.5% interest
  • Installment debt restructure available up to $80,000 for 5 years at 1.5% interest
  • Mentorship and financial counseling available to ensure future success
  • If clergy is married, spouse is required to participate in mentorship and financial counseling
  • Monthly loan statements and easy ACH payments are available
All applications for this period of consideration are due by August 31st.  The Foundation will respond by September 30th notifying you if your application was approved and under what terms.  Time is of the essence and all debts will be paid off by the Foundation by October 31st with your first payment on your new loan(s) starting December 2020.                                            
 
Questions can be directed to Brad Crossley at bcrossley@umfwnc.org or by calling 704-817-3990 ext. 1502.  All inquiries will be held in confidence.

For more information visit: https://www.umfwnc.org/individuals/clergy-debt-reduction-loan-program/.
 

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