Clergy Education Debt Refinancing: Michigan Circuit Rider Fund✦
The United Methodist Foundation of Michigan offers a secure and faith-driven initiative aimed at easing the educational debt of ordained clergy and enhancing their financial future. This program offers eligible elders and deacons in the Michigan Conference of The United Methodist Church the opportunity to confidentially refinance up to $50,000 in student loans at a fixed interest rate of 1.5 percent. As trusted partners, we are committed to listening, leading, and supporting your financial journey with compassion and community-focused values.
Key features of the Circuit Rider Fund include:
- Refinancing amounts from $5,000 to $50,000
- Fixed 1.5% interest rate
- Loan terms up to the remaining term of existing student loan debt or a maximum of 15 years, whichever is less
- No prepayment penalty
- Automatic monthly payments
- Direct payment of loan proceeds to existing student loan lenders
- Mandatory participation in a personal financial education program
Applications will be accepted on a rolling basis as lending assets are available. All loans are subject to customary underwriting and approval processes.
The program is available to active, ordained elders and deacons in good standing with the Michigan Conference. Preference will be given to those serving in full-time local church appointments although those serving half-time or more are also eligible. Qualifying debt must be directly related to undergraduate, seminary, or postgraduate education and associated tuition, room, board, and other directly billed academic expenses. Consumer debt, like credit card debt, and secured loans, such as home mortgages and auto loans, are not eligible.
Contact Rev. Joel Fitzgerald for more information or questions at CircuitRider@UMFMichigan.org.