After years of explosive growth and ambitious projects, St. Edward joined the nation in bunkering down during the 1940s. The parish patiently paid off its debts as its sons and daughters served during World War II. The Pastor, Father O'Hearn, was elevated to the rank of Domestic Prelate with the title of Right Reverend Monsignor. In January of 1947, he triumphantly announced that the parish had completely liquidated its debt. Through the loyal and generous gifts from devoted parishioners there now stood, as unencumbered parish property, a complete parish campus with a church, two school buildings, a convent, a rectory, a large parking lot, and additional property for future expansion. Having served the parish well since 1931, Monsignor O'Hearn died on June 23, 1951. Weeks later, in August of 1951, Rev. Cornelius J. Corkery, Pastor of St. Gabriel Church in the Canaryville neighborhood on the south side of Chicago, became the fifth Pastor of St. Edward Church.