I am in the middle of developing a Django application, which has quite complicated models (it models a university - courses, modules, lectures, students etc.)
I have
If you're seeing circular model dependency I'm guessing that one of three things is happening:
Maybe you could show us what's happening in these models and we can try to figure out why the problem is arising. Circular model dependency is rarely an indication that you need to combine two apps - it's more likely (though not definitely the case) that there's a problem with one of your model definitions.
p.s. I am working on a similar django application, but my app structure is probably quite different to your's. I'd be happy to give you a high-level description of it if you're interested.