Django App Dependency Cycle
If you're seeing circular model dependency I'm guessing that one of three things is happening:

You've defined an inverse relationship to one that's already defined (for instance both course has many lectures and lecture has one course) which is redundant in django
You have a model method in the wrong app
You're providing functionality in a model method that ought to be in a manager

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.
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 separated the project into apps, to make the whole thing more organised (apps are courses, schools, people, modules and timeperiods). I am having a problem whereby a model in one app may depend on a model in another - so I must import it. The second app then in turn depends on a model in the first, so there is a cycle and Python throws up an error.
How do people deal with this? I understand that apps should be relatively "independent", but in a system like this it doesn't make sense, for example, to use ContentTypes to link students to a module.
Does anyone have a similar project that could comment on this case?