Tuition is $10,200 annually for full-time study. Living expenses
and books can range from $22-27,000 annually.
Scholarships
Scholarships Allow More Students to Say, "Yes!" to
God's Call
Students enter into the ministry at great cost to themselves. The
cost of a seminary education is rising and with it the level of
student debt.
Thirty percent of seminary graduates leave without
educational debt. For the remaining 70%, the average educational
indebtedness was $41,681. High debt levels limit the types of calls
students can accept, especially to rural or inner-city congregations
which cannot pay high enough salaries to allow students to cover
their debt payments.
Scholarship gifts are an important way to help
curb student debt and allow more students to say, "Yes," to God's
call!
Luther Seminary Student Budget
The average student receives $5,821.44 in scholarships and
grants. As the sample student budget below shows, this leaves a
significant gap for students to fill. The figures are for a typical
single student, living on campus for the 2006-07 school year.
Tuition
10,200
Room and Board
5,115
Books and Fees
2,000
Transportation
1,899
Misc. Personal
4,995
Total
$24,209
Scholarship Facts
Luther Seminary provides more than $2.3 million in financial aid
to students each year. In addition, local congregations provide
another $1.2 million in assistance to specific students. On average,
this covers approximately two-thirds of the cost of tuition, but
students still incur significant living expenses that must be
covered through employment, loans or other sources of income.
Grants and scholarships make up 11% of the seminary budget.
Debt Facts
77% of the Luther Seminary class of 2007 with M.Div. & M.A.
degrees graduated with student loan debt.
Average Cumulative Student Debt
$44,121 - M.Div. students
$37,718 - M.A. students
Long Range Costs of Student Loans
Amount
Percent
Time
Monthly Payment
Per $1,000
6%
10 years
$11.10
If $44,000 ('07 average)
6%
10 years
$488.40
(Monthly beginning salaries for graduates generally range from
$2,000 to $3,000.)
An Auburn study of theological students identified the result of
excessive debt:
Impacts career choices
Creates stress in professional and personal life
Holds back from purchasing a home
Prevents from saving for their children’s education
Luther Seminary educates leaders for Christian communities
called and sent by the Holy Spirit
to witness to salvation through Jesus Christ
and to serve in God's world.
