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 2008-09 school year.
| Tuition |
11,000 |
| Room and Board |
6,120 |
| Books and Fees |
2,000 |
| Transportation |
3,000 |
| Misc. Personal |
6,750 |
| Total |
$28,870 |
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
- Delays health care costs
- Affects morale