Posts Tagged ‘student debt’

Older seminarians, especially minority women, face tough job market with rising student debt

Pursuing a clerical career in their 40s and 50s can be a dream come true for many women and men, a chance to follow what they consider God’s call and do meaningful work in their later years. But the realities of a shrinking clergy labor market, and seminary tuition costs outpacing inflation, leave some facing debts of $80,000 or more trying to find work in a relatively low-paying profession, researchers state. The burden is falling particularly hard on prospective minority clergy with the fewest resources.

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What price a religious calling? Record seminary debt shows need for financial as well as divine guidance

Record seminary debt and rising tuition costs are forcing both prospective clergy and theological schools to reconsider the price of a religious calling. More than a quarter of students graduating in 2011 with a Master of Divinity degree had more than $40,000 in theological debt and 5 percent were more than $80,000 in the red, a new study found. Many of these students discovered that not only they or their spouses had to moonlight to make ends meet, but some had to choose another job besides the ministry to pay the bills.

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The high cost of service: Student debt burdens religious workers

As long as the money from federal loans rolls in, many seminarians find it hard to think ahead to how they are going to pay back the $40,000, $60,000 or $80,000 or more that is their chunk of a student debt tab that has reached $1 trillion. Yet what began as a critical problem for a small percentage of prospective clergy is reaching alarming levels as seminary students get swept up in a national crisis, new research indicates. It is not enough that growing numbers of clergy with burdensome loans report having to put off for years the ability to get married and start a family or buy a house. Now, graduates wanting to explore a religious vocation may be “too poor to take the vow of poverty,” one research center commented.

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