Presented at the Pathways Coordination Event and Expo, June 18, 2024, Atlanta, GA
In consultation with:
Elise Erikson Barrett, Coordination Program Director, National Initiative to Address Economic Challenges Facing Pastoral Leaders
Velma E. Love, Ph.D., Associate Professor of Interdisciplinary Studies / Director, Doctor of Ministry program, Interdenominational Theological Center
Synopsis
Economic challenges for pastoral leaders and theological educators include both student educational debt and the financial health of theological schools and seminaries. The best solutions will avoid increasing the financial burdens on students, clergy, and churches, and instead support their financial well-being.
Key Insights
- Racial and gender disparities significantly impact students’ financial issues in theological education.
- Most ministers rely on their personal financial resources to fulfill their ministry needs.
- Denominations are less able to financially support the educational institutions they are affiliated with, leading to an additional revenue shortfall for some schools.
- Theological schools should consider adopting a model that doesn’t rely on student debt to meet operating costs.
- Schools that depend on tuition and cannot adjust it to be more affordable face a vicious cycle of financial burdens.
- Ensuring that applicants fully understand the financial implications of their education before beginning the admission process can help them make informed decisions, reduce the risk of unexpected debt, and encourage better financial planning.
- Theological educational institutions should re-examine key issues like grant allocation; fostering open dialogue between governing bodies and schools; enhancing accountability and budget awareness in schools; and educating congregations about pastoral compensation.
