Going into debt to go into the ministry

Well, I can only speak from personal experience. When we started seminary, we had just finished a term of service thru the North American Mission Board that had paid $15,000 a year. And we had been living on that. We went to seminary, and the Lord provided. We had to work hard and live on little. But we never took out a loan (but we did choose the deferred payment plan with no interest that our school offered).

If God is calling you to go to seminary, He will provide for you.

 

this has come up several times in the Seminary forum (I'd check there too.)

My position on this is that debt isn't a sin.
Debt isn't poor stewardship.
Debt isn't bad...when properly managed.

I have student loans from my undergraduate work but was able to make it through seminary without loans (couldn't do that today the place has changed.) Had the need arisen, I would have taken out loans without a second thought. Student loan debt is "good debt" since you can write off the interest and the payments will be low enough that it won't hamper your financial situation...besides you don't have to pay them back until you're done with school.

Since, in ministry, you earning potential is severely limited by not having a seminary degree the small amount of loans you'll incur at an SBC seminary are a decent trade off for the possibility you will have once you graduate.

Some considerations at least.

 

Debt is debt . . .

I do not think it is a sin. But, I do not recommend debt just to get debt.

Yes, I have some seminary debt. I am not proud of it, just some conditions that I could not work around.

The problem with debt - is that it stays with you for a very long time.

 

$15K is tough no matter where you live. My Brother Pastors in SF so I know it is tough in that area but all things are possible when we seek first the Kingdom...

 

15k wont get you any luxuries, but you could get by around where I live.

 

Don't worry... 99% of Baptist churches all agree to one thing:

You keep 'im humble, Lord; we'll keep 'im poor.

This has been a deterrent for me as well. I have enough bills right now, without adding more by taking on student loans in bible college/seminary. The other deterrent is motivation...

I see no sin in taking on student loans to pay for a seminary education. While it isn't the best way, it can end up being the only way.

A guy I used to go to church with went this route. As soon as he was called, he quit his job and took on student loans in order to go to school full time. His wife is a nurse, so they were able to make it. My family is a single-income family, though.

 

Notice Tator said she was married at the time plus both were attending the Siminary. That's when the Bible says walk by faith and not by sight.

If you can see your way you don't need faith.

 

Would you question going into debt to buy a home? Of course not.

Debt is debt.

Seminary is just like any other college. You may have to work two jobs, sling hamburgers or whatever, but if you have faith, and are in the center of God's will, He will see you through.

If you need to take out a student loan, do it, but be expected to pay it back for a long time, thereby taking away from other things in your life.

If anyone should have a good credit record, it should be God's children.

Yes, you may have to drive "that old car", but I am driving one of those and I'm happy to say I have no car payments...

I guess it depends on your priorities and what you think you 'need'?

For where your treasure is, there will your heart be also.
Mat 6:21

 

Are you planning to get rich in the ministry? Your sarcastic attitude toward those who are trying to keep you from creating a very long term hard life for yourself is very disheartening from somebody who says he wants to go into ministry. If you are not going to listen to those who are older, wiser, and whom are trying to help you, then why ask?

For what it's worth, I also think you should look into every avenue before going into debt in the long term for seminary. I realize undergrad is over and done with, but you should do everything you can to keep your long-term debt at a minimum. Where God leads, he provides. When I attended Southwestern, they had a loan program that paid our tuition at the beginnning of the semester and we were expected to pay that loan back by the end of the semester. It was interest free and when the semester was over, so was that loan. We certainly did not make a lot of money working as a bus aid for a local school district and my wife working at a church preschool, but God provided for our needs. You might consider seeing if Southern has any programs that are similar to this to help you out.

If living within your means and not having an extravegant lifestyle doesn't appeal to you, I would suggest you think about another line of work because I don't think you'll be very happy in the ministry.

Joseph Botwinick

 

Hiya Jacob,

Where did you get your undergraduate from? Where do you plan on going to Seminary?


Jamie

 

He is planning on going to Southern.

Joseph Botwinick

 

Jacob,

Have you thought about applying for some associational grants or scholarships? That is another way God helped provide some money for me when I went to Southwestern.

Joseph Botwinick

 

Where the rent is cheaper so is the payday so it all works out no matter where you are. Only difference in living in Kentucky is that you can eat squirrel, possum and groundhog which will cut down on the fast foods bill.