1. THEOLOGICAL STUDENT INDEBTEDNESS PROJECT

2. RESOURCES & TOOLS FOR FINANCIAL PLANNING & DEBT MANAGEMENT

3. In a review of member websites of the Association of Theological Schools, it is clear that recommendations from prior studies of theological student indebtedness have been taken to heart by several schools.

4. STRATEGIES Financial aid offices now warn against the accumulation of too much debt, or encourage prospective students to keep educational debt at a minimum. Others encourage the elimination of consumer debt prior to enrollment.

5. PRINCIPLES AND POLICIES Schools also state clearly the principles and policies related to its aid programs, with handbooks readily available on institutional websites. Others have developed instructional videos that share the philosophical or theological underpinnings of financial aid processes and awards, mounting links to supporting resources such as repayment calculators, information on repayment options, personal finance tools and financial planning websites. RESOURCES

6. Curricular initiatives have also positively impacted the debt burden of theological students, as have direct financial incentives to complete the degree program in a prescribed shorter length of time. These vary from institution to institution, but include:  Advanced standing for significant work in related disciplines during undergraduate or prior graduate and professional training; CURRICULAR INITIATIVES

7.  Hybrid courses combining intensive in-classroom and online education to allow for greater flexibility to engage in remunerative work;  Accelerated degree programs with full-time summer, weekend, or evening course offerings;  Scholarship programs that reward completion of degree requirements in a timely fashion. CURRICULAR INITIATIVES

8. PARTICULAR CONSTITUENCIES Some schools are offering preferential treatment in the awarding of financial aid or tuition discounts for spouses, alumni/ae, international and domestic missionaries, campus ministers, persons pursuing particular forms of ministry, persons from particular religious traditions, and emerging populations of prospective students. It will be important to track the impact of these plans on recruitment and student indebtedness.

9. SETTING DEBT LIMITS In rare cases, some schools have established a specific debt limit, requiring a review of plans for further borrowing and repayment prior to any relaxation of the limit. Other loan-avoidance or loan-reduction strategies include the use of institutional emergency loan funds in small amounts for occasional needs, discouraging students from taking out larger amounts at less preferable rates from the federal government or private lenders. EMERGENCY LOAN FUNDS

10. In a relatively recent development, schools that do not participate in the federal student loan programs or others who declined to resume direct lending have turned to private lending plans that are developed internally, in collaboration with similar institutions, or are available in the marketplace for graduate and professional students. Some of these plans have reduced origination fees, opportunities to repay interest during education, or other features that place them in competition with the federal loan requirements. PRIVATE LENDING PLANS

11. LOAN FORGIVENESS PROGRAMS Loan forgiveness programs developed by denominations, often in exchange for commitments to serve in congregational leadership for a period of time or to work in underserved areas, are early in their operation. Evaluation of the effects of programs such as these on debt reduction and persistence in ministry will determine their futures.

12. Efforts to slow down the easy access to student loans are on display in schools requiring that students complete budget and loan worksheets and meet with financial aid officers prior to the first disbursement of the loan. This approach is in addition to the on-line entering student interview that is required in federal student loan processing. SLOW DOWN THE PROCESS!

13. A SAMPLING OF TOOLS Specific tools and resources for prospective and continuing students to use in making financial decisions appear with some regularity, and occasionally are required to be completed prior to the awarding of aid. Any tool must be individualized for the institution, its history and theology, its student body, and its locale. Here are some samples.

14. STUDENT BUDGET WORKSHEETS  www.UPSEM.Edu/Admissions/Financial_Aid1  www.LancasterSeminary.Edu/Site/Default.aspx?Page ID=92  www.LPTS.Edu/Admissions/Financial- Matters/Tuition-Grants/Income-and-Expense- Worksheet

15. www.Anderson.Edu/SOT/ Admissions/CountingtheCost.html   Instructional Video   Pastors’ Resources   Pastoral Compensation 101   Essential Resources for Retirement, Compensation Planning and other Worksheets

16. www.CPG.ORG/Seminarians/Retirement/ Planning-For-Retirement/ Retirement-Tools-Resources/ PlanAhead-Online  Financial Planning Tool for Postulants and Candidates for Holy Orders in the Episcopal Church

17. www. GordonConwell.Edu/ Financial-Aid/Financial-AidBrochure.cfm   Brochure on Affordability Featuring Student Narratives

18.  Financial Wellness and Stewardship Tools for Students and Their Families www.WartburgSeminary.Edu/Template _FutureStudents.asp?id=495

19.   Financial Coaching Handbook With a Template for “Money Autobiographies” www.LTSG.Edu/files/ce/ce0e0deb- 14e3-42b8-8ee0-9529e5f4c353.pdf

20. www.KnoxSeminary.Edu/Getting- Started/Flexible-Payment-Plans  Flexible Payment Plans to Deter Loans

21. www.PTSEM.Edu/Student_Life/ Admissions_and_Financial_ Aid/Admissions/finaid/index.aspx?id=7880  Workshops to Address Financial Matters

22.  Blogs about Financial Aid and “Living Like a Student ” www.DenverSeminary.Edu/Managing- Your-Moolah www.DenverSeminary.Edu/Managing- Your-Moolah Http://FrugalCommunity.Wordpress.com Http://FrugalCommunity.Wordpress.com

23. Finally, effective outreach to students does not always require sophisticated financial expertise or technological innovation. At the end of the day, attention and creativity also do the trick. Here is a link to photographs of how Garrett- Evangelical Theological Seminary highlighted its financial aid orientation through notices on a bulletin board-- www.Garrett.Edu/Admissions-Financial- Aid#Fiscally-Fit-Tips

24. www.AuburnSeminary.org/CSTE