Auburn Theological Seminary: Resources For Student Financial Counseling

Memo To: Financial Aid Officers and Student Support Personnel Re: Resources for Student Financial Counseling For several decades, Auburn Seminary's Center for the Study of Theological Education has been studying the financial situation of students in theological schools. Our studies have yielded two major findings:

AU B U R N THEOLOGICAL SEMINARY

CENTER

1. Seminary Student Debt is Rising For details, see a 2005 report entitled “The Gathering Storm: The Educational Debt of Theological Students,” available on our website, www.auburnsem.org/study. 2. Student Debt Can Be Managed Auburn's research found that schools can effectively help students understand their financial situation, their financial prospects, and the obligations they have incurred. Enclosed is a package of resources to help you and your colleagues raise the financial awareness of your students and counsel them as they make decisions on financial matters. The resources include:

FOR THE

STUDY

A 30-Minute Video on DVD : STUDENT LOANS AND SEMINARY COSTS: HOW TO KEEP FROM MORTGAGING YOUR FUTURE. The video,

OF

produced by professional filmmakers, highlights the stories of five recent seminary graduates and tells how they financed their theological education. It is intended for both prospective and current theological students, to raise critical questions that they should ask themselves as they plan their seminary education. The video is best used as the basis for group discussions of strategies to minimize debt led by a financial aid officer or other administrator who knows the field of financial aid. Financial planning resources and tools on the accompanying CD can be distributed at this time as well. Are you mortgaging your ministry?

TH E O L O G I C A L E D U C AT I O N

website: www.auburnsem.org e-mail: cste @ auburnsem.org

STUDENT LOANS AND SEMINARY COSTS An Auburn Media production in association with Reveal Productions

STUDENT LOANS AND SEMINARY COSTS – Family Monthly Budget Schedule –Affordability Rule-of-Thumb Calculator

FINANCIAL PLANNING

– Debt Repayment Plan – Post Graduation Budget Plan ª How Much Do You Need to Earn? (PowerPoint slides)

ª The Gathering Storm: 2005 Report on Debt (PDF ) ª Tools for Budgeting (Excel forms)

ª On-Line Resources and Tools

– Budget Plan – Spending Worksheet

DVD — STUDENT LOANS AND SEMINARY COSTS: HOW TO KEEP FROM MORTGAGING YOUR FUTURE (30 minutes)

These materials are produced by the Center for the Study of Theological Education, a research center dedicated to strengthening institutions that train religious leaders. For further information contact: CSTE , Auburn Theological Seminary, 3041 Broadway, New York, NY 10027; tel: 212-662-4315; e-mail: [email protected].

Suggested strategies to assist students in financial planning Worksheets for budgeting, debt repayment and loan affordability ■ On-line resources, tools and information ■ PowerPoint slides to use for presentations ■ PDF files of Auburn reports on Student Debt ■ ■ STUDENT LOANS AND SEMINARY COSTS

ª Introduction ª Instructions for Financial Planning ª Manna From Heaven?: 1995 Report on Debt (PDF )

A CD of Resources: Are you mortgaging your ministry?

Are you mortgaging your ministry? CD —TOOLS FOR

All but the last of these resources are also enclosed in this mailing in paper form and can be edited by you to fit your own students' needs. A FundFinder poster—an on-line searchable database of scholarships and grants for theological education. (If additional posters are needed contact Sharon Miller at Auburn Seminary ([email protected].) These materials are made possible by generous grants from Lilly Endowment Inc. Please contact us if you need more materials or if we can help you plan how to use them in your school. Yours truly, Sharon L. Miller, Associate Director Anthony R. Ruger, Research Fellow

■ 3041 Broadway at 121st Street, New York, NY 10027-5710 Tel: 212.662.4315 Fax: 212.663.5214 ■ 1201 North Harvey Avenue, Oak Park, IL 60302-1141 Tel: 708.386.5516 Fax: 708.386.7650