I have debts from college and am looking at piling up a lot more in seminary. How much debt is too much?
Frankly, a large debt will be hard to manage – if not impossible. Clergy have historically received small salaries, especially in light of their advanced education. Unfortunately, this is ruled by tradition, culture and church economics. Investigate all the possible funding sources listed above. Additionally, you will help yourself by thinking carefully about your budget and expectations while you are in seminary. Don’t buy a new car – keep fixing up your old one, and if you have to replace it, buy a used one. Buy used books when available, and wear out your wardrobe before replacing it. Eating out and “cooking for one” are expensive, so put together a group of friends to share cooking responsibilities and expenses – it will save you money and the community you build will be a great support during seminary. If you can, get summer or part-time jobs and try to save everything you earn to pay off the big debt due 6 months after you finish graduate school. Think carefully about your purcha
