Responsible debt management begins before you take out a loan. When planning for your college education, it’s important to first get to know your options and count the cost.
Prospective college students should carefully consider what their academic goals and career plans might be. Then they can weigh the value of their education against the cost of attending a specific university.
A useful tool for carrying out this cost-benefit analysis is the U.S. Department of Labor’s Occupational Outlook Handbook. It showcases the average salary, required education level and projected future demand for different jobs. Knowing how much you’re likely to earn in your career field can help you determine how much debt you can afford to take on, how long you’ll be in school and the best way to structure your student loans. This information can be a huge help when deciding where to attend college.
Scholarships and work-study
Aspiring students should also learn about all the ways they can fund their college career without relying on loans.
Marie Batson, associate vice president for financial aid at the University of Mobile, said students should look out for opportunities. Academic, athletic and artistic merit scholarships can help you cover the cost of tuition.
Most universities offer institutional or foundation scholarships to future and current students, but many nonprofit organizations, private businesses, community associations, government programs, foundations and employers offer outside scholarships.
High school students can talk with their parents about employer-based scholarships and with their school counselors about local, statewide and national opportunities. These include faith-based and denominational scholarships like those offered by The Baptist Foundation of Alabama and Woman’s Missionary Union Foundation.
“There are so many scholarships out there that students don’t realize,” Batson said.
To help fill in gaps, work-study programs can provide both need-based support and valuable on-the-job experience.
Vocational planning
When planning for college, students who feel called to vocational ministry or the missions field will have special considerations to keep in mind.
Zach Bruketta, financial aid director at New Orleans Baptist Theological Seminary, outlined several ways excessive debt can complicate ministry and missions. Student loans can keep missionaries waiting longer to join the field, and they often limit where pastors and ministry leaders can afford to serve.
“When you sit underneath any type of debt,” Bruketta explained, “there’s always a part of your life that’s going to be restricted by that.”
But many missions and ministry positions require a seminary degree in addition to an undergraduate degree.
Daniel Atkins, senior pastor of Taylor Road Baptist Church in Montgomery and a trustee of Gateway Seminary, offers seminary-minded students some practical advice.
“I would recommend the student really pray about getting a degree in something other than ministry” prior to seminary, Atkins said.
Many young ministers find themselves called to bivocational or part-time positions early in their ministry. A secular vocation can provide “something they can financially fall back on.”
Another option is to earn a ministry-focused undergraduate degree at a seminary. Atkins noted that “five out of the six seminaries in our Southern Baptist Convention” include undergraduate institutions, like Leavell College at New Orleans Seminary. Students can get both their bachelor’s and master’s degrees over the course of a six-year program rather than the normal eight years of schooling. This can cut back significantly on costs and reduce the need for student loans.
Southern Baptist Convention seminaries are a uniquely affordable option for Southern Baptist church members in good standing, as half of their education costs are already covered by the Cooperative Program.
Read more about students and financial tips here.
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