Student Borrowing and...

Student Borrowing and Repayment


The information presented below is provided to help prospective students make an informed decision with regard to financing seminary education. Typical student indebtedness upon graduation is presented together with information about the ability of students to repay student loans upon leaving the seminary (whether through graduation or withdrawal).  Loan repayment is measured by the cohort default rate.  The most recent rate for Westminster is expressed below.

Graduate Borrowing

The tables below represent average Stafford loan debt incurred by students attending Westminster or other seminaries who graduated in Spring 2015.

  • Raw data for the table below was obtained from National Student Loan System (NSLDS) for Westminster graduates only.

Mean Average Total Educational Debt Incurred While Attending Westminster
(Amounts represent average loan balance at Graduation)

2015 Graduates All Degrees* M.Div Only**
All 
$11,767 
$18,865 
Those with Loans*** $35,301 
$37,729 

                                                      *Excluding DMin and Certificate Programs
                                                      **Note: MDiv Degree requires 111 credits to graduate (including languages)
                                                      ***Represents 29% of all graduates

    The mean loan debt accumulated by M.Div. graduates in 2015 was $18,865.  The standard repayment terms for
    this amount of unsubsidized loan debt (10 years at 6.0% interest rate) would result in a payment of $209 per month.

  • Data expressed below, extracted from Association of Theological Schools (ATS) 2015 Graduating Student Questionnaires,  represents students' understanding of their debt levels.

         Debt Incurred at Seminary - Percentage of 2015 Graduates

Educational Debt All Degrees M.Div Only
Westminster All ATS Seminaries Westminster All ATS Seminaries
No Debt
61.9%  
46.3%  
42.9%  
38.6%  
Less than $10,000
17.1%  
8.7%  
21.4%  
8.8%  
$10,000 to < $20,000
1.0%  
7.5%  
0%  
6.6%  
$20,000 to < $30,000
2.9%  
6.8%  
2.4%  
6.9%  
$30,000 to < $40,000
4.8%  
7.3%  
9.5%  
8.0%  
$40,000 to < $60,000
9.5%  
11.0%  
19.0%  
13.7%  
$60,000 or greater
2.9%  
12.5%  
4.8%  
17.5%  

 

Stafford Loan Cohort Default Rates

The "default rates" expressed below represent the percentage of students who have defaulted on their loans (stopped loan repayment) within three years of starting repayment. Students included in the 2011 three year cohort were those who entered loan repayment between October 1, 2010 and September 30, 2011.  The percentage of students who subsequently defaulted three years after entering repayment is expressed below.