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 combined Stafford and Graduate Plus loan debt incurred by students attending Westminster or  other seminaries who graduated in Spring 2014.

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

Mean Average Total Educational Debt

2014 Graduates All Degrees M.Div Only**
All 
$13,419 
$22,237 
Those with Loans* $35,440 
$45,533 

                                                      *Represent 38% of all graduates.
                                                      **Note: MDiv Degree requires 111 credits to graduate (including languages)

    The mean loan debt accumulated by M.Div. graduates in 2014 was $22,237.  The standard repayment terms for
    this amount of unsubsidized loan debt (10 years at 6.8% interest rate) would result in a payment of $256 per month.

  • Data expressed below, extracted from Association of Theological Schools (ATS) 2014 Graduating Student Questionnaires,  represents students' understanding of their debt levels.

         Debt Incurred at Seminary - Percentage of 2014 Graduates

Educational Debt All Degrees M.Div Only
Westminster All ATS Seminaries Westminster All ATS Seminaries
No Debt 58.1% 
58.1% 
45.0% 
52.4% 
Less than $10,000 8.6% 
8.4% 
7.5% 
8.9% 
$10,000 to $19,999 9.5% 
9.6% 
10.0% 
11.7% 
$20,000 to $29,999 4.8% 
8.0% 
7.5% 
9.3% 
$30,000 to $39,999 3.8% 
5.2% 
2.5% 
6.0% 
$40,000 to $59,999 8.6% 
5.6% 
12.5% 
6.1% 
$60,000 or greater 6.7% 
5.1% 
15% 
5.5% 

 

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 students who entered their repayment period after September 30, 2010, and defaulted in 2011, 2012 or 2013.