Over the past week or so, I got my hands on two interesting pieces of information. The first was a jobs report released by the Society of Biblical Literature (one of the premier societies devoted to biblical scholarship in the world). Among other things, it declared that the jobs market for biblical scholars was stabilizing around 2004-05 levels. Indeed, this is not the level just before the bottom dropped out of the economy in 2008-09, which effectively terminated over night every job search for 2 years and almost caused the world to stop spinning. But at least the report used "stabilize." Here's to small victories...
The other piece of information was a short article written by Audrey William June and published on chronicle.com. You can find it here. June's article communicated the findings of Karen Kelsky's "PhD Debt Survey," which solicited testimonials from PhDs or aspiring PhDs regarding their accumulated debt.
YIKES!
...and remember, student loans are exempt from bankruptcy claims!
One of the questions that June asks is whether borrowing is inevitable. June suggests it is. I would certainly agree...to an extent. I have often said that specialized education will likely require borrowing of some sort. However, I also firmly believe that it can be offset by working while you attend school. And before you say something like, "I need to focus on my grades," I do not buy it. I am sorry. There is no reason why a graduate/post-graduate student who is capable of working should not work at least a part-time job to minimize the amount of money borrowed. When I was in my post-graduate program, I looked for every opportunity to reduce rent and make a few hundred dollars a week. At points, I was working up to 40 hours per week while attending post-graduate school. Sure it was hard, and it produced a lot of long nights. But I am here to tell you that it was worth it.
All of this brings me to another small issue I had with June's article. Kelsky interprets her data and concludes that family money or a benefactor is the way to avoid debt. That June does not disagree suggests that she agrees, at least up to a certain point. However, I disagree with the notion that a debt-free education presupposes outside money. Undoubtedly, outside money helps, but working on the side as much as possible and reducing your living expenses also helps. Again, I am convinced of this because of personal experience. I worked my tail off during graduate and post-graduate school and graduated debt-free. It was hard and it took sacrifices from my wife and I, but that albatross is no longer around my neck.
It has been said that student loans are the next bubble to burst. If more and more people file for loan forgiveness, as Kelsky's survey suggests, that bubble will burst. However, graduate and post-graduate school need not be anyone's "big mistake." What I tell people is that is has the potential to be one of your greatest experiences of your life. But if you do not plan for it financially, it could ultimately become your greatest regret. Therefore, what students must do is sit down before they take the plunge--sit down and think. Think hard, and think long! One of the most important considerations is an assessment of your projected salary against your expected debt. If it is not financially feasible, do not take on the debt! Quite frankly, the only people who should rack up six figure school debt are doctors and lawyers...not professors or clergymen or women.
For evangelicals, there is another very real and very critical dynamic that must be considered when making a financial assessment. We believe in a "calling to serve," and this conviction may cut across all signs of logic. However, we cannot just accept our belief in a calling to be the trump card. A calling must be reinforced. In other words, if you are convinced that God is calling you to service that requires graduate school or post graduate school, and you realize that this path may set you up for some potentially negative financial repercussions (i.e. significant debt), you must seek council from mentors and other members of the Christian community, which will in turn provide the reinforcement that you need. At the very least, you must seek ways to minimize debt, often through scholarships and working.
Graduate and post-graduate school is not easy, and the financial repercussions can be devastating. I say these things because in my experience the tough financial discussions are not discussed among Evangelicals who "set off to graduate school because God has called me to be an X, Y, or Z." Too often people just jump in, sign up for loans, and retreat behind the mantra that "God will provide." Indeed, God provides, but this reality does not excuse us from having very serious financial discussions. Do not become another of Kelsky's statistics, and I believe that this begins with understanding that a calling to serve the Kingdom of God is more fluid than first thought. Perhaps this is where advice should begin.
The other piece of information was a short article written by Audrey William June and published on chronicle.com. You can find it here. June's article communicated the findings of Karen Kelsky's "PhD Debt Survey," which solicited testimonials from PhDs or aspiring PhDs regarding their accumulated debt.
YIKES!
...and remember, student loans are exempt from bankruptcy claims!
One of the questions that June asks is whether borrowing is inevitable. June suggests it is. I would certainly agree...to an extent. I have often said that specialized education will likely require borrowing of some sort. However, I also firmly believe that it can be offset by working while you attend school. And before you say something like, "I need to focus on my grades," I do not buy it. I am sorry. There is no reason why a graduate/post-graduate student who is capable of working should not work at least a part-time job to minimize the amount of money borrowed. When I was in my post-graduate program, I looked for every opportunity to reduce rent and make a few hundred dollars a week. At points, I was working up to 40 hours per week while attending post-graduate school. Sure it was hard, and it produced a lot of long nights. But I am here to tell you that it was worth it.
All of this brings me to another small issue I had with June's article. Kelsky interprets her data and concludes that family money or a benefactor is the way to avoid debt. That June does not disagree suggests that she agrees, at least up to a certain point. However, I disagree with the notion that a debt-free education presupposes outside money. Undoubtedly, outside money helps, but working on the side as much as possible and reducing your living expenses also helps. Again, I am convinced of this because of personal experience. I worked my tail off during graduate and post-graduate school and graduated debt-free. It was hard and it took sacrifices from my wife and I, but that albatross is no longer around my neck.
It has been said that student loans are the next bubble to burst. If more and more people file for loan forgiveness, as Kelsky's survey suggests, that bubble will burst. However, graduate and post-graduate school need not be anyone's "big mistake." What I tell people is that is has the potential to be one of your greatest experiences of your life. But if you do not plan for it financially, it could ultimately become your greatest regret. Therefore, what students must do is sit down before they take the plunge--sit down and think. Think hard, and think long! One of the most important considerations is an assessment of your projected salary against your expected debt. If it is not financially feasible, do not take on the debt! Quite frankly, the only people who should rack up six figure school debt are doctors and lawyers...not professors or clergymen or women.
For evangelicals, there is another very real and very critical dynamic that must be considered when making a financial assessment. We believe in a "calling to serve," and this conviction may cut across all signs of logic. However, we cannot just accept our belief in a calling to be the trump card. A calling must be reinforced. In other words, if you are convinced that God is calling you to service that requires graduate school or post graduate school, and you realize that this path may set you up for some potentially negative financial repercussions (i.e. significant debt), you must seek council from mentors and other members of the Christian community, which will in turn provide the reinforcement that you need. At the very least, you must seek ways to minimize debt, often through scholarships and working.
Graduate and post-graduate school is not easy, and the financial repercussions can be devastating. I say these things because in my experience the tough financial discussions are not discussed among Evangelicals who "set off to graduate school because God has called me to be an X, Y, or Z." Too often people just jump in, sign up for loans, and retreat behind the mantra that "God will provide." Indeed, God provides, but this reality does not excuse us from having very serious financial discussions. Do not become another of Kelsky's statistics, and I believe that this begins with understanding that a calling to serve the Kingdom of God is more fluid than first thought. Perhaps this is where advice should begin. 