Bangor Theological Seminary

Scholarships and Financial Aid:
Educating Leaders of the Church

Bangor Theological Seminary has always served the rural and small-town regions of northern New England. Many of our students have modest means, and ordained ministry is not a highly remunerated calling. Students often give up a lucrative career to answer the call to Seminary. They frequently have families that must be supported on either a part-time salary or the salary of a spouse.

Our students face significant financial challenges as they work to achieve their degrees. The tuition for the Master of Divinity program is $24,750. The Doctor of Ministry degree costs $11,000 and the Master of Arts degree $13,750. Bangor Plan students pay $41,250, then must go on to complete a B.A. before they are awarded the M.Div. These figures do not include other expenses, such as room, board, books and supplies.

Clearly, the need for financial aid for students is great. The Seminary participates in the Pell Grant program, as well as federal student loan programs such as the Stafford and Perkins Loan Fund. However, while enrollment numbers at the Seminary have grown, the funding from these programs has not changed in 16 years.

During the 2004-2005 academic year, 60% of the student body (78 students) received some form of financial aid. The average loan amount was $8612, while the average amount of scholarship money awarded was $1664. The Seminary currently has $1.5 million in endowed funds restricted to student support. The income from these funds allows the Seminary to award approximately $93,000 in scholarships and Seminary grants to students each year.

On average, students are required to contribute 60% to 70% of the total cost of obtaining a Seminary degree. Our goal is to reverse the burden so that students pay 40%-30% of the costs.

A few students have the financial resources to pay for graduate education, but the vast majority relies on financial aid and bank loans to cover expenses. The consequences of this situation are serious. Many potential students must defer enrollment or ultimately decide that a Seminary education is beyond their financial capabilities. Others take on the debts with the prospect of trying to repay them on the modest salary earned by most ministers.

The Seminary recruits students and encourages individuals to answer the call to the ministry, a vocation whose work is vital to the survival of church communities in this region. Additional funds to help students defray the costs of a Seminary education are badly needed. The Seminary has lost prospective students to other institutions, which can offer them a more attractive financial aid package. Time and time again, prospective theological students tell us that financial aid is one of the most important factors in determining which institution they will attend, or whether they will enroll at all. In order for the Seminary to fulfill its mission of educating ministers there must be sufficient means to support students financially.

The most appealing forms of aid, from the point of view of both students and this institution, are Seminary grants and independent, endowed scholarships. These are funds that do not have to be repaid, and even small amounts make a marked difference. The money may pay for books, medical insurance or day care, easing the burden and allowing the student to focus more keenly on his or her studies. Scholarship awards also offer a non-monetary benefit in that they give students a sense of confidence that their work is important enough to be supported by others---that someone, in the past or present, believes in their abilities and objectives. An unexpected scholarship award can infuse a student with renewed hope, and a sense of deep gratitude that his or her inevitable indebtedness will not be as great.