Louisville Presbyterian Theological Seminary also noticed this trend, but instead of complaining about the current system while trying to recruit paying students for their program which is based on helping others not financial gain they recreated the system. Louisville Presbyterian Theological Seminary just announced that is their goal that by 2015 none of their seminary students will pay tuition. Instead all students accepted into their program will receive a scholarship which will cover the cost of attendance. By 2021, they are hoping that the scholarship will also be able to cover cost of living for their students. Currently a large part of the institutions budget goes towards financial aid for its current students, as over 90% of the tuition being paid now, comes from scholarships.
All students who will be able to receive these benefits will be those enrolled in divinity, marriage and family therapy, and religion master's programs. PhD candidates will still pay full tuition. In order to provide this service to its students, Louisville Presbyterian Theological Seminary needs to decrease the number of Master's students from 150 to 130, over the next 3 years. Also the school will need to raise about 2.5 million dollars, and states that they do not believe this will be a problem basing their fundraising models on those of schools who have attempted similar feats for low income students.
This move allows students enter the field in positions where they are able to serve instead where they will make enough money to repay their debt, which can be a serious concern for students in Master's programs based on public service. Faculty members at Louisville Presbyterian Theological Seminary hope that this change will allow students to enter into fields which are considered riskier financially, but need trained professionals to intervene, for example starting up a new church.
What if this became the case for other programs focused on benefiting others instead of earning money? Would this lead to our education, social work, and public health students being able to better serve the community?
I have mixed feelings on this. The first thing that jumped out at me was that the school plans to decrease the number of students to make this happen. At a time when most of the nation, including the president, is calling for a movement to educate America, this seems to be headed in the wrong direction. On the other hand, producing 130 students that will get jobs, and not have debt, is better than producing 150 students that will have debt and may have to look at other career options in order to make payments on their loans. In the long run, if the program is successful, it should benefit the school. As students are earning a degree and starting a new career without the burden of student loans, they are likely to remember the school that put them in that position. Because of this, these student would probably be much more likely to then donate money back to the school. The money could then go back to supporting this program. It really could be the start of a wonderful cycle.
ReplyDeleteI also have mixed feelings about this plan, but for reasons other than what J. Foster described. What struck me immediately were these two points: master’s students will not pay tuition, but PhD students will pay their full cost; and who decides what constitutes what degree fields focus on helping others rather than making money?
ReplyDeleteFirst, I will hereby announce my ignorance regarding the different jobs and pay scales for individuals with either a Master’s in Divinity or a Doctorate in Divinity. Are the D. Div. students not also underpaid and therefore deserving of full scholarship support for their tuition? Or, are their salary prospects so wildly different that they do not need the short term financial support?
Second, one of the key tenets of engineering is to serve society. Should that make engineers eligible for full tuition scholarships across the board? Yes, working engineers can earn a higher salary than those individuals in many other professions, but the purpose of engineering is not to make money. The same could be said for the health professions. Also, in our neo-liberal world, business majors who create jobs for others are serving society whether or not they have a six-digit salary. Should the business community support all of their students with full scholarships?
I think this is a great idea for post-secondary institutions to try different models, although for students who understand higher education finance, the low tuition, low aid model leaves much to be desired from a social justice perspective. In this instance, the numbers may work because the program is so small. The annual operating budget of the seminary is about $9-10 million and tuition only accounts for a few hundred thousand (MA sticker price was about $10,000) and most students receive substantial financial aid packages. Instead, the seminary uses the interest from its $80 million endowment to cover 1/2 its operating expenses and relies annual fund gifts to cover the rest. The take away....endowments are wonderful things.
ReplyDeleteAfter reading this I also thought about the need. Are students going into the field? A small number for sure, but indeed still a career in which people are interested. Helping get students in a program that is not overly sought after is a good idea. It may help students think about theology as an option. On another note, when students do not pay or have some investment in their education that is monetary do they value the education as much as students who work or take loans for their education?
ReplyDeleteIt's hard for me to imagine what life would be like without having to payoff loans when I'm finished with my education. I know that in the helping professions (counseling) many students don't utilize their degree for very long as they fall victim to burnout. Some of the burnout stems from constantly hearing about the struggles of others while another variable is not making enough money to cover student loans.
ReplyDeleteI imagine that eliminating the stress related to loan repayment would help keep people in the profession for longer periods of time. Like Katee, I do wonder what "free education" will do to students motivations? On the days when I don't feel like being in class I remind myself that I am paying for my education and so I had better make the most of it. On most days being intrinsically motivated works just fine but on those tough days I remind myself of the financial sacrifices I have made in my pursuit of knowledge.