A new study by the Auburn Theological Seminary in New York reports that the average student loan debt for a new pastor more than doubled in a decade, from $11,043 in 1991 to $25,018 in 2001. The study also reportedly found that nearly one out of every four borrowers postponed health care in order to pay their bills. Are you concerned about these results, especially since some faiths are reporting shortages in recruiting clergy? Could rising education costs sway some from the pulpit?
The fact that student loan debt has soared in the past decade is not unique to members of the cloth. This phenomenon is also prevalent among doctors, lawyers and many other professionals.
Economical trends over the past decade have caused nearly every product and service to double and triple in price and education is not an exception. The fact that borrowers are now forced to choose between education and healthcare is indeed tragic and a solution must be found.