CHICAGO, IL (February 13, 2018) – The innovative Covenant Scholars program that enables recipients at North Park Theological Seminary to receive tuition loans at zero percent interest is the focus of an in-depth article published by the In Trust Center for Theological Schools.
The article, “A New Covenant with Students” asks the question, “Can interest-free loans rebuild a robust residential M.Div?”
Many seminary students graduate with significant debt and have a difficult time paying it off because churches are unable to pay them high salaries, studies through the Association of Theological Education have shown. The program is designed to help reduce the debt load, which will make it easier for them to accept calls to churches.
To be eligible for the Covenant Scholars program, students must live on campus and expect to complete their studies in three years. The first cohort of seven recipients is attending the seminary this year.
A line of credit provided by National Covenant Properties is helping to fund the start of the program. Money from the repaid loans, which are then invested, will fund the ongoing program.
According to its website, the In Trust Center seeks to connect leaders in Christian higher education with ideas and resources to further theological learning. the center’s members include more than 230 seminaries, theological schools, colleges, and related organizations.