The Cost of Education

Now that I plan on hopefully working for God one day soon as a minister, I am starting to wonder what Jesus would say about the cost of higher education in this country and the 7% interest on student loans.

Student debt is now over $1 trillion dollars, higher than all credit card debt combined. With good-paying jobs getting more and more scarce, the real "cost" of student debt is getting higher and higher.

The Bible actually talks a lot about money.  For the borrower you must pay back, but for the lender, they should not accrue interest. Ezekiel 18: 7-9 “[if a man]does not oppress anyone, but restores to the debtor his pledge, commits no robbery, gives his bread to the hungry and covers the naked with a garment, does not take advance or accrued interest, withholds his hand from iniquity, executes true justice between contending parties, follows my statues, and is careful to observe my ordinances, acting faithfully-such a one is righteous; he shall surely live, says the Lord God.”

But for most student borrowers today, that is far from the case.

Actually, I am one of the “lucky ones.” When I was filling out my FAFSA’s as an undergrad my dad had been retired for 5 years so I got a lot of grant money. I graduated only $14,000 in debt. However, I’ve been paying on it for over 10 years and I still owe $7,000. 

As a seminary student, I plan to add a minimum of $45,000 on to my total of $7,000. Though I feel deeply called to minister it took me two years to be able to accept that in order to attend seminary I will never get out of student loan debt nor be able to afford to help my children with their own college. Logically it sounds like the stupidest and most selfish thing to ever do, but my calling is too strong to ignore it. And getting into seminary was the first thing that I actually needed that BA for.

What this country is really doing is making it near impossible for the lower and middle class to ever advance economically. It continues to create a hierarchy of people and promote a love of power and money.

Students need to demand action from the government and get the cost of education lowered or at the very least the interest rates lowered on student loans. Making money on education is not very righteous and private companies especially are making a killing on interest and penalties.

There are companies like Wells Fargo that are working with borrowers to help lower payments and offer a temporary 1% interest. And even though it has been said that bankruptcy does not wipe out student loans, according to Wells Fargo it can decrease them. But we not only need temporary relief we need permanent solutions.   Congress does have the power to open doors now closed to those drowning in student loan debt; they just have to open them.

Students and graduates also need to demand action from their religious communities.

And as for me, I plan to preach and teach about debt and how central 'forgive us our debts as we forgive our debtors' was to the ministry of Jesus.