wfn.org | Board of Pensions set to launch seminary-debt repayment program

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Note #6424 from PCUSA NEWS to PRESBYNEWS:

Note #6413 from PCUSA NEWS to PRESBYNEWS:

5-March-2001
01086

Board of Pensions set to launch seminary-debt repayment program

First-time pastors in small churches could receive $10,000

by Jerry L. Van Marter

PHILADELPHIA - The Board of Pensions (BOP)of the Presbyterian Church (USA)
is launching a program to help first-time pastors who serve small churches
to retire their seminary debt more quickly.

	Each first-call pastor who agrees to serve a church with 150 members or
fewer and has an annual budget of $100,000 or less will be eligible for as
much as $10,000 to pay off debt incurred while earning his or her M.Div
degree from one of the 10 PC(USA) theological institutions in the United
States or the Evangelical Seminary of Puerto Rico.

	"This is a really exciting program that we hope will address the shortage
of ministers able to serve small churches," said the Rev. Paul Stavrakos,
BOP's vice-president for church relations and assistance.

	Those seeking the seminary repayment grants must apply through their
presbyteries and agree to serve in their initial small-church call for five
years. The grants will be paid out over three years - 50 percent in the
first year and 25 percent each in the second and third years.

	The board authorized funding of as much as $500,000 a year for five years.

	"This is a small step to help take some of the pressure off both small
churches and new pastors who may not be able to serve them because of
seminary debt load," said BOP President Robert W. Maggs. "You'll continue to
hear about pastor shortages, particularly in small churches. We're trying to
begin to address the need."

	Maggs said the board's initial funding of the program is "seed money."

	"We hope this will jump-start some other efforts in the denomination to
address the problem of seminary debt load," he said. "We really hope this
will encourage others to put their money where their hopes are."

	The program calls for ministers, congregations and presbyteries to work
together to ensure the long-term financial stability of grant recipients.
For instance, participating presbyteries must have in place policies on
student and clergy indebtedness. A congregation whose pastor receives a
grant must agree to develop, with the presbytery and the pastor, a "plan for
continued support and guidance." And no minister will qualify for a grant
without completing a Board of Pensions Fiscal Fitness Seminar.

	For more information about the Seminary Debt Repayment Program, contact
Paul Stavrakos at the Board of Pensions by phone at 1-800-773-7752,
extension 7218, or by email at pstavrakos@pensions.org.

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