In 2014, Nazarene Theological Seminary received two grants to study the impact of financial debt on current and graduated students. The CPL was tapped to lead the implementation of these grants and, in response, hired a Financial Literacy Advisory to access the current debt load of incoming students as well as provide ongoing budgeting and financial counseling.
Further, the CPL has created a financial tutorial for new students that acclimates them to the basics of borrowing, loan repayment, clergy compensation and more. In the future, the CPL hopes to offer ongoing financial educational opportunities on site for Seminary students.
Lastly, the CPL hopes to be a catalyst for a much larger conversation across the denomination about how best to equip our pastors and churches in this critical area. In coordination with the Global Ministry Center and our district regions, the CPL will seek to identify creative and effective solutions for reducing the educational debt load of so many of our pastors and pastors in training who serve under the burden of constant financial stress.