Counseling students about indebtedness

The financial aid program at WLS is more than distributing grants to students with declared financial needs. We also counsel students in basic money management. Information on personal and family budgeting, dealing with debt, and living within one’s means is included in annual financial seminars. When a student graduates and becomes a pastor, our prayer is that he has developed money management skills alongside Bible and academic knowledge and skills.

The media recently reported that the total American consumer debt in 2005 had climbed to $2.2 trillion. That figure, already somewhat outdated, is more than twice the consumer debt of 1994. America is drowning in indebtedness. Reported at the same time is that the average personal savings rate in the United States in 2005 was below 0%. That means people nationwide are spending more than they are saving. This was the first time this rate has dipped below 0% since the Great Depression.

What does this have to do with our students and future pastors? They are for the most part young men who grew up in this society and culture and have parents who often exhibit the same money management weaknesses – or who simply fail to train their children in sound management skills. So we make an effort to do that. It’s important, for the sake of Christian stewardship among other things.

We also do this out of appreciation, gratitude, and respect for the generous donors who contribute money that we distribute to students with financial needs. We don’t want to pour money toward bad money managers; too much may be wasted. But as we channel funds to students with improved money management skills, we are pleased and they are benefited as they near the end of their many years of training for the pastoral ministry. We hope that our loving, generous donors are equally pleased.