Government Loans
Loan Affordability

How Much of a Loan Can I Afford?


because money doesn't grow on trees.....

For general information about borrowing funds to attend seminary please see the Auburn Seminary video.

It might be a good idea to review your budget so that you can calculate how much money you will need to attend seminary.  Please see Managing your Finances.

The maximum total amount of combined debts (the sum of student loans, credit cards and other debt) that a person can resonably pay back is 8% of their net income (after taxes and tithe). (See Mapping Your Future Debt/Salary Wizard below). 

The Loan Repayment Budgeting Chart will:

  • Display some sample salaries and their corresponding budgets
  • Assist students considering taking out loans
  • Prepare the student for loan repayment

The post-graduation goals of each student attending Westminster are different so you will need to consider the type of employment you hope to secure upon graduation before taking out a loan. See the following for assistance (based on a standard 10 year loan repayment term*):

If you know how much of a loan you would like to take out, calculate the repayment amount with the Repayment Calculator. You can also use this calculator to determine your combined loan repayment amount.

If you are a prospective student, we would like to encourage you to consider your undergraduate loan debt in the light of coming to Westminster.  We want to ensure that students will be able to fulfill their loan repayment obligations upon graduation from Westminster.

At Westminster we recommended that students should not exceed a total student loan (combined undergraduate and graduate) indebtedness of $26,000 for an MDiv degree and $20,000 for other Master’s degrees.  Students requesting loans which will result in them exceeding a total loan debt level of $26,000 for an MDiv or $20,000 for other Masters or ThM degrees will be required to meet with the Financial Aid Officer for debt counseling.

To find out your current student loan history please log onto the National Student Loan Data System (NSLDS), with your FAFSA pin.

*Although the standard loan repayment term is 10 years, there are alternative repayment options for students who are unable to pay back their loan(s) according to the standard terms. For information about alternative repayment plans see Repayment Plans. Please be aware that the total loan amount repaid (principle + interest) on a non-standard repayment plan will be greater than the total repaid according to a standard term.

If you have questions about your current loan debt or concerns about taking out a loan, the Financial Aid Office, at Westminster would be happy to meet with you.