Are you considering pursuing a theological education at Southern Methodists University’s Perkins School of Theology, but concerned about the financial responsibility? If so, you're not alone. Financing a seminary education can be a challenge, but not impossible. In fact, Perkins School of Theology offers a range of financial aid options that can help you pursue your call to ministry without being burdened by a large debt.
Cost Overview at Perkins School of Theology
Did you know that 98 percent of master’s degree-seeking students receive scholarship assistance from Perkins? Perkins is also proud to award an average of $15,264 to full-time, degree-seeking students.
Before we dive into the different financial aid options available at Perkins, it's valuable to understand the importance of financial planning for seminary school. Financial planning is crucial for seminary students, and Perkins offers a variety of resources to help students create a financial plan. This includes information on the cost of attendance and payment plan options.
Understanding the cost of attending seminary is just as important. At Perkins, tuition and fees for our graduate programs for the 2023-2024 academic year are $795+ student fees per credit. The costs differ depending on if you are enrolled in-person or as a hybrid student, and if you are a graduate or doctoral student. View our cost summary here. Additionally, students will need to consider living expenses, such as room and board, books and other supplies.
In order to assist families with tuition costs, SMU and Nelnet Campus Commerce have partnered on your behalf to provide a variety of payment options. You can learn more about payment plans here.
Scholarships
One of the most important resources for financing your seminary education is scholarships. Perkins School of Theology offers a range of scholarship opportunities for students who demonstrate academic excellence, financial need and other criteria.
To be eligible for scholarships, students must meet certain criteria, such as maintaining a certain GPA or being enrolled in a specific program. It's important to carefully review the requirements for each scholarship and to submit a strong application that highlights your achievements, qualifications, and what makes you unique.
Students will receive notification of their scholarship award within two weeks of acceptance to Perkins.
Financial Aid
In addition to scholarships, SMU also offers financial aid options, including loans and work-study opportunities. To apply for federal financial aid, it is the responsibility of the student to complete their Free Application for Federal Student Aid (FAFSA) in a timely manner. The FAFSA will help determine the eligibility for federal loans, grants, and work-study opportunities.
Other Financial Resources
There are other financial aid resources available to Perkins students, such as outside scholarships, which can provide additional financial support. Students can research and apply for external scholarships on their own as well or with the help of the Perkins scholarship office.
We also encourage students to explore other financial resources early in the application process, including:
- Their local church
- Family contribution and support from individuals
- General Board of Higher Education for Ministry Scholarships (GBHEM)
- United Methodist Higher Education Foundation (UMHEF)
Financial Literacy Strategies for Seminary Students
Financial literacy is an important skill for all seminary students to develop. This includes creating a budget, minimizing expenses and managing debt. Perkins offers a free financial literacy program to all students that provides resources and guidance on financial planning, debt management and other financial topics.
Perkins offers a 6-week book study, using Saving Grace: A Guide to Financial Well-Being, twice a year for students to learn more about tracking expenses and income, giving and saving and understanding debt.
Students can also access other financial literacy resources, such as personal finance websites and books, to help them develop the skills they need to manage their finances effectively.
Answer Your Call to Ministry Without a Financial Burden
Pursuing a theological education at Southern Methodist University’s Perkins School of Theology is an investment in your future as a servant leader. With careful financial planning and the resources available at Perkins, you can answer your call to ministry without being burdened by a large debt.
Remember to explore all available financial aid options and financial aid applications. If you have questions about financial aid at Perkins, don't hesitate to contact Christina Rhodes at 214-768-3411 or csrhodes@smu.edu.
If you're interested in learning more about Perkins School of Theology and our programs, we welcome you to explore our guide, Discovering Theology and Ministry Degree Programs: Which is the Right One For You?
Are you ready to start your journey?
