The Reality of Student Debt
Our second pillar addresses student financial aid.
College debt is a concern across our nation. We at MLC are especially concerned, because we know that our graduates are not entering positions that will allow them to pay off college loans quickly.
Here is the data: 76% of our class of 2021 graduated with debt, and that debt averaged $26,000.
We are driven to keep costs low and quality high, and we are grateful for the synod subsidy that supports approximately fifteen percent of our operating budget. By God’s grace, our tuition, room & board is about half that of other private institutions, and our efforts at affordability have been recognized nationally. Several national rankings have placed us at or near the top of their “Best Value” lists.
Because we cannot offer as much financial aid as other private colleges, however, the final cost to our students—and their subsequent debt load—is still too high.
We want our students to graduate with as little debt as possible, and we never want cost to deter a prospective student from pursuing their dream of ministry training.
One avenue to help alleviate that debt is the Congregational Partner Grant Program (CPGP). In this pillar of the campaign, we’d like to establish a solid foundation for the CPGP, fully funding MLC’s CPGP Matching Fund for years to come.