Links to information on this page.
We hope that you treasured your time on the hill. We are committed to keeping you connected to your college. We pray that you will be informed, involved, and invested ambassadors assisting your alma mater in carrying out its mission of training the next generation of shepherds and witnesses for our Savior.
Understand your Debts
Plan out your income and plan your expenses – making sure to plan for the minimum loan payment but paying extra if you can accelerate your payments. Work with your loan servicer if you have difficulty making your monthly payments. You can apply for an income-driven repayment option for your federal loans, but remember – the longer you take to pay down your loans, the more interest you will pay over the life of that loan.
Public Service Loan Forgiveness
Individuals that work for a non-profit employer could be eligible for Public Service Loan Forgiveness (PSLF). This is a government program that requires careful review to ensure you meet all of the qualifications. Some of the basics are:
- Forgiveness AFTER 10 years of on-time payments
(Hopefully you don’t have any debt beyond 10 years!)- Eligible loans are only through the federal direct loan program
(Private loans do not qualify)- Full information on the Student Aid website:
https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
Then Jesus said to them, “Give back to Caesar what is Caesar’s and to God what is God’s.”
Micro-Credentials and Graduate Degrees
Martin Luther College Office of Continuing Education offers many online and satellite courses which provide training for early childhood directors and teachers, elementary teachers, principals, high school teachers, staff ministers, and lay workers.
Their mission is to empower every WELS educator and staff minister for every ministry stage. Consider pursuing your masters degree in the same Christ-centered atmosphere with an affordable price.
- Check out more information on the Continuing Education website
“Take hold of instruction, do not let go. Guard her, for she is your life.”
SECA Taxes
Ministers of the Gospel have a dual tax status according to the Internal Revenue Code. They are considered employees for income tax and fringe benefits and self-employed for social security purposes.
- A Minister of the Gospel pays social security and Medicare taxes under the Self Employment Contribution Act (SECA) at 15.3% and is not subject to FICA taxes. These taxes are paid quarterly directly to the IRS.
- A Minister of the Gospel can work with the calling body to voluntarily have federal and state income taxes withheld and remitted by the calling body.
- SECA cannot be voluntarily withheld; however, a voluntary increase in federal taxes withheld is acceptable and may be used to cover estimated self-employment tax liability.
- It is recommended to work with a knowledgeable tax professional that understands Minister of the Gospel tax implications.
- More details are available on the WELS website (WELS Cloud login is required).
Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed.
Give back to the Lord with your Firstfruits
Just as Abel gave the best portion of his flock to the Lord, it is good for us to reflect on our gifts from God and give back from our bounty. Although this does not necessarily mean a specific dollar amount, it is a good practice to set a portion of your income aside to give back to the Lord and simultaneously support the ministry. Consider a monetary offering from each paycheck to your local church and other opportunities to support the work of the WELS.
“Honor the Lord with your wealth, with the firstfruits of all your crops.”
Stay connected.
We hope that you treasured your time on the hill. We are committed to keeping you connected to your college. We pray that you will be informed, involved, and invested ambassadors assisting your alma mater in carrying out its mission of training the next generation of shepherds and witnesses for our Savior.
- Alumni Relations website
For just as the body is one and has many members, and all the members of the body, though many, are one body, so it is with Christ. For in one Spirit we were all baptized into one body.
Daily Devotions Series
Spend some time in the Word through the Daily Devotions available from the synod.
