I’m not out of seminary yet, but when I’m done in May, I will be debt-free.
For those new to my blog, I began seminary in 2009. I had no debt. My wife and I had recently paid off our credit cards and student loans, and there was no way we were going back in the hole. And since we all know that debt is dumb, the only way I would attend and complete seminary was by paying cash for it. (By the way, if you don’t know that debt is dumb, go here and dig in immediately.)
Fall 2012 is just around the corner, which means I have made it three years in the black. Here’s how I’ve done it.
1. Work. I’ve held onto a full-time job for my entire time in seminary. During the semester, thanks to my employer’s flexibility, I log around 30 hours per week. Between 8 and 5, if I’m not in class, I work. Any chance I get, I work 40 hours per week (Christmas break, summer, spring break, etc). One of the most important ways to stay debt-free is to make money.
2. Financial aid. Austin Seminary has an amazing endowment. Many students apply for and receive a tuition grant of up to 85%. I believe Princeton still does 100% for many of its students. So the school you attend is the starting place for financial aid. I also scour the internet for scholarships and grants, and several churches and individuals have selflessly given towards my education. Loans are completely out of the question.
3. Prioritize. For me, my primary identity is not as a student. I have intentionally established my priorities as God, family, work, school. This is a worldview issue more than a dollars-and-cents issue. But your worldview must be established if you want to accomplish lofty goals. They keep me in check when I begin to stray.
4. Filter. I choose who I listen to. I don’t listen to the people who dump negative thoughts into my head as it pertains to this goal. Most people, when I tell them what I’m doing, say things like, “I could never do that” or “When do you sleep?” This may seem harmless, but to me it demonstrates a person’s attitude and helps me know whether or not I can learn from her. Instead, I seek out positive conversations and encouraging friends. I pour the kinds of books, blog posts, and podcasts into my soul that spur me on and give me ideas for how to improve.
5. Be creative. Some things don’t fit neatly into my plans because life happens. But if I stay loose and flexible, I can usually adapt. I carpool with my wife or take the bus to save on gas money. I buy electronic textbooks because they’re usually cheaper than hard copies. When I have to buy hard copies, I sell them back to Amazon when done. I brown-bag my lunch and dinner rather than eating out.
Because of this, I am not spending my future church’s money on paying back my education. Because of this, I’m in a position of strength when it comes to finding work after seminary, for I won’t be inclined to accept a job offer that isn’t right but I need it so I can start paying off loans. Because of this, I have financial peace.
Andrew Chapman is a future pastor, seminarian and blogger. Go to his blog to read more: http://andrewchapman.org