Restructure reflects commitment to becoming a Matthew 25 church
by Paul Seebeck | Presbyterian News Service
Under the Financial Aid for Service (FAFS) plan, which came through the PMA’s Nurture the Body Committee, the maximum loan available to pastors will increase to $5,000 with a lifetime maximum of $25,000. The term of service after which the debt is forgiven is reduced from 18 months to 12 months.
The PMA program pays down the student loan debt of pastors serving small churches and new worshiping communities in part-time, designated and temporary roles. Many of these roles are filled by people of color and women — especially second-career women. These pastors have been found to borrow more to attend school and are less likely to be called to full-time positions.
Employees with the PC(USA)’s Financial Aid for Service said the changes will bring the program offered by the Presbyterian Mission Agency into parity with a similar program offered by the Board of Pensions.
“This restructure aligns more fully the PC(USA) vision to become a Matthew 25 church,” says FAFS coordinator Laura Bryan. “It reflects our commitment to dismantling structural racism, eradicating poverty and supporting congregational vitality,”
The annual budget of for the Student Loan Debt Forgiveness program is $300,000, enough to serve 70 pastors per year. Currently the average number of applications received is 28 per year.
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Categories: Financial Aid, Grants & Scholarships, Matthew 25
Tags: board of pensions, financial aid for service, matthew 25 church, presbyterian mission agency board, student loan debt forgiveness
Tags: 25 church, aid for service, debt forgiveness, debt forgiveness program, financial aid for service, forgiveness program, loan debt, loan debt forgiveness, loan debt forgiveness program, matthew 25, matthew 25 church, mission agency, mission agency board, presbyterian mission, presbyterian mission agency, presbyterian mission agency board, student loan, student loan debt, student loan debt forgiveness, student loan debt forgiveness program
Ministries: Theology, Formation & Evangelism, Financial Aid for Service, Matthew 25 in the PC(USA):
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