Funding your studies

The call to study at Bible college can be exciting, challenging, fulfilling – only to be brought down to earth by how to pay for it all. That was the dilemma facing Ali Harper and his family: ‘Our thoughts at first were ‘How is it possible?’... My wife and I had felt called to study at Theological College and yet the figures were daunting.’ You can read Ali’s story here.

Colleges have to balance their books and they have to charge a tuition fee. If you are training with a denomination you may receive part or all of your funding to study at Bible college. Most people, however, need to raise the majority of their support themselves.

Preliminaries

Prepare carefully and prayerfully. Our God equips those whom he calls so don’t be dismayed by this challenge.

Start early. Don’t let the size of the task be a reason for putting it off. Starting early will reduce stress and aggravation later on.

Planning to finish well before we build is a biblical principle. Don’t be anxious about a tension between trusting God and seeking financial support.

Prepare a budget so that you know your living costs as well as the fees. It must be comprehensive, you don’t want any shocks, and realistic. You have to live on this budget, not simply survive. A constant struggle with money will drain and distract you. In addition your budget is your accountability and stewardship of the gifts your supporters have entrusted to you.

Plan to communicate your vision, your passion and your financial needs with your church leadership, congregation, family and friends. People cannot support you if they don’t know and you don’t ask them.

Key resources

Stewardship
Many Bible college students have accounts with Stewardship to receive funding. Stewardship is the leading Christian charity providing tax efficient giving services. Their Bible college students programme (for qualifying students, which includes a financial assessment) provides a Stewardship giving account to manage the financial support along with personalised forms which help the student to recruit supporters to Stewardship who are equipped with a giving account. These supporters can use their giving account to request Stewardship to give funds to approved recipients such as specific Bible college students. You can read more here.

Funding the Family Business
Myles Wilson has distilled his extensive experience of training people to raise their own ministry support in Funding the Family Business. A comprehensive manual includes a section on bible colleges and Myles runs well received regional training events. "Our support was declining and we were considering quitting. Myles' intervention and teaching completely transformed our view of support raising and set us on a fresh course with faith and vision" (Steve and Johanna, Wycliffe Bible Translators)

Your college
Your chosen college will do all they can to support you. They will have information on their websites about financing your course and any bursaries they may be able to offer as well as experienced staff who can advise.

Possible source of funding

What do you have in the house? (2 Kings 4:2). You may have some savings that you can invest in this calling. Some students work part-time while at college to help fund their studies, or perhaps during holidays. Spouses often work but approach this with sensitivity rather than presumption.

Student Loans are available for full time students. Loans (which must be repaid) are available to cover both the full cost of tuition fees and maintenance costs, part of which is income assessed. An income assessed maintenance grant (which does not need to be repaid) may also be available to students. Some support is also available for part time students.

A very useful summary of student funding and other finance related matters can be found in the Student Moneymanual from Credit Action. Advice will be given by your College and helpful information including advice for students from Wales, Scotland and Northern Ireland can be found on direct.gov including a very useful online student finance calculator.

Many colleges have Bursary Funds available to assist students in financial difficulty or satisfying certain criteria. Some trusts (including Christian trusts) will give grants to individuals; local trusts are sometimes helpful. Many libraries will have books of grant making trusts, including A Guide to Grants for Individuals in Need and The Educational Grants Directory. These books are now updated online at the Directory of Social Change. The Funder Finder web site also provides up to date online searches. Try your local CVS (Council for Voluntary Service) to access these online resources as there is a subscription charge.

Talk to your church leadership. There may be scope for financial support but never presume this. Talk about building personal support from the congregation who have the opportunity to support someone they know well. Stories from Stewardship suggest that personal relationships with those called to serve in mission is a key driver of regular planned giving. Giving is highly relational.

Family and friends will enjoy giving to you even if you are embarrassed to ask or receive. Funding the Family Business will help you work out a confident and sensitive way to approach family and friends. ‘Raising support from church, family and friends is as all about relationships; it is as much about personal and prayer support and encouragement as it is about the money’ (Simon, Redcliffe Bible College), This support may well extend for many years beyond your bible college training.