President’s Update

Debt Free at Last

“Go sell the oil and pay your debts, and you and your children can live on the rest.” — Elisha to a poor widow, 2 Kings 4:7

Over the past eight years, we have seen a miraculous multiplication happening here at United. Just as the prophet Elisha provided a way for a poor widow to pay her debts by making her small jar of oil miraculously multiply, God has multiplied the gifts from trustees, friends and alumni/ae to such an extent that United has paid off all mortgage and endowment debts. We are now debt free at last!

By the grace of God and the selling of excess property and the gifts of many donors, United burned its $4 million mortgage at the celebration of the seminary’s 150th anniversary in October 2021, thereby eliminating all debt on the seminary’s property.

By the grace of God, the generous gifts of many donors and the estate gifts of many alumni/ae and friends, in May 2024 United made its last payment on a $3.3 million endowment debt, becoming completely debt free. Thanks be to God!

In addition to eliminating the seminary’s debt, we have been working toward reducing the educational debt of United students. Four years ago, the average student graduated with $50,000 (1) in educational debt and became a pastor of a congregation where the starting salary was often less than $50,000, so they were burdened with debt for decades.

This is why we launched the $10 million Fresh Wind endowment campaign to increase scholarship opportunities for students while they are in seminary, so they will graduate with less debt and greater freedom to follow God’s call on their lives.

With the increase in scholarship gifts from the Fresh Wind campaign and the reduction of United’s own debt we have significantly increased scholarship support for our students.

Two years ago, in the 2021-2022 academic year, 25 percent of our students graduated from United without incurring any debt from their seminary education. (2) At the end of the 2023-2024 academic year, 43 percent of our students graduated without incurring any debt while in seminary. (3) This represents a 72 percent increase in the number of students graduating without seminary debt because of gifts to the Fresh Wind campaign and United’s own debt reduction.

So far, $8.2 million has been given or committed to the Fresh Wind campaign, $4.7 million of which has already been received and invested. Our prayer is that God will provide additional scholarships for students by enabling us to reach our $10 million Fresh Wind goal by the 2024-2025 Commencement in May.

United has experienced the miracles of God countless times in the past, and we believe that “with God, all things are possible,” so we continue to pray with expectation for more miracles.

Thanks be to God!

Dr. Kent Millard, President

(1) United Theological Seminary Financial Aid Office. April 2021. Data represents the average student educational debt upon graduation for 2019-2020 master’s and doctoral degree-seeking graduates.

(2) The Association of Theological Schools (ATS) 2021-2022 Graduating Student Questionnaire for United Theological Seminary. TABLE 7-B: Educational Debt Incurred by All Students. n=69.

(3) The Association of Theological Schools (ATS) 2023-2024 Graduating Student Questionnaire for United Theological Seminary. TABLE 7-B: Educational Debt Incurred by All Students. n=61.