At North Park Theological Seminary and in The Evangelical Covenant Church, we want to see our ministry leaders living debt-free lives. That is why we have partnered together to offer this innovative form of financial aid. Students will receive a generous tuition discount from NPTS and the remaining tuition will be funded through the Evangelical Covenant Church and the Covenant Scholars interest-free loan.
The Covenant Scholars pilot program is designed specifically for residential MDiv students with an expected degree completion of three years (full-time studies). Students who have been accepted into North Park Theological Seminary are eligible to apply. Minimum requirements are a 3.0 undergraduate GPA (or equivalent life experience), professional references, and the endorsement of a Covenant church.
Approved Covenant Scholars will:
- Live in residence at the nation’s leading city-centered theological seminary.
- Form and articulate a theology of generosity, financial stewardship, and leadership.
- Experience seminary immersed and informed by the missional reality of “Chicago as classroom.”
- Be trained by world-class faculty to become missional pastor-theologians.
- Participate in unique internship opportunities, and actively engage with denominational leaders.
- Experience the core identity and ethos of the Covenant Church.
Once a student is accepted into the Covenant Scholars program, his or her tuition costs at NPTS will be 100% covered by this private, 0% interest loan program. No interest will accrue during (or after) the program for any student who meets the Covenant Scholar program performance requirements.
Key features of the program include:
- No tuition costs outside of this loan package during the three-year program.
- Each student commits to develop a prayer/support network, raising $5,000 during the three-year program (example $100 x 50 partners). This $5,000 (due any time before graduation) can be crowdfunded in a variety of ways, including connecting with partner churches. Any incremental amount raised will further directly reduce the 0% loan balance outlined below.
- At program completion, student obligation is a maximum of $250 / month for 84 months in a 0% interest loan structure.
- Payback to the program ensures the potential to continue the program for future students.
- Financial counseling will be required, with limitations on other forms of debt accrual during the program.