financing higher education
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Editor's Note: This is the final piece in a three-part series on Financing Seminary Education. Read Part 1 here and Part 2 here.
“The higher education industry is facing a multi-pronged and existential threat composed of successive waves of disruptive innovation” (Butler, “Tottering Ivory Towers,” American Interest (Sept/Oct). It seems higher education, including seminary education, is going the way of the music and media industries! Our 2,000-year-old business model of “sage on stage” could be truly doomed. The appearance of “massive open online courses” (MOOCs) over the past few years has thrown many higher education institutions for a loop, and more innovations are on the way.
In response to these new innovations higher-ed institutions, including seminaries, have tweaked their business models with a few technological modifications such as PowerPoint, email, electronic research, and online courses. But, will it be enough? Butler says “no” and so do the trends. The reality is graduates of today’s higher-ed institutions are not evidencing the competencies expected and/or hoped for by their future employers. Consequently, accreditation standards, at an all-time high in complexity, are now beginning to be challenged. Simultaneously, tuitions are costly, the economy is tough, and the job market is even tougher. The end result is that students are graduating with large amounts of student loan debt and potential students are opting out of the education market.
We began the 21st century with denominations and churches that no longer fit the needs of a shifting society, a Congress that votes against the poor and the middle class, and seminaries that face multi-pronged threats to their existence. It’s time for an overhaul!
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Author’s Note: Institutions we have valued for generations are dwindling and falling by the wayside because we no longer have the finances to sustain them. In this second essay on financing seminary education (read the first HERE), I will address the socio-political and economic concerns that add to the complexity of the current crisis in theological education.
Democracy is based on the ideal of political equality. Each citizen is to have the same potential to influence what government does regardless of financial status. Markets, on the other hand, are directly related to real dollars. The consequent result for the U.S. democratic capitalistic structure is that while the rich and the poor are equal politically, they will never be equal economically. This combination could lead to two undesirable extremes: 1) mob rule by asset-less democratic majorities, or 2) oligarchic rule by the affluent. Thus, government’s role is to oversee the enterprise through the creation of regulatory policies that prevent runaway markets and taxation that assures a sustainable distribution of wealth and resources for the whole population. In order to achieve these goals, political theorists have developed models that focus on creating and sustaining a strong middle class with the result that the median voter will correct rising inequality in wealth as well as poor economic performance.