Theological Education, a Terrible Business
In his article, Olive Oil, Economics, and Theological Education, Larry Smith wrote about the cash negative situation of theological education stating, “the direct costs of providing classes, excluding fixed and overhead expenses, exceed tuition proceeds. Thus, every academic program requires the administration to raise support. More students mean larger deficits.”
This statement turns conventional wisdom on its head. If more students don’t bring in more money, how does that affect your approach toward admission to your programs?