How do we go about financing the Seminary’s education and how is it different than a typical graduate school?
Saint Vladimir’s used to have a traditional approach to financial aid. Students had to complete our financial aid application and complete the federal form (FAFSA). If they were in need—and 99% of them usually are—the Seminary offered them about 40% in scholarships from our endowed scholarship funds, and they had to figure out the rest.
Ten years ago, we decided to try something new. Along with our President, Fr. Chad Hatfield, I was very concerned about the increase in the number of students who were taking out federal loans to pay for their education. We also knew that this was something that The Association of Theological Schools (ATS—our accrediting agency) looked at closely. The ATS didn’t want to see students graduating with a lot of debt.
So in 2012 we increased the scholarship offered from our endowed funds from 40 to 50%, and then we decided to try a procedure to come up with the other 50%. We designed a matching grant program where, if a student can come up with 25% from their parish and/or diocese or any other non-profit organization, then St. Vladimir’s will match the other 25% from our general scholarship fund. The general scholarship fund isn’t an endowed fund, but rather is an operating fund, and thus the funds have to be raised every year in order for us to be able to give out of that fund.
Thanks to our donors this approach has been wildly successful! In our 2013 ATS accreditation process, the statistic we reported was that about 40 % of our students were taking out student loans. By 2020, that number had dropped to eight students (out of more than 70) who were still taking out loans, and the amounts were minimal.
This approach has also enabled us to develop partnerships with many other parishes and jurisdictions that now know about the matching grant program and are eager to help their students through giving towards the scholarships. In fact, all of the jurisdictions in North America have gotten involved and are participating to some degree. And individuals can initiate scholarships in this program as well. For example, recently one of our professors—The Rev. Dr. Varghese M. Daniel, assistant professor of Malankara Studies—assisted the Seminary in creating several new scholarship opportunities for our Malankaran students.
That’s amazing! Can you tell us about the other part of our student aid packages, the endowed scholarship funds?
The base 50% of scholarship money that we offer comes from our endowed scholarship funds. We have 89 named endowed scholarship funds plus 32 other endowment funds that help us with things like the Florovsky Library, our faculty expenses, SVS Press, and our general campus maintenance and operations.
These scholarship funds are often geared towards specific students: for M.Div. students, for example, or towards those concentrating in music or preparing for missionary work. Prior to each academic year, we receive biographies of our students and we match them up with these individual funds, distributing the scholarships based on the donor’s criteria.
Are these funds often established in a loved one’s memory?
Yes, and this is another way people can give a gift that keeps on giving even after their loved one’s repose. Many of the original donors for these funds have reposed, but the fund survives them. We don’t ever dip into the principle and we generally distribute between 5 and 6% out of the funds annually so they remain in perpetuity.
These scholarships tend to be established by family groups. In fact, our oldest Fund was established in 1965. The Peter Jr. and Michael Ruzila Memorial Scholarship Fund was originally set up by Peter’s parents in his memory after he was killed in the Vietnam War. The Fund was then augmented in 1999 with gifts from family and friends who wanted to honor the memory of Michael Ruzila as well.
Another example is The Rev. Fr. Andrew Nassir Memorial Endowment Fund, created by the Nassir family of Southern California in 1991 in honor of their grandfather. The initial donation of $50,000 launched the Fund, but then over the years the family has increased that through additional donations. We distribute an amount from that Fund to seminarians preparing for the priesthood every year; this year there were two recipients. Thanks to the miracle of compound interest, even with distributions from the Nassir Fund for the last 30 years, the balance is now $146,000 as of Sept. 1, 2021.
The funds are such a great vehicle because they allow future family members to contribute years after the initial creation of the fund. And at the end of every fiscal year we give the family an update; we mail them a letter stating when the fund was established and why, and we also share with them the names of students who have received the donations. Our students often write thank you letters to living family members of the funds as well.
How often are these funds created?
Nearly every year people create these endowments. In the last couple years we had a hierarch set three of these up: one in memory of his parents, one in memory of a fellow hierarch, and a third fund to benefit our women students. When a beloved alumnus, Paul Shafran, and his Matushka, Mary, celebrated Fr. Paul’s 70th anniversary in the ministry, Fr. Chad surprised them by announcing that with their children’s assistance, the Seminary was establishing of the “The Very Rev. Paul and Matushka Mary Endowment” to provide funds “to benefit all aspects of student life” at the Seminary. A former trustee recently set one up for her father.
What are the advantages of giving this way?
There’s no difference in the tax advantages between this and other forms of giving; but if people want to help to create priests, lay leaders, to keep the Church going and have leaders educated, contributing to scholarships is a great way to do that. Donors will know that there are students today who are directly impacted by their gifts, and will be providing the seed money for the Church’s leadership. Their contributions will bear fruit year after year.
Every time I do a distribution from our oldest Fund, I let the students receiving the money know that the Scholarship is in memory of a young person killed in the prime of life in the Vietnam War. One valuable life was cut short, but through this Fund the family has been making an investment year after year, in the lives of other young people.
Thank you to all of our donors who have established and contribute to both endowed and annual scholarships. These scholarships provide a vital source of funding for many seminarians and allow a diverse group of students to attend St. Vladimir’s Seminary.
You may give to an existing fund at any time by indicating the name of the fund on your check or in the comments section of the online donation form. If you would like to establish a new endowed scholarship fund, you can work with our team to determine the award’s eligibility, which can be based on their degree program, geographical background, jurisdiction, or other criteria.
The following grants (view the list) and endowments fund the seminary’s financial aid programs. Except where otherwise indicated, students do not directly apply for these funds. (Prospective students may learn more about financial aid opportunities available to them by visiting the Tuition & Financial Aid page or emailing admissions@svots.edu. No more than 6% of any endowed fund is distributed on an annual basis.
