Attention Pastors! Are you paying more than 3.125% on an unsecured educational loan?
The Lutheran Church Extension Fund (LCEF) has developed an educational loan repayment program to help LCMS ordained ministers successfully reduce their existing school debt. With loans directly to the pastor or to his congregation, LCEF can help meet this sometimes burdensome obligation.
Two loan programs are available:
Direct Pastoral Education Loan Repayment Program: This loan program is provided directly to the active LCMS pastor, normally in the first five years after seminary graduation.
- Loans up to $50,000.
- Terms are up to 10 Years.
Congregation Pastoral Education Loan Repayment Program: This loan program is provided to the congregation who acts as the eligible borrower to provide support for an active ordained LCMS pastor, normally in the first 10 years after seminary graduation.
- Loans up to the amount of indebtedness, not to exceed $100,000.
- Funds may be drawn on for a maximum of two years, with interest billed monthly during the period.
Both loan programs have the following features:
- Interest rates are based on LCEF’s Cost of Funds, plus 1%, adjusted annually. The interest rate is NOT based on credit score.
- Ability to consolidate outstanding unsecured loans for education purposes incurred during seminary tenure, such as: privately held student loans, loans from family, credit cards, etc.
- Loan funds are disbursed to creditors.
- LCEF has friendly, knowledgeable loan officers and service staff.
- Internet and automated telephone access to loan information.