Chicago Theological Seminary Halts Admissions Amid Financial Crisis
The Chicago Theological Seminary, a 170-year-old institution with historical ties to the abolitionist movement and civil rights icon Rev. Jesse Jackson, has ceased admitting new students due to severe financial pressures. President Brad Braxton announced the decision as part of a board-approved strategic planning process aimed at ensuring the school's long-term sustainability. While current students are guaranteed support to complete their degrees, audited financial statements reveal significant operating losses of $1.4 million in 2025 and $1.8 million in 2024, alongside substantial net cash outflows. The seminary faces a liquidity crisis that necessitates drawing on nonoperating reserves to meet obligations. Mitigation strategies include selling valuable assets, fundraising for its anniversary, and eliminating positions. This development reflects a broader trend of financial instability among faith-based colleges in the United States, driven by declining enrollment, rising costs, and lower church attendance. For instance, the seminary experienced a 27% enrollment drop between fall 2023 and fall 2024. Similar institutions, such as Trinity Christian College and Moody Bible Institute, have also faced closures or staff layoffs, highlighting the competitive and economic challenges threatening smaller religious higher education providers nationwide.
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Chicago Theological Seminary Halts Admissions Amid Financial Crisis
The Chicago Theological Seminary, a 170-year-old institution with historical ties to the abolitionist movement and civil rights icon Rev. Jesse Jackson, has ceased admitting new students due to severe financial pressures. President Brad Braxton announced the decision as part of a board-approved strategic planning process aimed at ensuring the school's long-term sustainability. While current students are guaranteed support to complete their degrees, audited financial statements reveal significant operating losses of $1.4 million in 2025 and $1.8 million in 2024, alongside substantial net cash outflows. The seminary faces a liquidity crisis that necessitates drawing on nonoperating reserves to meet obligations. Mitigation strategies include selling valuable assets, fundraising for its anniversary, and eliminating positions. This development reflects a broader trend of financial instability among faith-based colleges in the United States, driven by declining enrollment, rising costs, and lower church attendance. For instance, the seminary experienced a 27% enrollment drop between fall 2023 and fall 2024. Similar institutions, such as Trinity Christian College and Moody Bible Institute, have also faced closures or staff layoffs, highlighting the competitive and economic challenges threatening smaller religious higher education providers nationwide.
chicagotribune