Covenant College: An In-Depth Look at Tuition Costs, Financial Aid, and Affordability

Choosing the right college is a significant decision, and understanding the financial implications is a crucial part of the process. This article provides a comprehensive overview of Covenant College's tuition costs, financial aid options, and overall affordability, empowering prospective students and their families to make informed decisions.

Understanding the Sticker Price: Tuition and Fees

Covenant College's tuition for the academic year is $43,668. This figure represents the "sticker price," encompassing both tuition and mandatory fees. While this might seem like a substantial investment, it's essential to consider how it compares to other institutions. Covenant College's tuition falls below the national average cost of tuition of $50,018, making it a comparatively more affordable option in terms of sticker price. Fees cover a range of resources and services, including library access, student gym facilities, student centers, technology infrastructure, and campus health centers.

Beyond Tuition: Calculating the Total Cost of Attendance

While tuition is a significant component, the total cost of attendance encompasses additional expenses. This includes the sticker price, plus the cost of food and housing, books and supplies, transportation, and personal expenses. At Covenant College, the estimated total cost of attendance is $60,020. This comprehensive figure provides a more realistic picture of the overall investment required to attend the college for one year.

Room and Board Expenses

The average yearly cost of room and board at Covenant College was $9,344 in 2023. The cost of room and board increased by 2.12% between 2022 and 2023. Covenant College provides on-campus housing and requires first-time degree-seeking students to live on campus. The room and board charges for a year at Covenant College total 11,300 USD, which is in the bottom 45% of colleges. Breaking down these charges, the typical room charge for an academic year is 3,848 USD, placing it in the bottom 15% of colleges, while the typical board charge is 7,452 USD, ranking it in the top 10%.

Books and Supplies

During the same period, the average yearly cost of books and supplies was $1,170. The cost of books and supplies did not change during the same period.

Decoding Net Price: The Real Cost After Aid

The "net price" represents the actual cost a student pays after factoring in grants and scholarships. This is a more personalized figure than the sticker price, as it reflects a student's individual financial circumstances and the financial aid they receive. In 2023 Covenant College had an average net price - the price paid after factoring in grants and loans - of $25,471. Between 2022 and 2023, the average net price of Covenant College grew by 1.77%. Average net price is calculated from full-time beginning undergraduate students who were awarded a grant or scholarship from federal, state or local governments, or the institution.

Financial Aid Opportunities at Covenant College

Covenant College is committed to making education accessible and offers various financial aid options to its students. 94% of undergraduate students at Covenant College received financial aid through grants or loans in 2023. This represents a decline of 1.05% with respect to 2022, when 95% of undergraduate students received financial aid.

Need-Based Aid: Scholarships, Grants, and Self-Help

Need-based aid is designed for students who demonstrate financial need based on their family's income and assets. In fall 2023, 66% of first-year students at Covenant College received need-based financial aid. The average need-based scholarship or grant awarded to first-year students was $37,011. Need-based self-help aid includes federal loans and work-study opportunities. The average need-based self-help aid awarded to first-year students was $6,116.

Merit-Based Aid: Recognizing Achievement

Merit-based aid, also known as non-need-based aid, is awarded based on academic achievement or specific talents. The average non-need-based scholarship or grant awarded to first-year students at Covenant College - excluding any athletic scholarships, if applicable - was $26,982.

Meeting Financial Need: Covenant College's Commitment

Covenant College met 80% of its students’ financial aid need. This demonstrates the college's dedication to helping students afford their education by bridging the gap between the cost of attendance and a family's ability to pay.

Types of Need-Based Scholarships and Grants

Covenant College provides a variety of financial aid options for its students, with 100% of them receiving some form of assistance, placing the institution in the top 30% for this category. Grants are available to students, contributing to the affordability of their education.

Financial Aid Dates

Financial Aid Application Due: Not available.

Priority Application Due: Nov 15. Applications received prior to this date will be given the strongest consideration. Still apply for financial aid if you don’t make this due date.

Notification Date: Mar 15. When students receive a letter with the amount and types of aid the college is offering.

Response Due: Not available. The deadline for students to respond to the college’s aid offer.

Read also: Tuition Rates Explained

Student Loan Debt: Planning for the Future

Understanding student loan debt is crucial for responsible financial planning. Ideally, a student's total loan debt should be less than their anticipated starting salary after graduation. At Covenant College, the median federal loan debt among borrowers who completed their undergraduate degree is $22,500. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $239. Additionally, 13% of graduating students at Covenant College took out private loans. Students with private loans had an average of $50,756 in private loan debt at graduation.

Average Indebtedness of Graduating Class

Average Total Indebtedness of 2024 Graduating Class: $32,348. Graduating students who have borrowed (any loan type, 2024): 58%.

Scholarships: Funding that Doesn't Need Repaying

Scholarships are a valuable form of financial aid that does not require repayment. Need-based scholarships consider a student's financial situation, while merit-based scholarships reward academic or athletic achievements. Students may also qualify for scholarships based on community service, unique hobbies, personal background, or a parent's employer or military affiliation. Some students receive enough scholarship money to cover their tuition and living expenses.

Work-Study and On-Campus Employment: Earning While Learning

Working while in school can help reduce student loan burden. Covenant College offers work-study programs to eligible students and campus jobs to those seeking to earn money. Students can explore opportunities with local, national, or international organizations, ranging from large corporations to small businesses, and spanning both for-profit and non-profit sectors. On-campus employment at Covenant College is available in various departments, including the library, admissions, and athletics.

Military Benefits and the G.I. Bill

Covenant College is committed to supporting veterans and active-duty military personnel. The institution is G.I. Bill certified and participates in the Yellow Ribbon Program.

Additional Financial Considerations

Tuition Guarantee Plans

Tuition at time of first enrollment guaranteed only to students making advance payment.

Academic Profile and Outcomes

Degrees Awarded

In 2023, 189 degrees were awarded across all undergraduate and graduate programs at Covenant College. 59.8% of these degrees were awarded to women, and 40.2% awarded men. The most common race/ethnicity group of degree recipients was white (162 degrees), 13.5 times more than then the next closest race/ethnicity group, two or more races (12 degrees).

Most Common Majors

In 2023, the most common bachelors degree concentration at Covenant College was General Business with 17 degrees awarded.

Time to Complete and Graduation Rates

In 2023, 65% of students graduating from Covenant College completed their program within 100% "normal time" (i.e. 4 years for a 4-year degree). Comparatively, 72% completed their degrees within 150% of the normal time, and 72% within 200%. The student demographic with the highest graduation rate in 2023 at Covenant College is Male and Black or African American (100% graduation rate). Across all Baccalaureate Colleges, Asian Female students have the highest graduation rate (74.3%).

Loan Default Rate

In 2021 the default rate for borrower's at Covenant College was 0%, corresponding to 0 out of the 196 total borrowers.

Admissions and Enrollment

Acceptance Rate

In 2023, the undergraduate acceptance rate of Covenant College was 81.8% (614 admissions from 751 applications). This is lower than the acceptance rate of 2022, which was 84.1%.

Enrollment Statistics

Covenant College had a total enrollment of 928 students in 2023. The full-time enrollment at Covenant College is 866 students and the part-time enrollment is 62. This means that 93.3% of students enrolled at Covenant College are enrolled full-time.

Campus Life and Resources

Retention Rate

The retention rate for full-time undergraduates at Covenant College was 87%. Compared with the full-time retention rate at similar Baccalaureate Colleges (74%), Covenant College had a retention rate higher than its peers.

Endowment and Expenditures

Covenant College has an endowment valued at nearly $57.5M, as of the end of the 2023 fiscal year. In 2023, Covenant College had a total salary expenditure of 34.3M.

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