by our College Data Analytics TeamThis page focuses on the debt students take on to attend Covenant College— how much they borrow, how that debt is spread across the student body, and what it costs to pay back. These figures are reported by the Department of Education and IPEDS.
At Covenant, 41% of incoming undergraduates borrow in year one, with a typical loan of $8,415 apiece. This figure includes both private and federally funded student loans.
Federal loans alone average $5,440, representing 98.9% of the $5,500 federal limit that applies to a typical first-year dependent borrower. Bear in mind the undergraduate averages later on cover federal loans only, whereas this freshman total folds in private loans too.
Among all degree-seeking undergrads at Covenant, 43% borrow through federal student loan programs, for a typical $6,155 per year. That amounts to 13.1% more than the first-year federal average of $5,440.
Repeating that yearly amount projects to about $12,310 after two years and $24,620 across a four-year program. This projection keeps yearly federal borrowing flat and excludes private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 43% |
| Average federal loan per year | $6,155 |
| Undergraduates with a federal loan | 367 |
| Total federal loans (one year) | $2,259,025 |
The middle borrower at Covenant owes $19,000 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $19,000 |
| Students who completed (graduates) | $22,500 |
| Students who withdrew | $9,750 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Covenant.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,075 |
| 25th percentile | $9,500 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $34,262 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Covenant.
PLUS loans — taken out by parents or graduate students — add to the total cost of attendance financed by debt at Covenant.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 75 | $21,200 |
| Completed (graduates) | 45 | $29,500 |
| Did not complete | 30 | $14,577 |
On a standard 10-year plan, the median completing borrower would pay about $350.79/mo.
These figures turn the debt totals into a monthly repayment picture for Covenant.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for Covenant appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 2.7% |
| Borrowers in the cohort | 359 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
Borrowing varies by family income, by first-generation status, and by dependency status.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $13,750 |
| Middle income | $18,840 |
| High income | $19,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $15,369 |
| Continuing-generation students | $19,500 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at Covenant.
Subsidized and Unsubsidized Loans
With an unsubsidized loan, interest starts adding up the day the loan is disbursed, including during school. Subsidized loans, by contrast, do not accrue interest while you are enrolled at least half-time, which makes them the less expensive option when you qualify.
Did You Know?
Declaring bankruptcy does not erase federal student loan debt. If you stop paying, the federal government can garnish a portion of your wages until the loans are repaid.
References
More about our data sources and methodologies.