by our College Data Analytics TeamA lot of students will not be asked to pay the full, advertised sticker price of a school. Instead, they will be given a financial aid offer that will include a combination of scholarships, grants, loans, and work-study. The price tag of going to Covenant College can appear overpowering, but remember that the majority of students obtain some kind of financial assistance.
What financial aid options can Covenant offer you, and what will you qualify for? Keep reading for more information. Keep scrolling to find out just how much financial aid will be open to you.
The amount of financial aid you can receive varies from person to person and will depend on your family’s economic situation. The figures below will help you estimate the aid you might receive from Covenant College.
Through a mix of loans, grants, work-study and scholarships, schools bring down the effective cost so more students can attend. However, some types of aid are more desirable than others, and some students will receive more than others.
At Covenant College, 100% of the incoming full-time class was awarded financial aid roughly 246 first-years).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $29,720 |
| Institutional grants & scholarships | 98% | $26,901 |
| Federal Pell grants | 19% | $5,108 |
| State/local grants | 33% | $6,066 |
| Federal student loans | 40% | $5,440 |
Gift aid — grants and scholarships — beats loans every time because none of it has to be repaid. Across the undergraduate body at Covenant, around 94% of the undergraduate population received grant aid that averaged $28,264 (across approximately 851 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 94% | $28,264 |
| Federal Pell grants | 19% | $4,912 |
| Federal student loans | 40% | $6,155 |
Among title-IV aid recipients living on campus, grant and scholarship aid averaged $31,202.
Need-based aid means lower-income families typically pay far less than the sticker price suggests.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $18,763 |
| $30,001 – $75,000 | $21,770 |
| Over $75,000 | $27,301 |
Each figure is the net price after grants and scholarships, not the published sticker price.
Net price is the cost remaining after grant and scholarship aid is subtracted from the sticker price, and it is the most useful single number for estimating real cost.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $26,265 |
| Off-campus title-IV students | $24,832 |
For a personalized estimate based on your family’s financial situation, use Covenant’s online cost calculator: portal.covenant.edu/forms/index/Net_Price_Calculator.
The median student at Covenant graduates with $19,000 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $19,000 |
| Median federal debt (graduates only) | $22,500 |
| Typical 10-year monthly payment (graduates) | $238.54/mo |
Under a standard ten-year plan, the median graduate’s monthly payment lands near the figure above.
The median alone does not show how widely outcomes vary across the student body. The four reference points below map the debt distribution at 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 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $13,750 |
| Middle income | $18,840 |
| High income | $19,500 |
First-Gen vs Continuing-Gen Median Debt
| Cohort | Median federal debt |
|---|---|
| First-generation students | $15,369 |
| Continuing-generation students | $19,500 |
The figure below distills the debt data into a single burden category for Covenant.
The Stafford loan program is the largest source of federal direct loans to undergraduates. Below is the annual Stafford program activity at Covenant:
| Metric | Value |
|---|---|
| Stafford loan recipients | 3115 |
| Total Stafford loan amount | $42,202,133 |
GI Bill and DoD Tuition Assistance are the two federal aid programs targeted at military-affiliated students.
Post-9/11 GI Bill recipients
| Metric | Value |
|---|---|
| GI Bill recipients | 21 |
| Total GI Bill amount | $490,591 |
| Average GI Bill amount per recipient | $23,361 |
References
More about our data sources and methodologies.