We offer two types of aid: merit-based aid (where need may or may not be a factor) and need-based aid (where need is the controlling factor).
We evaluate every student for financial aid when you are accepted for admission. Merit-based aid is determined using the information gathered during the admissions process and any scholarship application processes. Need-based aid and self-help aid (such as loans and work-study) are awarded using your Expected Family Contribution (EFC). You should complete the Free Application for Federal Student Aid (FAFSA) to determine your EFC.
Each student has a BANNER ID and PIN for viewing all information on the web. Due to legal regulations, we can't give parents the student’s ID and PIN information. Electronic bills are e-mailed to the student's e-mail account monthly. If parents would like to receive an electronic bill, please have your student submit your e-mail address to the Office of Records.
In accordance with the Federal Educational Rights and Privacy Act (FERPA), the Health Insurance Portability and Accountability Act (HIPAA) and other federal privacy regulations, students who are legal adults (age 18 or older) must approve any release of academic or financial information by the College. No information regarding academic records, financial charges, financial aid or payments may be released to parents, spouses, or any other person or organization, except for those individuals or organizations specified in the release. These acts do not make any exception for children who are legal adults but are still tax dependents.
The financial aid package is the student’s package, even if your parents are helping you financially. It's important to remember that the family must go through this process every year. After your first year of enrollment, all forms will be available at the end of fall semester on your BANNER account.
Actually, the DOE doesn't determine need. Rather, the DOE uses a formula that considers family income, assets, the age of the older parent, and how many family members are attending college to produce a number called the Expected Family Contribution (EFC). EFC is the amount of money the government says a student and family should be able to pay for college. The EFC is subtracted from the cost of attendance, and the balance is considered financial need. Financial need varies based on the cost of the institution.
As with any job, you work, report your time, and receive a paycheck. You have the option to have your work-study funds credited to your student account by completing a direct payment form (available in the Financial Aid Office). Or you may choose to have your paycheck direct deposited into your personal bank account by completing a direct deposit form (available in the Financial Aid Office and the Human Resources Office).
The bank takes out up to 3% in processing fees on Federal Stafford and Federal PLUS loans.
The I-9 is a legal document required by the US Department of Justice for employment eligibility verification. Appropriate Covenant College personnel must sign the form indicating original documents have been provided for identification verification and appear to be genuine.
All financial aid that is offered is optional. However, some component of self-help (work-study or loans) is usually part of a financial aid package. A family has three options in paying for college, and most families use a combination of all three.
- save money ahead of time
- pay for each semester as you go
- take out loans and repay them later
We will walk you through the process as often as needed so don’t hesitate to contact us. In fact, we recommend that you ask questions as soon as possible, since this may be our busy season and time is crucial.
The government’s definition of an independent student is someone who is a veteran of the armed forces, is married, is in graduate school, is 24 years old or older, or has dependents other than a spouse. If you don't meet at least one of these criteria, your parents’ income must be included when establishing need.
The DOE considers the income of the parent the student lived with the greater part of the time during the past 12 months. If the student did not live with one parent more than the other, they consider the parent who provided more financial support. The income and information of that parent and stepparent is used to calculate the EFC.
It varies based on factors such as family size and how many family members are in college. There is no charge to fill out the FAFSA. If your family situation changes (such as having another family member in college), we recommend you complete the FAFSA again.
An estimate of your Expected Family Contribution (EFC) can be obtained using the EFC calculator. If your EFC is less than the Cost of Attendance (COA) you may benefit from completing the FAFSA.