Two Types of Financial Aid

We offer two primary 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). Your need is determined by calculating the Cost of Attendance (COA - which includes allowances for books, travel, and miscellaneous expenses in addition to tuition and fees) and subtracting your Expected Family Contribution (EFC), which you may determine by completing the Free Application for Federal Student Aid (FAFSA). We highly recommend that each family complete the FAFSA. Many people are surprised to learn that they qualify for need-based aid.

Scholarships

At Covenant, we offer over 100 institutional scholarships. Individual scholarships are outlined in the Financial Aid Handbook. Most scholarships are awarded to students based on information we collect during the admissions process; you do not need to submit separate applications for these scholarships. Some scholarships, however, such as music, and some of our most competitive leadership and academic scholarships, do require separate applications. Please see the Financial Aid Handbook and the Applying for Scholarships and Financial Aid page for more information and applications, or contact your admissions representative.

Loans

Beginning with the 2010-2011 award year (April 2010), we will be moving from the Federal Family Education Loan (FFEL) program to the William D. Ford Federal Direct Loan (DL) program.

Federal Student Loans are available to any student who completes a Free Application for Federal Student Aid (FAFSA). The types of Federal Student Loans available are the Federal Subsidized Stafford Loan and Federal Unsubsidized Stafford Loan. Once the FAFSA is received, the loan type/s will be determined and included in the award package. If the student chooses to accept any or all of the loans offered, they will need to complete the necessary requirements, such as, the Entrance Interview and Master Promissory Note. Note: Your FAFSA PIN # will be required to complete the Stafford Loan Master Promissory Note.

The Federal Parent PLUS Loan is available to parents of dependent undergraduate students enrolled full-time. The purpose of this type of loan is to assist with filling the financial gap after all other aid is applied. The amount of the PLUS Loan and all other aid awarded to the student combined cannot exceed the cost of attendance budget. If the parent chooses to take out a Parent PLUS Loan, they will need to complete the necessary requirements, such as, the Master Promissory Note and Parent PLUS Acceptance Form. Note: Your FAFSA PIN # will be required to complete the PLUS Loan Master Promissory Note.

There are Private Education loans available to students after all other aid options have been exhausted. If the student chooses to pursue this route in assisting with paying for their education, they will need to choose a lender and apply. The Financial Aid Office can provide you with a list of those lenders that students have used in the past; however, we do not rank or recommend any lender. In addition to choosing a lender and applying, the student will need to complete the Alternative/Private Loan Acceptance Form and submit it to the Financial Aid Office.

Work Study

The federal government provides some funding for students to work and receive a paycheck while they are a college student. You may work for our facilities services department, admissions office, or grounds department, for example. You can see our Work Study Handbook for more information.