Student Accounts Payment Options
Covenant College offers three options for payment of student account charges. For any payment option, accounts must be fully paid each semester before a student can register for a subsequent semester, view grades or receive a transcript.
Option #1: Payment of fall balance in full by 4:00 p.m. on the last business day in August (8/31/2017). Payment of the spring balance in full by 4:00 p.m. on the last business day in January (1/31/2018). No initial fee or monthly finance charges will be assessed. Additional charges posted during the semester will have to be paid by the end of the month following the charge in order to avoid a finance charge on the additional charges posted.
Option #2: Payment plan. The fall deadline to enroll is 8/28/2017, and the spring deadline to enroll is 1/8/2018. If you enroll in the fall you will be automatically enrolled in the spring. However, you must re-enroll in the plan during the next academic school year. If you do not enroll in the fall, you will be allowed to enroll in the spring so long as you do so by the deadline detailed above. There is a $45 annual fee charged to enroll in the plan. This fee covers both the fall and spring semesters. However, the full $45 must be paid even if you only enroll in the spring. Further details for enrolling in the payment plan are included in the fall billing estimate sent in July or can be obtained from the accounting office. 25% of the fall balance outstanding on the student’s account as of the last business day in August (8/31/2017) must be paid by 4:00 p.m. on the last business day in August (8/31/2017). The second installment is due on the last business day in September (9/29/2017), the third installment is due on the last business day in October (10/31/2017), and the final installment is due on the last business day in November (11/30/2017). The spring payment plan installment due dates are 1/31/2018, 2/28/2018, 3/29/2018, and 4/30/2018.
Additional charges posted during the semester or changes in the amount of aid received after the first installment has been paid will impact the amount due with each future installment. Therefore, the amount due at each payment due date noted above is your current outstanding account balance divided by the number of installments remaining in the semester. There are a total of four installments due each semester in accordance with the due dates detailed above. No finance charges will be applied as long as each installment during the semester is received by the due dates detailed above. However, if at any point during the semester a deadline is not met, the student’s account will be removed from the payment plan and automatically enrolled in payment option #3 described below. The $45 enrollment fee will not be refunded and the student’s unpaid balance will be subject to the finance charges described below.
Option #3: Open account payments. This will be the default payment plan if Option #2 is not selected before the enrollment deadline for each semester, and the account is not paid in full before the semester due date. Payments may be made at any time, and in any amount. Monthly finance charges will be applied to any unpaid balance on the last business day of the month at the rate of 1.17%. There is no initial fee for this option.