Types of Aid
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).
Aid is usually awarded for the full year and disbursed equally between the semesters. The disbursement process is run daily after each semester's charges are posted. Federal aid cannot disburse any sooner than ten days prior to the first day of class. Any missing requirements preventing aid from disbursing are viewable on the student's Banner account.
We highly recommend that each family complete the Free Application for Federal Student Aid (FAFSA). You may be eligible for federal aid based on your expected family contribution (EFC), which could include the federal Pell Grant. Many people are surprised to learn that they qualify for need-based aid, either federal or institutional. You may wish to download your tax return information directly from the IRS website into the FAFSA. This option is usually available from the FAFSA website 2-3 weeks after you electronically submit your tax return.
If your FAFSA is chosen for the verification process, you will be notified of necessary steps to complete the process. The verification worksheet required for this process is available as a link from the missing requirements of your student’s Banner account.
Please note the following:
- Normally, neither federal nor institutional aid will be disbursed to the student's account, nor loan processes started, until the entire verification process is complete. Exceptions may be made at the discretion of the financial aid director and may include receiving a late FAFSA. Student employment funds may not be earned until the verification process is completed.
- Disbursement of federal aid to the student's account can be expected within 10 business days of the verification process being completed if all other requirements have been met.
Please see the Financial Aid Handbook for more information.
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.
Georgia state residents may be eligible for Georgia Tuition Equalization Grant with the completion of the application and HOPE Scholarship or the Zell Miller Scholarship based on residency and grade point average.
Federal Direct 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.
Covenant College’s Financial Aid Office Staff are members of the National Association of Student Financial Aid Administrators (NASFAA) and adheres to NASFAA's Code of Conduct for Financial Aid Professionals.
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 Counseling and Master Promissory Note. Note: Student, your FAFSA PIN # will be required to complete the Stafford Loan Master Promissory Note. Parents please do NOT complete these steps for your student. This is their legal requirement in order to receive the loans.
Some very helpful financial literacy information is also available on the Student Loans web site. Please complete the counseling and forward your completion status to Covenant.
Loan information is submitted to the National Student Loan Database System (NSLDS) Student Access which provides a centralized, integrated view of each recipients Title IV loans and grants for easy access and inquiry by students, guarantee agencies, lenders and schools authorized to use the system. This is the web site for completing the required Exit Counseling upon falling below ½ time enrollment. Enrollment data is submitted to the National Student Clearinghouse by the Office of Records on a regular basis. Click here for repayment information and an estimated repayment plan calculator.
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 Request. Note: Your FAFSA PIN # will be required to complete the PLUS Loan Master Promissory Note.
Non-Federal Private Loans
It is recommended that students exhaust all federal grant and loans available to you before considering a private (alternative) loan. You may qualify for loans or other assistance under Title IV of the HEA (Pell Grants, Stafford, Perkins, FSEOG grants and PLUS loans) and the terms and conditions of Title IV, HEA program loans may be more favorable than the provisions of private education loans.
Covenant College does not have a Preferred Lender List. There are no special arrangements with any lender nor does it make recommendations for private education loans to our students. Students may receive private education loans from any lender by choosing and applying directly with a lender. You may choose to view a list of private lenders at Student Lending Analytics, which is an independent research and advisory firm focused on finding the best lenders for students. SLA provides independent, analytical and objective information to increase the transparency of the student lending market.
As part of new federal regulations, private educational loan borrowers are now required to complete, sign and return an Applicant Self-Certification Form to their lender before loan funds can be disbursed. This form is intended to promote informed borrowing and will give you information about financial aid as well as provide your lender with information about your educational expenses and other aid. You should receive this form as part of your application packet when applying for a private educational loan. For Cost of Attendance information please refer to your Banner web account. If you need additional information please contact the Financial Aid Office. Please note that the Applicant Self-Certification form does not replace school certification of your private educational loan. In addition to the Applicant Self-Certification form, the student will need to complete the Private (Alternative) Supplemental Loan Request Form and submit it to the Financial Aid Office.
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 Student Employment Handbook for more information.
Financial Aid for Approved Off-Campus Study Programs
Students who are accepted into approved off-campus study programs and are enrolled as full-time students, taking courses that will transfer into their academic program are eligible to receive financial aid resources (i.e. Federal, State and Covenant College Grants, Scholarships, and Loans). There are limited funds available on a first come basis. However, work-study is not available and some performance scholarships may not be available for off-campus study. All other policies outlined in the Financial Aid Handbook and the Catalog such as deadlines and satisfactory academic progress requirements remain the same for on-campus and off-campus study programs.
The amount of institutional financial aid that can be applied to an approved off-campus program varies depending on the program. Students may be eligible for up to 100% of institutional financial aid and 100% of external financial aid for off-campus study programs directed by Covenant College. Students may be eligible for up to 50% of institutional financial aid and 100% of external financial aid for CCCU and cooperative programs. Recipients of the Maclellan scholarship and the Wilberforce scholarship may access a $2000 stipend to help with program costs for semester-long CCCU and cooperative programs. Students attending Jerusalem University College are not eligible for Federal Title IV funds, but JUC will offer a grant to cover the amount of those funds.
For May term or Summer term courses, the cost of the study program may be added to the student’s Covenant College budget for the Spring semester before the experience takes place. By adding the cost to the student budget, a student may be eligible for additional loan funds. To receive additional loan funds, a student must make an appointment with the Financial Aid Office.
Please call or email the Financial Aid Office for more information: 706.419.1126 or firstname.lastname@example.org.