Covenant's Financial Aid Commitment
Beginning with new students in the fall of 2010, Covenant College is pleased to commit to providing at least $5,000 in grant and/or scholarship aid to families who have an adjusted gross income of $160,000 or less and who complete the Free Application for Federal Student Aid (FAFSA).
Covenant's financial aid offerings fall into two basic categories: merit-based aid and need-based aid. The former is given in the form of scholarships and grants that acknowledge prior academic achievement and talent, such as a high GPA and ACT or SAT scores, or excellence in musical skill.
The latter, need-based aid, is awarded on the basis of the result of the FAFSA. Covenant's financial aid office uses this result, called the Expected Family Contribution (EFC), to determine a family's ability to pay for college and therefore their financial need. Need-based aid can come in the form of federal, state, and institutional grants, which do not need to be repaid, or loans.
In many cases, the EFC provides an accurate picture of a family's financial need, and Covenant is able to make up the difference adequately. However, we have found that in the current difficult economic environment, a family's EFC may not accurately reflect their circumstances when looking ahead at paying for four years of college. Therefore, Covenant is committed to providing at least $5,000 in grant aid to families of enrolling students who have an adjusted gross income of $160,000 or less and who complete the FAFSA. This grant aid package may include established Covenant academic or talent scholarships, and will not be stacked on top of grants that students earn by virtue of their prior academic record or auditions. We hope that this guarantee will provide a measure of predictability in families' financial planning.