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 the last business day in August. Payment of the spring balance in full by the last business day in January. 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.
Option #2: 10 month payment plan. An estimated balance due will be calculated by the financial aid office in the summer and that balance will be divided into 10 equal payments, due August 1 through May 1. There will be a $40 annual fee charged to use this program. No finance charges will be applied as long as the scheduled payments are received no later than the 10th of the month (August 1 payment must be received by August 10, etc.). Additional charges posted during the semester or differences between the summer estimated balance and the actual balance will have to be included in the December and May payments, respectively. Should a payment be more than 10 days late, the balance will be reverted to the open account option and finance charges will be retroactively applied. The account can be put back on the 10 payment plan by paying the finance charges and any late payments.
Option #3: Open account payments. This will be the default payment plan if Option #2 is not selected before the due date of 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 1.117%. There is no initial fee for this option.
Students with prior semester account balances on January 2nd and August 1st may be removed from their residence hall assignment and their class schedule for the subsequent semester. Account balances with no payment activity for more than three months may be sent to a collection agency and a collection fee added to the balance.