Information 2010
A student must be accepted and registered in the Master of Education Program for a minimum of six credit hours to be considered for financial assistance. All financial assistance (with the exception of the Church Scholarship Promise and Tuition Reduction Plan) is based on financial need. Covenant College uses the standard federal calculations to determine financial need. Available funds include:This grant ranges from $200-$1200. It is based on financial need and priority is given to those who submit their financial aid application by March 1. A FAFSA must be completed to determine eligibility.
Church Scholarship Promise
This grant is given to students who are members of churches who give according to the askings level of the college for the previous calendar year. These grants range from $350-$875 per year. Church membership must be verified on the Covenant Application for Aid.
Federal Stafford Loans
These loans are need based and range from $500 to the total cost of the program which includes room and board expenses during the on-campus session. Loans will be processed electronically through the Financial Aid Office. The interest rate for this loan is currently 6%, and the loan is deferred while a student is enrolled for at least six hours.
Federal Unsubsidized Stafford Loans
These loans are not need based and can range from $500 to the total cost of the program. This loan has the same regulations as the subsidized loan except that the interest is active from the beginning and must be either paid quarterly or capitalized.
Upon acceptance into the Master of Education Program, each student receives a student ID number, or what is also called a Banner ID or Banner account number. Since a great deal of communication is done online, it is very important that students log onto the Banner as soon as possible. Instructions for logging onto Banner are included with the acceptance letter and again in the registration packet. Notification of awards will be communicated through the Covenant email address which is assigned upon acceptance into the Master of Education Program. It is important to check Banner and the Covenant email account regularly.
Directions to Follow to be Considered for Financial Aid
A financial aid package is included with registration materials, or it can be requested from the Office of Financial Planning (after acceptance into the program). The 1011 FAFSA should be done on-line at www.fafsa.ed.gov. Information concerning on-line FAFSA will be included with the financial aid application packet. This will generate a Student Aid Report (SAR) that will be sent to Covenant College and the student will receive a copy, as well. Financial aid forms are not available until December and cannot be completed until after January 1. They must be completed with a copy of the applicant's 2009 income tax return. The financial aid application and the SAR must arrive at Covenant College by March 1 for priority consideration for financial aid.
Financial aid applicants meeting the March 1 deadline will be notified by April 1 of their award. Students will be notified of an award (both viewing and accepting the award) through the Covenant email account.
If after notification of financial aid a balance remains on the student account, the balance can be financed through Covenant. Interest will be charged on the unpaid balance each month (1.17%).
If a student loan is part of the award and the paperwork is complete, the first loan disbursement is April 15, the term start date for the MED program. To receive a loan, a FAFSA must be completed to determine eligibility. Once a student has accepted a loan, completed an entrance interview, and submitted all necessary paperwork, the Financial Aid Office will process the loan. Note: the student's financial aid file must be complete before a loan will be processed.
Whenever a loan is credited to a student's account causing a credit balance, the student may request a check for the balance on the account.
If a student has had a previous student loan on which payment is currently being made, the loan may be deferred while enrolled at Covenant. Contact the lender holding the loan and obtain an educational deferment form. After completing the appropriate portion of the form, the student should mail it to the Office of Records, Covenant College, for verification of enrollment.
New Loan information for 2010
Because of changes introduced by Congress (not yet passed) concerning Federal Financial Aid, there are changes to the Direct Loan Program for Federal student loans. Awards reflecting a Federal Stafford Loan this year will have Direct Loans as part of the description, and there will be different requirements connected to it. All new paperwork will be required for Federal Student Loans even if the applicant has received Federal loans in the past. For questions, contact Margaret Stewart: margaret.stewart@covenant.edu or 706.419.1152.
NOTE: Please be aware that the college provides electronic statements only; students will be notified through their Covenant email of any account balance. It is the responsibility of the student to review their account through Banner, the campus information system. Students are assigned a Banner ID number and Covenant email address when accepted as a student to Covenant College. More detailed information regarding managing accounts and services through Banner is provided in the registration packet.
Updated: January 21, 2010.
Learn More About the Financial Aid Process
