Covenant College
Lookout Mountain, Georgia · Private Nonprofit · 86.5% acceptance rate
ROI Score: 47/100 · Below Average Value
Data: 2024-25 College Scorecard release
Covenant College scores 47 (Below Average Value) on CampusROI, held back primarily by a 15.9-year payback period and $35,100 average 6-year earnings. Median debt of $22,500 and a debt-to-earnings ratio of 0.641 represent a strained financial structure. Net price of $26,265 against $35,100 average earnings requires very long payback. The 71.5% completion rate and 90.7% repayment rate are genuine positives: most students who enroll finish, and graduates pay their debts reliably. The program set is small and concentrated: Business Administration ($46,628 year-one, $75,186 year-four, C+ grade), Economics (year-four $62,761), Multi/Interdisciplinary Studies (year-four $44,909, C+), Teacher Education (year-four $43,077), and Psychology ($28,180 year-one, $42,517 year-four, D grade). Covenant is a Reformed Christian liberal arts college on Lookout Mountain, Georgia, and its identity is primarily non-financial - serving students who prioritize faith integration in their education. The ROI score reflects the earnings structure of graduates in ministry, teaching, social service, and smaller regional employers.
How Covenant College scores under our methodology
These are the College Scorecard measures that pull this school's CampusROI score down. They describe the published figures, not the quality of the education, and they are our reading of the data. Check them against your own aid offer and intended major.
- Payback period15.9 years - The median payback across the schools we score is about 12 years.
Covenant College
Quick Numbers
| In-state tuition + fees | $42,040/yr |
| Out-of-state tuition + fees | $42,040/yr |
| Average net price | $26,265/yr |
| Total 4-year cost (net) | $105,060 |
| Median earnings (10yr post-entry) | $50,412 |
| Average earnings (6yr post-entry) | $35,100 |
| Median debt at graduation | $22,500 |
| Estimated monthly loan payment | $239 |
| Estimated payback period | 15.9 years |
| 6-year graduation rate | 71.5% |
| Undergraduate enrollment | 939 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The first number you'll see is the sticker price: $42,040/year, which covers tuition and fees only. After grants, scholarships, and aid, the average student here pays a net price of $26,265/year, or roughly $105,060 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $18,310/year here, while families earning over $110,000 pay $30,172/year.
Among graduates who borrowed, the median federal loan debt from this school is $22,500, which works out to about $239 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($35,100) and comes to 0.64, under 1.0, meaning median debt is less than a full year of those earnings.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $18,310 |
| $30,001 - $48,000 | $15,929 |
| $48,001 - $75,000 | $24,606 |
| $75,001 - $110,000 | $24,836 |
| $110,001+ | $30,172 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay $18,310 per year at Covenant - $73,240 over four years. This is a meaningful cost for a school with $35,100 average 6-year earnings. The 30001-48000 bracket pays $15,929, slightly lower.
Middle-income families ($30K-$110K)
The 48001-75000 bracket pays $24,606 and the 75001-110000 bracket pays $24,836 - essentially flat in this range. Middle-income families face approximately $98,000-$99,000 in total four-year cost. Against $35,100 average 6-year earnings and a 15.9-year payback, the financial case for Covenant at middle income is weak unless the family places high value on the Reformed Christian formation that the institution offers and the student intends to enter a vocation where that preparation is directly relevant.
Higher-income families ($110K+)
Families earning over $110,000 pay $30,172 per year - approximately $121,000 over four years. At $35,100 average earnings and a 15.9-year payback, the financial return at full pay is the weakest of any scenario at Covenant. Families in this bracket choosing Covenant are making a values-driven decision, not a financial one. The 90.7% repayment rate indicates that graduates successfully meet obligations, but the journey to financial stability takes many years.
Earnings by Major
Top 5 most popular majors at Covenant College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration and Management | $75,186 | C+ |
| Psychology | $42,517 | D |
| Economics | $62,761 | - |
| Teacher Education | $43,077 | - |
| Multi-/Interdisciplinary Studies, General | $44,909 | C+ |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Business Administration and Management
Business Administration (17 graduates) is Covenant's top-performing program on financial metrics: $46,628 year-one and $75,186 year-four with median debt of $21,600 and a debt-to-earnings ratio of 0.463 (ROI grade C+). The four-year growth to $75,186 reflects regional management and corporate roles accessed from the Chattanooga-Atlanta corridor. Small volume limits statistical confidence. Business is the clearest financial pathway at Covenant for students who want career-focused outcomes.
Economics
Economics (15 graduates) reaches $62,761 at year four (no year-one data). Small volume and limited data make this figure directional only. The year-four figure of $62,761 is moderate and consistent with those career paths.
Psychology
Psychology (17 graduates) earns $28,180 year-one and $42,517 year-four with median debt of $27,000 and a debt-to-earnings ratio of 0.958 (ROI grade D). Year-one earnings of $28,180 against $27,000 in debt means most graduates spend their early career years covering debt rather than building financial stability. Psychology at Covenant is appropriate for students planning graduate study in counseling or clinical programs - the near-term earnings are not the primary value proposition for students on that track.
Teacher Education
Teacher Education (12 graduates) reaches $43,077 at year four (no year-one data). The outcome is consistent with K-12 teacher salary scales in Georgia and Tennessee, where Covenant graduates primarily place. Teaching is a common vocation for Covenant graduates aligned with the institution's mission. Small volume limits statistical confidence. Teacher Education at Covenant connects to Christian school placement networks in addition to public school pathways.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Median of schools we score |
|---|---|---|
| 1-year repayment | 90.2% | 68.8% |
| 3-year repayment | 90.7% | 73.6% |
| 5-year repayment | 83.5% | 67.7% |
| 7-year repayment | 80.8% | 72.8% |
Completion Rate
Trends Over Time
How Covenant College’s cost and outcomes have moved across College Scorecard releases (2009-2024).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
Admissions Snapshot
| Acceptance rate | 86.5% |
| SAT Math (25th-75th) | 560-670 |
| SAT Reading (25th-75th) | 600-710 |
| ACT Composite (25th-75th) | 23-30 |
| Enrollment | 939 |
| Pell Grant recipients | 19.1% |
| Avg faculty salary (monthly) | $8,555 |
At 86.5% admission, Covenant is broadly accessible for students aligned with its faith community. The confessional mission means the effective applicant pool is self-selected.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
The repayment rate of 90.7% stands out, indicating graduates reliably service their debt despite modest earnings.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Covenant College (this school) | 47 | $26,265 | $50,412 |
| Ouachita Baptist University | 47 | $22,409 | $51,673 |
| Georgetown College | 47 | $14,095 | $52,074 |
| Maranatha Baptist University | 47 | $26,005 | $45,593 |
| Gordon College | 46 | $24,883 | $52,119 |
| Lubbock Christian University | 46 | $24,456 | $53,787 |
Who Thrives Here
Covenant admits 86.5% of applicants with SAT mid-ranges of 560-670 Math and 600-710 Reading; ACT 23-30. Enrollment is 939. The Reformed (PCA) Christian identity is central - Covenant is not a general liberal arts college that happens to be religious; it is a confessional institution where faith and learning are explicitly integrated. Pell rate of 19.1% is moderate. Students who choose Covenant typically do so for theological and community reasons rather than financial ones, and the outcomes data reflects that the graduate career profile skews toward lower-earnings fields like education, ministry, and social services.
The Verdict: Proceed With Caution
The money case for Covenant College is mixed, and worth a hard look before you commit. At $26,265 per year after aid, the typical graduate earns $50,412 ten years after entry, which means it takes about 15.9 years to earn the cost back. For context, the median payback across the schools we score is about 12 years. Whether it's worth it comes down to your major and your aid package.
What it has going for it: its 71.5% graduation rate, high loan repayment success. What to keep an eye on: weak earnings relative to cost, a debt-to-earnings ratio of 0.64 (median across the schools we score: 0.61), a long payback period.
Median debt of $22,500 among graduates who borrowed, against average earnings of $35,100 six years after entry, gives a debt-to-earnings ratio of 0.64. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. Your major - and how much you borrow - really matters.
Covenant College: Common Questions
Is Covenant College worth it?
In our view, the money case is mixed and worth a hard look before you commit. Covenant College scores 47/100 on our ROI scale. At $26,265 a year after aid the typical graduate earns $50,412 ten years after entry, so it takes about 15.9 years to earn the cost back. For context, the median payback across the schools we score is about 12 years.
How much does Covenant College cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $26,265 a year, or roughly $105,060 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do Covenant College graduates earn?
The typical graduate earns about $50,412 ten years after enrolling, roughly $8,612 a year more than the median high-school graduate ($41,800, per NCES, 2022). That earnings gap is what has to cover the cost of the degree.
How long does it take to pay off Covenant College?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at about 15.9 years for Covenant College. The median across the schools we track is about 12 years.
How much debt do Covenant College graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $22,500, against average earnings of $35,100 six years after entry - a debt-to-earnings ratio of 0.64. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. How much you borrow really matters.
What is the graduation rate at Covenant College?
The six-year graduation rate is 71.5%, at or above the 64% national average for four-year schools (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.