Covenant College
Lookout Mountain, Georgia · Private Nonprofit · 86.5% acceptance rate
ROI Score: 47/100 · Below Average Value
Covenant College scores 47 (Below Average Value) on CampusROI, held back primarily by a 15.9-year payback period and $35,100 median 6-year earnings -- among the lower earnings figures in this batch. 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 median 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.
The data raises concerns about Covenant College
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- Payback period15.9 years - Most 4-year schools we track have payback periods of 4-10 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 |
| Median 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 sticker price at Covenant College is $42,040/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $26,265/year, or roughly $105,060 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $18,310/year, while families earning over $110,000 pay $30,172/year.
The median graduate leaves with $22,500 in federal loan debt, translating to an estimated monthly payment of $239 on a standard 10-year repayment plan. Against median earnings of $50,412 ten years out, the debt-to-earnings ratio is 0.64 - within the recommended range but worth monitoring.
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 median 6-year earnings. The 30001-48000 bracket pays $15,929, slightly lower. Low-income students considering Covenant should explicitly weigh whether the faith community value justifies the cost premium over public alternatives in Georgia or Tennessee that offer better financial outcomes for most career tracks.
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 median 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 median 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. Economics graduates at faith-based liberal arts colleges often move into financial analysis, nonprofit management, and education roles rather than high-finance tracks. 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 | Nat'l Avg |
|---|---|---|
| 1-year repayment | 90.2% | 52.0% |
| 3-year repayment | 90.7% | 62.0% |
| 5-year repayment | 83.5% | 68.0% |
| 7-year repayment | 80.8% | 72.0% |
Completion Rate
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. SAT 560-670 Math and 600-710 Reading and ACT 23-30 indicate above-average preparation in the admitted class, but the range is wide. The confessional mission means the effective applicant pool is self-selected -- Covenant does not compete broadly with non-faith-oriented liberal arts colleges. Students considering Covenant should understand the financial trade-off: the institution's graduate earnings are below the national median for four-year degree holders, reflecting vocational choices that prioritize mission over income.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Covenant's Scorecard peer schools include Agnes Scott College, Clark Atlanta University, Central College, Transylvania University, and Simpson University. Among those, Covenant's 47 ROI score, 71.5% completion rate, and 90.7% repayment rate are modestly competitive. The repayment rate of 90.7% stands out -- it is the highest sub-score at Covenant and one of the strongest in this peer group, indicating graduates reliably service their debt despite modest earnings. Transylvania University is the most direct academic peer as a small Christian liberal arts college with similar size. Covenant's Reformed theological identity is a specific differentiator within a broader evangelical/Christian college peer set.
| 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 only 939, making it one of the smallest institutions in this dataset. 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 financial case for Covenant College is mixed. At $26,265 per year net cost, graduates earn a median of $50,412 ten years after entry - a payback period of 15.9 years. That's below the average return for four-year institutions, and prospective students should carefully consider whether the investment aligns with their financial goals.
Key strengths include a 71.5% graduation rate, high loan repayment success. However, the data also shows weak earnings relative to cost and high debt relative to what graduates earn and a long payback period.
Median debt of $22,500 against $50,412 in earnings is reasonable, though major choice matters significantly. Students in higher-earning programs will see better returns.
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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.