At $24,832/yr net price, Covenant College graduates earn $50,412/yr within 10 years of enrollment, which is $16,412/yr above the median for high school graduates.
Cost vs. Outcomes
| Metric | Value |
|---|---|
| Average Net Price (per year) | $24,832 |
| Estimated 4-Year Cost | $99,328 |
| Median Earnings (10yr post-entry) | $50,412/yr |
| Earnings Premium vs. HS Diploma | +$16,412/yr |
| Estimated Break-Even | 6.1 years |
| Graduation Rate (6-year) | 71.9% |
| Median Debt at Graduation | $22,500 |
What You'll Actually Pay
Average net price by family income
| Family Income | Estimated Net Price |
|---|---|
| $0 - $30,000 | $18,897/yr |
| $30,001 - $48,000 | $18,479/yr |
| $48,001 - $75,000 | $22,783/yr |
| $75,001 - $110,000 | $23,277/yr |
| $110,001+ | $29,241/yr |
Earnings by Major
Top programs ranked by median earnings
| Program | Level | Median Earnings | Median Debt |
|---|---|---|---|
| Teacher Education and Professional Development, Specific Levels and Methods. | Bachelor | $32,925 | |
| Economics. | Bachelor | $30,771 | |
| Multi-/Interdisciplinary Studies, General. | Bachelor | $28,598 | $20,968 |
| Psychology, General. | Bachelor | $24,369 | $27,000 |
| English Language and Literature, General. | Bachelor | $20,687 |
The Risk Factor
71.9% of students at Covenant College graduate within 6 years. A significant share of students finish, but roughly 28% do not complete their degree.
Analysis
Covenant College delivers weak financial returns that make it a risky investment for most students. With median earnings of $50,412 ten years after graduation and a net price of $24,832 annually, you're paying premium private college prices for below-average income outcomes.
The earnings data by major reveals concerning patterns. Even the highest-paying program, teacher education, produces graduates earning just $32,925 annually. Psychology majors face the worst combination of low earnings at $24,369 and high debt loads of $27,000. English majors earn only $20,687, making loan repayment extremely difficult.
Your financial risk extends beyond low earnings. The 72% graduation rate means nearly three in ten students leave without a degree but often with debt. The school's location on Lookout Mountain limits local internship and job opportunities, forcing graduates to compete in broader regional markets where Covenant's name carries little weight.
This college works financially only if you receive substantial merit aid or come from a family that can pay without borrowing. The 18% of students receiving aid suggests financial assistance is limited. If you're considering education or ministry careers where salary expectations align with outcomes, Covenant might work. However, students pursuing business, healthcare, or technology should look elsewhere.
The retention rate of 87% indicates students generally stay once enrolled, but this doesn't offset the fundamental problem of paying private college prices for career outcomes that public universities deliver at much lower cost. Your return on investment depends entirely on avoiding debt and having realistic salary expectations for your chosen field.
Frequently Asked Questions
Is Covenant College worth the cost?
With graduates earning $50,412 ten years after enrollment and a net price of $24,832 annually, Covenant College offers reasonable value for a private Christian liberal arts education. The $22,500 median debt load is manageable compared to many private colleges.
What are the best paying majors at Covenant College?
Teacher Education graduates earn the highest starting salaries at $32,925, followed by Economics majors at $30,771. English and Psychology majors earn significantly less at around $20,000-24,000, making career planning important for these fields.
How much debt do Covenant College graduates typically have?
The median debt for Covenant College graduates is $22,500, which is lower than the national average for private colleges. This manageable debt level helps offset concerns about lower earnings in some popular majors like English and Psychology.
Does Covenant College have a good graduation rate?
Covenant College has a 72% graduation rate, which is decent but not exceptional for a private college. The 84% acceptance rate suggests the school is accessible, but students should be prepared to stay engaged to complete their degree.