Removing Financial Barriers
Carolina knows that students from low-income families face extra challenges when it comes to paying for college. The Covenant addresses these financial challenges in two ways.
- First, Covenant Scholars receive financial aid that meets 100 percent of their financial need – without loans. Covenant Scholars can enroll at Carolina with confidence that they can afford to attend and that they can graduate without college debt.
- Second, financial aid staff are available to answer questions, help with budgeting, or to address emergencies or unusual circumstances.
The Covenant Financial Aid Award
Covenant Scholars receive a combination of grants, scholarships, and/or Work-Study that meets 100 percent of their financial need. “Financial need” is the difference between the amount it costs to attend Carolina for an academic year and the amount the family is expected to pay, based on its financial circumstances.
- When it estimates the cost of attendance, Carolina includes not only tuition and fees, but also funding for housing, food, books and supplies, transportation, and personal expenses.
- The amount the family is expected to contribute is based on individual circumstances, as reported on the financial aid application. It varies depending on a family’s income, outside resources, and factors that impact the ability to pay for college. For many Covenant Scholars, the expected family contribution is $0; however some families are expected to pay a modest amount.
- Covenant Scholars receive a combination of grants, scholarships, and/or Work-Study totaling 100 percent of the difference between the cost of attendance and the expected family contribution. No loans are included in the regular Covenant aid offer.
Work-Study is an important part of the Carolina Covenant. Besides helping students earn a part of their educational expenses, research shows that students who work a reasonable number of hours do better in school and are more likely to graduate than those who do not work or those who work too many hours.
Covenant Scholars are usually awarded the amount of Federal Work-Study they can earn by working 10-12 hours per week during the academic year.