Which cover letter is more formal?

 - Now that I've got my degree, I can't wait to try and get a job on your team.
 - Now that I have earned my degree, I am eager to apply for a position on your team.
The second cover letter is more formal. It uses more elevated language (eager to apply, position). The other cover letter uses contractions and conversational language (I've got, can't wait, get a job).