Financial Aid

Office of Financial Aid
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College Hall Room 107
391 W. Washington Street
Painesville, OH 44077
Phone:440.375.7100
Fax: 440.375.7103
finaid@lec.edu
Hours: Monday -Friday
8:30 a.m. - 4:30 p.m.

Federal School Code: 003066

A college education is an important investment but represents a major expense in most family budgets. However, we commit ourselves to helping find the means to afford a quality private education. We provide guidance to new freshman and transfer students, current students and students in our graduate programs.

This is done through federal, state, and institutional resources available to help students and parents meet those expenses.

The most common forms of financial aid include:

1. Grants
2. Scholarships
3. Federal Loan Programs
4. Private Alternative Loans
5. Student Employment

Our philosophy of personalized financial aid both rewards your academic achievement and makes the valuable Lake Erie College experience affordable. Together, we hope to help you make your educational goals a reality.

This Financial Aid Calculator can help you determine an estimate of the aid that may be offered to you if you attend Lake Erie College as a full-time, first-degree, undergraduate student.  This calculator will provide an estimate of the Federal EFC calculated by the Free Application for Federal Student Aid (FAFSA) and an estimate of your eligibility of need based and merit aid.

Keep in mind the following:

• The calculator only provides an estimate of your Federal Expected Family contribution (EFC), which is not necessarily what your out of pocket cost will be. 
   
• The Lake Erie College Financial Aid Office will not use any information from this estimator in considering you for financial aid.  Lake Erie College will send an award letter to a student once they are accepted to Lake Erie College and we have a processed FAFSA on file.   At that time we will calculate your need and determine your actual eligibility for financial aid awards. 
   
• Please note financial aid formulas and costs change from one year to the next. 
   
• Because merit aid and scholarships are based on self-reported academic information, the calculator will only provide an estimate of your eligibility for scholarships.  The Lake Erie College Admissions Department will make the official determination of the merit scholarships.
   
• The EFC and estimated aid calculation provided are only as reliable as the data you enter.  Information from your most recent federal tax return is best. 
   
• This calculator does not apply to International Students. 
   
• Special circumstances (i.e. a loss of income) are treated on a case by case basis.  This information should be communicated to the Lake Erie College Financial Aid Office at the time you officially apply for financial aid.

Here’s what the financial aid calculator can do:

• Estimate your Expected Family contribution (EFC) 
• Project an inflation-adjusted EFC any number of years into the future
• Show instant financial-aid “what if” answers (i.e. bonus income, inheritance etc)
• Compute education loan payments for Stafford loans, Parent PLUS loans, Perkins loan and private alternative loans.
• Print your own EFC Report for future reference.
• The calculator provides easy-to-understand help messages next to every data field