Financial Aid Office
The mission of the Office of Financial Aid at Lake Erie College is to facilitate access and affordability for students choosing to pursue a course of study at the College. The Office of Financial Aid adheres to the federal philosophy that students and their families have the primary responsibility to pay for their education. Our mission is met by:
• Providing information and services to prospective and continuing students and their families;
• Assisting students and families in the financial aid application process;
• Determining financial aid eligibility and making offers of financial assistance;
• Facilitating the timely delivery of financial aid funds;
• Delivering financial aid to all eligible applicants in a fair and equitable manner.
Financial assistance is available from a variety of sources; the amount and type are determined on the basis of financial need (Financial Need = Cost of Attendance - Expected Family Contribution). The Expected Family Contribution (EFC) is determined by using the Federal Methodology Formula approved by the U.S. Department of Education. To apply for financial aid, students must submit the Free Application for Federal Student Aid (FAFSA) to the Central Processing System of the U.S. Department of Education at www.fafsa.ed.gov.
Financial aid is awarded annually. A student must submit a FAFSA each year to be considered for federal and state aid. Timely submission of the FAFSA will maximize a student’s financial aid opportunities for federal and state programs. Submitting the FAFSA late may limit a student’s eligibility for those funds. Institutional aid is awarded on a rolling basis.
Once a student has been accepted to the College and the FAFSA is processed, a financial aid award letter will be mailed. When the award is received, a student may accept all or any part of the award without affecting any other funds offered. Upon notification that a student has received an award from an outside source, appropriate adjustments will be made to the financial aid previously offered in accordance with federal regulations. Changes to a student’s cost of attendance could also have an impact on a financial award.
In general, to receive financial aid a student must be enrolled at least half-time (six credit hours per semester for undergraduates and three credit hours for graduates). A significant number of institutional and state programs require full-time attendance.
Financial aid awards will be adjusted for any student who does not enroll for the number of credit hours upon which the award was based. If a student with financial aid withdraws from a course or courses during the refund period, aid will be adjusted accordingly. If an instructor withdraws a student from a course, financial aid will be adjusted according to the last date of attendance reported by the instructor, in accordance with federal regulations. Students considering a reduction in their coursework should consult the Office of Financial Aid prior to making changes to determine the impact upon their financial aid eligibility.
Satisfactory Academic Progress is also required to maintain eligibility for financial aid. To ensure that the application information used to determine financial aid eligibility is complete and accurate, student records (including applicable parent tax returns) may be selected for review in accordance with federal regulations. Students selected will be notified of the information and documentation required for continued processing. These documents should be submitted to the Office of Financial Aid upon request.