Estimating Net Price and Merit Scholarships

Lake Erie College provides two online tools meant to help families talk with us about the cost and value of an education at Lake Erie. We encourage you to read the information below before completing the Scholarship Estimator or the federally mandated Net Price Calculator.
  1. The Scholarship Estimator is a tool for students and families to estimate academic scholarships.

  2. The federally mandated Net Price Calculator is a tool for students and families which provides an early estimate of what they may expect to pay to attend Lake Erie College. This tool provides estimates for both merit scholarships and need-based assistance.

Neither calculator is an official application for financial aid, and both are only estimates.

The federally mandated Net Price Calculator (NPC) can be useful for initial cost comparisons. It is divided into two parts: one to estimate scholarships and another to estimate financial need. Student test scores, high school class rank and GPA are needed for the first part. The financial aid section requires information about family income and assets. Students must be eligible to file the Free Application for Federal Student Aid (FAFSA) to use the NPC. The NPC is only an early estimate of possible assistance and results cannot present a complete picture. The best way to determine the college education for you and your goals is to visit campus and speak with counselors from admissions and financial aid. 

NPC drawbacks

  • Cannot describe the overall value of that education to a student’s personal and professional goals
  • Implies that price is the only consideration when selecting a college
  •  Does not take into account all possible funding available (for example, Lake Erie Endowed funds- awards created by alumni and businesses that are based on specific criteria, or federal parent loans for which a family may be eligible)
  • Does not take into account special circumstances the financial aid office may consider with an official application)
  • Can dissuade the user from conversations with college employees who can clarify and help, especially if the results are incorrect

NPC benefits

  • Gives some early insight into college costs for better planning and saving
  • Shows immediate results
  • Can begin the conversation with admissions and financial assistance advisors, especially if you bring a printout to your college visit
  • Provides a starting point for families unfamiliar with the college search process  

To discuss the NPC or Merit Scholarship Estimator with an admissions counselor or to arrange a campus visit, email or call (440) 375-7050.

How America pays for College 2016