Financial Aid OfficeTypes| Financial Aid
Financial Aid is a collection of many types of financial assistance from different sources.
The role of the financial aid office is to review your information to determine your eligibility for the various types of funding. Once you are accepted to Lake Erie College and we have your FAFSA, we will pull it all together and send you a Financial Aid Notification.
Scholarships and Grants
Scholarships and grants are types of aid that do not have to be repaid. We sometimes refer to this as gift aid. They may come from several sources including federal, state, college and outside/private sources.
The Federal Pell Grant program is for undergraduate students (with no bachelor’s degree) who demonstrate financial need according to the requirements defined by the federal government and determined by FAFSA results.
Federal SEOG (Federal Supplemental Educational Opportunity Grant)
The SEOG is funded by the Federal government and the college to provide assistance to students with exceptional financial need. The funds for this program are very limited.
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides funds of up to $4,000 per year to students who are completing or who plan to complete coursework that is required to begin a career in teaching, and agree to teach full time for at least four years at an elementary school, secondary school, or educational service agency that serves students from low-income families, and to meet other requirements. If the agreement is not fulfilled, the grant converts to a federal unsubsidized loan.
The Ohio Department of Higher Education administers the OCOG program which provides grant money to Ohio residents who demonstrate the highest levels of financial need as determined by the FAFSA. The deadline to complete the 2020-2021 FAFSA is October 1, 2020.
Lake Erie College Endowed and Annual Scholarships
Lake Erie College is fortunate to have many scholarships established and funded by generous donors. We have an Annual Scholarship Directory and Application to learn more about these scholarships and to apply.
You may be the fortunate recipient of a scholarship from a club, organization or your high school! Be sure to let the financial aid office know if you are a recipient. The donor typically sends your scholarship to either our office or to the Bursar’s office to post on your student account.
There are many websites devoted to scholarship searches. Our experience tells us that your best probability of receiving a scholarship is to look close to home. Apply for scholarships from your high school, local clubs, and organizations. Never spend money on an application! It never hurts to apply as even the smallest scholarship can perhaps help you borrow less. Here are some popular search sites:
Student loans are borrowed money that must be repaid, with interest. You should examine you need for assistance and your future ability to repay before taking out a loan. You enter repayment on your student loan after you leave college.
The Federal Direct Loan program is for undergraduate and graduate students. You must be enrolled at least half-time and have a FAFSA filed for initial eligibility. A Fed Direct Loan may be subsidized based upon need as determined by your FAFSA results. The U. S. Department of Education pays the interest on your subsidized loan while you are enrolled (at least half-time) and during your 6 month grace period. Graduate students are not eligible for the subsidized loan.
The Federal Direct Loan amounts are determined by your dependency status, grade level and academic level as shown in the table below:
Dependent Undergraduate Student
Independent Undergraduate Student
Interest rate for undergraduate student: 4.53% Interest rate for Graduate student: 6.08% Fee: 1.059% Repayment term: 10 years for Standard Repayment option. Repayment begins 6 months after graduation or if you fall below half-time enrollment status. Other repayment options available.
The Federal Direct loan program also has lifetime aggregate limits.
Parents of dependent undergraduate students may apply for a Federal PLUS loan to help cover your educational expenses. This loan is credit based.
Graduate students may apply for the GRAD PLUS loan.
Lender: U. S Department of Education Eligibility: FAFSA filed by student, enrollment of at least half-time, approved application Amount: Up to the cost of attendance minus other aid Interest rate: 7.08% Fee: 4.236% Repayment term: 10 years for Standard Repayment option. Repayment can begin immediately or deferred while the student is enrolled.
Private/Alternative Loans for Education
Loans from outside lenders are referred to alternative loan options. These loans are consumer loans and require credit. Most dependent undergraduate students will require a credit-worthy co-signer. Many lenders have loan products for undergraduate student, parent/sponsor, and graduate student borrowers. The terms and conditions are determined by the lender. Lake Erie College has a that lists several lenders our students have used in the past. This is not an exhaustive list and you have the right to select a lender of your choosing.
The Federal Work study program is a financial aid program as it is mostly funded by the federal government. Work study jobs do not exceed 20 hours of work a week and the pay is minimum wage. Contact our Career Services Department and the Tiberius Network for information about a campus job.
Work-study earnings do NOT post to your student account but you will be paid bi-weekly for hours worked.