by our College Data Analytics TeamThe majority of college students don’t pay the full price for their education, as financial aid packages, including scholarships, grants, loans, and work-study opportunities, help to offset the costs.
The amount of financial assistance and scholarships or grants you can get varies based on your circumstances. Keep reading to learn more to help you to know just how much aid and scholarships to expect from LEC.
$24,203.00 is the typical Lake Erie College’s first year financial aid package. Approximately 100% of incoming freshmen obtain financial assistance, with the majority being offered as grants and scholarships.
Financial aid helps lower the cost, or the full retail price of the institution. But bear in mind that the only true college discount is scholarships & grants.
Concerned about the loans that may be included in your financial aid package? See the average amount of debt per student at Lake Erie College.
Institutional scholarships and grants refer to financial aid provided directly by a college or university to support students in covering their educational expenses. These awards can be either merit-based or need-based and do not require repayment. Merit-based institutional scholarships reward students who have demonstrated exceptional academic achievements, talents, or skills in specific areas. Such scholarships often take into account a student’s high school performance, standardized test scores, or extracurricular activities. On the other hand, need-based institutional grants are allocated to students who exhibit financial need. The amount awarded is usually determined by the student’s family’s financial circumstances and aims to cover the difference between the cost of attendance and the family’s capacity to pay. To assess eligibility for need-based grants, colleges and universities may use information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants play a crucial role in assisting students, as they can considerably lower the cost of college and make higher education more attainable.
The following numbers apply to scholarships and grants largely offered by the school itself.
100% of incoming freshmen (205 total) were given scholarships at Lake Erie College, averaging $20,991.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 84% of freshmen (173 total) received a federal grant, for about $4,030.00 a person.
The table shows scholarship and grant allocations by income for first-year students receiving any type of federal Title IV assistance, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 23.30% | $27,032.00 |
| Income 30k-48k | 14.08% | $28,264.00 |
| Income 48k-75k | 10.19% | $26,259.00 |
| Income 75k-110k | 13.59% | $22,784.00 |
| Income 110k + | 19.42% | $20,006.00 |
The table above displays undergrads who are getting Title IV aid, federal aid from the government including loans, grants or work-study. Learn more here.
Of the 206 undergraduate students at Lake Erie College around 100% (205 total) receive some form of grant aid. The typical amount awarded was $24,203.00.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.
