by our College Data Analytics TeamThe majority of students will never be charged the complete price tag of a school. Rather, they are presented a financial aid deal that includes a mix of loans, grants, scholarships, and possibly work-study opportunities. The price tag of going to Lake Michigan College can appear tremendous, but do not forget that almost all students obtain some kind of financial help.
Just what financial aid solutions can LMC deliver, and just what are you going to be eligible for? Keep reading for answers. Keep scrolling to find out what amount of financial assistance will be accessible to you.
Your financial aid package, which may contain grants and scholarships, will be determined on your financial need. Use the information below to understand how much financial assistance you may get from Lake Michigan College.
Financial aid, in the form of loans, grants, work-study, and scholarships, is one way colleges reduce the cost of attendance so most students can actually afford to attend. However, some types of aid are more desirable than others, and some students will receive more than others.
At Lake Michigan College, 92% of entering full-time freshmen got some type of financial assistance roughly 333 students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 92% | $7,803 |
| Institutional grants & scholarships | 55% | $3,688 |
| Federal Pell grants | 54% | $5,680 |
| State/local grants | 51% | $3,835 |
| Federal student loans | 20% | $3,921 |
Grants and scholarships are the most valuable form of aid because, unlike loans, they never have to be repaid. Here, around 42% of the undergraduate population received grant aid that averaged $6,176 (across approximately 1224 awardees).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 42% | $6,176 |
| Federal Pell grants | 26% | $4,625 |
| Federal student loans | 13% | $4,317 |
For students living on campus and receiving title-IV aid, grants averaged $9,237.
How much a family pays depends heavily on income, because most aid is awarded on the basis of financial need.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $9,234 |
| $30,001 – $75,000 | $12,228 |
| Over $75,000 | $15,745 |
Each amount is the average cost remaining once grant aid is subtracted, by income band.
The net price represents the average annual cost a title-IV-receiving student pays after grant aid is subtracted from the full cost of attendance.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $6,680 |
| Off-campus title-IV students | $11,209 |
For an estimate tailored to your family circumstances, see LMC’s net price calculator: www.lakemichigancollege.edu/NetPrice/npcalc.htm.
A typical borrower at LMC leaves with $5,104 of cumulative federal debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $5,104 |
| Median federal debt (graduates only) | $9,000 |
| Typical 10-year monthly payment (graduates) | $95.41/mo |
At a typical 10-year repayment schedule, the median graduate would pay about the monthly figure above.
A single median figure conceals how much debt outcomes differ student to student. These percentiles trace how cumulative federal debt is spread among borrowers at LMC.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $2,000 |
| 25th percentile | $3,500 |
| 75th percentile | $12,000 |
| 90th percentile (highest-debt students) | $22,957 |
Median debt varies by family income, by first-generation status, and by dependency status.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $5,250 |
| Middle income | $4,761 |
| High income | $4,500 |
First-Gen vs Continuing-Gen Median Debt
| Cohort | Median federal debt |
|---|---|
| First-generation students | $5,249 |
| Continuing-generation students | $4,500 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $4,516 |
| Independent students | $5,250 |
Federal data publishes pre-calculated indicators that summarize debt outcomes. LMC.
Stafford loans make up the bulk of federal direct lending to undergraduates. Below is the annual Stafford program activity at LMC:
| Metric | Value |
|---|---|
| Stafford loan recipients | 5529 |
| Total Stafford loan amount | $55,112,138 |
If you are a veteran or active-duty service member, the GI Bill and DoD Tuition Assistance are the primary federal programs you can use at this school.
Post-9/11 GI Bill recipients
| Metric | Value |
|---|---|
| GI Bill recipients | 23 |
| Total GI Bill amount | $34,871 |
| Average GI Bill amount per recipient | $1,516 |
References
More about our data sources and methodologies.