$4,771

Avg. Federal Grant

$5,966

Avg. Federal Loan

$15,176,253

Total Aid Awarded

Lake Erie College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

73%

Total Aid Amount Average Total Aid Awarded per year.

$15.176M

Financial Aid Official Website

www.lec.edu/financialaid

Among them are scholarship programs such as Dr. Allen Smith Memorial Scholarship, Educational Assistance Commitment Grant, James R. Hunt Memorial Scholarship, and Larry and Doris Clark Scholarship. It is interesting to note that, every year, around 99% of students at LEC receive some kind of financial aid, while the total amount of assistance/loans provided is $3,794,561. For additional information about financial assistance schemes, one can head over to LEC’s financial aid page at http://www.lec.edu/financialaid. At LEC, the total percentage of applicants who receive the Federal Grant stands at 51%. On the other hand, 99% of the candidates get the Student Grant, 99% receive the Institution Grant, and 51% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,601, and the same stands at $2,470 for State Grant awardees and $21,194 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,597. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Those with a family income below $30,000 per annum, would get an average federal aid of $25,922 in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $25,554 and $23,691, respectively. On the other hand, the average federal aid stands at $21,393 for those with an annual family income between $75,001 and $110,000, and at $20,446 for an income more than $110,000. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. However, student loans attract a certain rate of interest at which the funds are borrowed. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At Lake Erie College, the percentage of candidates who opt to avail of student loans is around 76%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

49%

State Grant Aid

23%

Institution Grant Aid

100%

Pell Grant

48%

Average Aid Awarded

Federal Grant Aid

$4,771

State Grant Aid

$2,642

Institution Grant Aid

$19,863

Pell Grant

$4,650

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$25,602

$30,001 - $48,000

$26,058

$48,001 - $75,000

$20,642

$75,001 - $110,000

$20,145

Over $110,000

$20,872

Student Loans for Lake Erie College

Average Loan Amount Average Loan Amount received per year.

$6,776/Year

Students Taking Out Loans

81%

Loan Default Rate

8%

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