$4,556

Avg. Federal Grant

$4,696

Avg. Federal Loan

$9,396,493

Total Aid Awarded

Lake Michigan College (LMC) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

44%

Total Aid Amount Average Total Aid Awarded per year.

$9.396M

Financial Aid Official Website

https://www.lakemichigancollege.edu/home/become-a-student/financial-aid

It is interesting to note that, every year, around 78% of students at LMC receive some kind of financial aid, while the total amount of assistance/loans provided is $3,433,088. More information regarding the financial assistance schemes can be accessed on LMC’s official financial aid page at https://www.lakemichigancollege.edu/home/become-a-student/financial-aid. At LMC, the total percentage of applicants who receive the Federal Grant stands at 44%. On the other hand, 77% of the candidates get the Student Grant, 40% receive the Institution Grant, and 44% get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,306, the State Grant receivers and Institution Grant beneficiaries get $2,887 and $2,075, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,090. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Lake Michigan College, the percentage of candidates who opt to avail of student loans is around 41%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

58%

State Grant Aid

24%

Institution Grant Aid

44%

Pell Grant

56%

Average Aid Awarded

Federal Grant Aid

$4,556

State Grant Aid

$2,961

Institution Grant Aid

$2,058

Pell Grant

$4,648

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$7,194

$30,001 - $48,000

$7,095

$48,001 - $75,000

$2,952

$75,001 - $110,000

$2,052

Over $110,000

$1,964

Student Loans for Lake Michigan College (LMC)

Average Loan Amount Average Loan Amount received per year.

$4,866/Year

Students Taking Out Loans

18%

Loan Default Rate

19.7%

Other Colleges In Michigan

Hillsdale College
Hillsdale College

Hillsdale, Michigan

University of Michigan
University of Michigan

Ann Arbor, Michigan