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Financial Aid
How Aid is Determined

Applicants who submit a complete Free Application for Federal Student Aid (FAFSA) and submit the required documentation will be considered for financial aid. Some types of aid, like the Pell Grant, are available during the entire school year. Other types of aid are awarded on a first‐come, first‐serve basis.

Financial aid eligibility for most programs is determined by the student’s financial need. Other variables specific to each fund may also apply. Financial need has two components: Expected Family Contribution (EFC) and Cost of Attendance (COA).

The student’s EFC is determined by a formula developed by Congress called Federal Methodology and is designed to determine how much a student (and parent if dependent) can reasonably pay towards their education.

To determine a student’s financial need, the EFC is subtracted from the Cost of Attendance. The COA are the total of all estimated potential costs of a student attending college. The COA includes tuition, fees, books, supplies, room, board, transportation costs, and personal expenses.

   Cost of Attendance (COA)
‐  (EFC) Expected Family Contribution 
   Financial Need

Your grant aid and subsidized loans, as well as some scholarship and work study awards, cannot exceed your financial need.

In addition, all financial aid, including third party payments, outside scholarships, MET, state sponsored tuition savings plans, etc., cannot exceed the Cost of Attendance. Your financial aid may be reduced if you receive any aid that the Financial Aid Office is not aware of when your financial aid package was prepared.

You may see LMC’s estimated cost of attendance at www.lakemichigancollege.edu/coa .

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