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Financial Aid
Financial Aid Sources

Due to budget issues at both the federal and the state government levels, most of the types of funding described here are subject to changes by the state or federal agency that administers them. If you have been awarded any of these funds, and the federal or state government decides not to fund the program, they will be removed from your aid package.


Federal Pell Grant
Eligibility is based on the student’s Expected Family Contribution and their enrollment status. To be eligible for a Federal Pell Grant a student must have an EFC of 5,273 or less and meet all the criteria for financial aid eligibility.

Students with an EFC of more than 4,400 may not be eligible to receive their Pell grant, even if it is listed on their award letter if they do not enroll full time. If your EFC is higher than 4,400 and you do not plan to attend full time, you should check with the Financial Aid Office to see if you will receive a grant.

Pell grant awards range from $890 to $5,550 and may be used for any educational expenses.

In April 2011, the budget resolution that was passed by Congress and signed by President Obama ended full‐year Pell grants. You will now be limited to the equivalent of two semesters of full‐time Pell grant funds. If you do not go full time for fall and/or spring semesters, you may be able to receive some Pell for the summer term.

In addition, due to changes in federal regulations, students who received their first Pell grant after July 1, 2008, are limited to 18 semesters of full‐time Pell grant eligibility (or the equivalent).


Federal Supplemental Educational Opportunity Grant (SEOG)
Priority for an SEOG grant will go to students who have a zero (0) EFC on a first-come, first-serve basis until all funds are expended.

SEOG grants are $250 each for Fall and Spring semesters and may be used for any educational expenses.


Tuition Incentive Program (TIP)
Students are eligible for TIP if they received Medicaid benefits for 24 consecutive months during a 36 month period between the sixth and twelfth grade. Eligible students would have received a letter from the State of Michigan confirming the student’s eligibility. Students must have completed high school (or its equivalency) before the age of 20, and initiate the use of TIP within four years of graduation or receiving their GED.

TIP will pay for tuition for up to 24 credit hours, and up to $250 per semester for some fees. Any fees that TIP does not cover will be the student’s responsibility.

Student’s MUST be at least half‐time and provide the College with a copy of the TIP letter from the State of Michigan that confirms eligibility. To request a copy of this letter from the State, contact the Office of Scholarships and Grants at 1‐888‐4‐GRANTS.


Indian Tuition Waiver
Students are eligible for a tuition waiver if the student is a resident of Michigan and can provide certification from the State of Michigan and their tribe that they meet the minimum qualifications. Students will be responsible for fees, books, and any other expenses.


Michigan Competitive Scholarship
Students' eligibility for this scholarship is based on their ACT scores and their financial need. The State of Michigan informs the student and the College of the student’s eligibility and the amount they will receive.


LMC Scholarships
LMC has many institutional, endowed, and restricted scholarships. Students should complete an LMC Scholarship Application, be accepted to the College, and meet the eligibility requirements for each specific scholarship. The priority deadline for applications is March 1, but will be accepted after that date. Complete the application online


Privately Funded Scholarships
Many students receive privately funded scholarships. Privately funded scholarship checks should be directed to the Financial Aid Office so it can be added to your financial aid package. Your financial aid package could be adjusted based on your financial need and your cost of attendance.


Work Study
Work study is the opportunity for a student to have an on‐campus job at LMC. To be eligible for work study, students must be at least half‐time and complete the FAFSA. International students do not have to complete the FAFSA.

To apply for a work study position, you must complete the Work Study application and be approved by the Financial Aid Office. Once the Financial Aid Office has confirmed your eligibility for work study, you will be informed of your next step. You will need a resume and, if selected, will interview for the positions you are interested in. You will have the opportunity to accept or reject any job, just as the supervisor will have the opportunity to hire or not hire you. Many positions become available July 1. Work study pay rates are $7.40 per hour. Students may work up to 20 hours per week, depending on the student’s need and the hiring department’s budget.

Additional information and forms may be located at www.lakemichigancollege.edu/workstudy .


Loans
Loans are a type of financial aid that must be paid back to the source with interest. Borrowing money through a loan program is a very serious decision and you will be required to go through loan entrance counseling and sign a master promissory note. Defaulting on loans will have serious effects on your credit rating, stop you from receiving financial aid at any school, and the government could garnish your future wages or tax refunds.

For additional information on loans, go to www.lakemichigancollege.edu/loans .

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