Financial Aid

How Financial Aid Eligibility is Determined

A student must meet all of the following eligibility requirements in order to be considered for federal aid:

• Be a citizen or eligible non-citizen of the United States.

• Be admitted to a degree, certificate or diploma program at Lake Superior College which is at least 16 credits and one semester in length.

• Demonstrate financial need as calculated by the Free Application for Federal Student Aid (FAFSA).

• Maintain satisfactory academic progress as defined by Lake Superior College.

• Complete the verification process if your application is selected for review.

• Meet the eligibility requirements for each aid program for which you are applying.

• Not owe a refund or repayment to the U.S. Department of Education, not be in default on any education loan, or show any unwillingness to repay any educational loan.

• Be in compliance with Selective Service registration requirements.

The student (and student's parents for dependent students) must make a realistic effort to contribute toward meeting school expenses. The primary responsibility for paying for school rests with the family. Financial aid is intended to supplement, not replace, financial support from you and our family.

Lake Superior College knows that every student has a somewhat different financial situation. A financial aid package may consist of funding from a combination of financial aid programs and is designed to help meet your financial needs. Every application is reviewed for eligibility for all federal and state financial aid programs.

How Your Financial Aid will be Determined

Cost of Attendance

Each year, Lake Superior College determines the average cost for a student to attend Lake Superior College for the academic year. This cost of attendance includes tuition and fees, books and supplies, living and transportation costs.

Click to view the current year's Cost of Attendance.

Expected Family Contribution

When the student (and parents if applicable) completes the Free Application for Federal Student Aid (FAFSA), the information provided is used to determine an expected family contribution (EFC). This expected family contribution is the amount that the Department of Education expects that the student (and parents if applicable) should be able to contribute toward the student's Cost of Attendance.

The expected family contribution is also used to determine if the student qualifies for federal or state grant funding; the lower the expected family contribution, the greater the possibility that the student qualifies for grant funding.

Financial Need

A student's financial need is determined by subtracting the student's expected family contribution from the student's cost of attendance. A student must have "financial need" in order to qualify for work study and/or the Subsidized Stafford loan. Any scholarships or outside funding that the student receives is considered financial aid when determining a student's financial need.

The following example is based on a student with an expected family contribution of $1,000 who is eligible for a Pell Grant and has received a High School Scholarship:

LSC's Cost of Attendance $ 14,203
Student's expected family contribution (-) $ 1,000
Student's financial need: (=) $13,203

Pell Grant eligibility (-) $ 3,100
High School Scholarship (-) $ 2,000
Remaining financial need: (=) $8,103

This student would therefore be awarded:

Work study eligibility (-) $ 2,380
Subsidized Stafford loan (-) $ 2,625
Remaining financial need: (=) $ 3,098*

*Please note that it is not always possible for the college to offer enough financial aid to meet all of the student's financial need. However, there are other loan programs that can be pursued to assist with both the family contribution and any unmet financial need.

These loan programs are the SELF loan and PLUS loan.

There are situations when the student's expected family contribution is higher than LSC's cost of attendance. In these instances, the student would be offered an unsubsidized Stafford loan. Other loan programs such as the SELF loan and PLUS loan can be pursued to assist with the family contribution.

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