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Financial Aid > Today's Top Ten List
"Top Ten Financial Aid Myths"
#10 Most students who attend Lake Forest don’t need financial aid.
Not true. Nearly 75% of all freshmen applied for “need-based” financial aid. While most of the students in that group had income (AGI) under $100,000, it’s important to know that income isn’t the only factor in deciding the amount of financial aid you receive. Because of that, several families with income over $150,000 qualify for aid. More stats.
#9 I don’t live in Illinois, so I will probably pay more to attend Lake Forest.
Actually, tuition is no different for residents from Illinois or any other state or foreign country.
#8 Students who receive large amounts of financial aid usually have massive loans.
The average freshman (fall ’07) received nearly $22,500 in financial aid, with loans averaging $4500. The latest national figures available (2004) show that two out of three students graduate with debt. While the national average shows graduates borrowed $19,200, Lake Forest’s class that same year graduated with an average debt of $16,750.
#7 The financial aid process won’t recognize special circumstances we have.
The federal application, called the Free Application for Federal Student Aid (“FAFSA”) addresses a family’s basic financial circumstances. A second application you will complete for us, called the Lake Forest Application for Financial Aid (LFAFA) allows you to report certain things that are not reflected on the FAFSA. Examples include large income changes, large healthcare expenses, tuition payments for kindergarten through high school, educational loan payments, debts from periods of unemployment, etc.
#6 I will receive a lot of financial aid my first year, but the College will take most of it away after that.
While some colleges might use the “bait and switch” approach to award financial aid, this will not happen at Lake Forest. Unless you miss our application deadline, or your application changes dramatically, your financial aid usually remains comparable each year. What will affect your eligibility are things like increases in income, decreases in the unusual expenses, a change in the number of people in your home, or the number of people enrolled in college.
#5 Since I live with my mom and step-dad, he does not provide financial information on the application.
Your eligibility for financial aid is based on the financial resources of your “custodial parent(s)” -- the one(s) you have lived with most in the 12 months prior to completing the FAFSA. The government requires that your step-parent provides information on the FAFSA (and other applications) even if there is a special agreement between your parents that says otherwise. The government does not require that they actually pay for your school costs.
#4 I have to wait until I’m admitted to learn about my financial aid eligibility.
While it’s true that you will not receive an “official” offer of financial aid until you have been admitted, completing our Forester FastApp allows us to estimate the aid you may receive. This service is available through December, whether you have applied for admission or not.
#3 I know I won’t qualify for aid, so I should not even bother completing the financial aid process.
While it’s possible that your assumptions are correct, some families misunderstand the process of determining eligibility. They assume that if a family member didn’t qualify at another college in another year, they will not qualify at Lake Forest. It may be helpful to review our answer to #10 once more. What’s the bottom line? If you truly like Lake Forest and cost will be a factor in deciding where you will enroll, you owe it to yourself to complete the application process (or the Forester FastApp) to find out for sure. We have several payment options too!
#2 My parents and I have to complete our tax return before filling out the application.
While completing the 2008-2009 FAFSA will be easier if your 2007 federal income tax return is ready, it is not required. You can make your “best guess” of income as early as January 1, 2008 and correct the data once the tax return is done. Our FAFSA Process page has some helpful suggestions!
#1 The Princeton Review ranks Lake Forest #6 in the nation in “Students happy with financial aid.”
Not a myth at all! In fact we’ve been in the “Top Ten” every year going back to the mid-90s. We were even rated #1 for a year. Who’s rated #1 this year?? Princeton University. Learn more.
