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How to Read Your Award Letter
This page provides important details about the Award Letter provided by the Office of Financial Aid. Review it carefully with your parent(s) so that you have a clear understanding of the financial aid offered, financial aid terms, our policies, and your responsibilities as an aid recipient.
In addition to the text below, which describes content of Parts 1 - 5 of your Award Letter, be sure to review the links under “More Resources” in the column on the right.
Part 1: Estimated Costs 2017-18
Your Award Letter begins with information about the costs we estimate you will incur. All figures assume full-time enrollment, unless otherwise noted. “Direct Costs” will appear on your billing statement. Your actual costs may vary, based on your housing, enrollment, year in school, and other factors. Standard, direct costs for the year are:
Room (standard rate1)………$4,800
1 There are other room options, each with different pricing.
In addition to these Direct Costs, your initial bill will include the cost of the College’s health insurance (est. $1,350). You will receive instructions for waiving the insurance during the summer.
“Indirect Costs” will not appear on your bill, but should be anticipated. While your cost may differ, we suggest you budget the following:
Personal Expenses ….……1,475
For a list of other costs go to lakeforest.edu/costs.
Part 2: Financial Aid Eligibility
Here you will see the funds you qualify to receive from all known sources. All figures assume full-time enrollment, unless otherwise noted. They were determined by the applications you submitted and guidelines of both the College and the U.S. Department of Education.
Part 3: Estimated Payment and Payment Options
This section summarizes the estimated amount your family will pay for the year and the choices you have in making payment to the College. Your billing statement (available in June) will provide official figures. New students who pay the $500 deposit will see $300 applied toward Direct Costs. The remaining $200 is retained by the College, and refunded after graduation.
Payment in full and on time ensures that you will avoid late fees and keep your chosen classes. Payment may be made by check, wire transfer, credit card, or EFT.
This section begins with our estimate of the amount your family will pay, with and without loans. Loan fees (as of 12/1/16: Stafford Loans, 1.069%; PLUS Loans, 4.276%) and the cost of health insurance are not included in our calculation.
If you have been offered work-study, your earnings are paid directly to you by check, so funds are not included in our calculation.
Option 1: You make one payment each semester, no later than two weeks before classes begin. While the amount you pay each
semester will be similar, a health insurance fee will appear only
on the first semester’s bill, making that payment larger.
Option 2: Your monthly payment options include a 9- and 10-month plan (July 15–April 15). There is an enrollment fee each year (est. $90). No interest is charged.
Option 3: Your parent uses a federal loan to cover your costs, with credit approval required. Applications are available in mid-June.
Option 4: You may use a private loan, if you have a credit-worthy co-signor who is a U.S. citizen or permanent resident.
Option 5: You customize a plan to fit your budget, by combining
the monthly payment plan and an additional loan.
If you have questions about payment options, contact the Student Accounts Office (847-735-5032, email@example.com).
Part 4: Important Messages
Please note these details about your financial aid, including conditions related to your financial aid, the documents you may need to provide, and similar notes.
Common forms (verification worksheet, etc.) are found here.
If you need to register with Selective Service click here.
March 7: The IRS DRT (data retrieval tool) is down due to technical issues, @usedgov confirms. ED is working with IRS to resolve the situation. Guidance to come. #fachat
Part 5: What Happens Next…
Here you will see what steps you will need to take once you decide to enroll at the College. Full details and links are found here.