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Financial Aid for New Students
The Office of Financial Aid is committed to helping you and your family apply for and receive financial aid…before you enroll and in future years! More than 80% of students apply for and receive some type of financial aid.
Regardless of your income, if “cost” is a factor in deciding where you will enroll, be sure to complete the financial aid process outlined below, so that our office can provide you with details of your eligibility!
Below is the process for U.S Citizens and Permanent Residents entering in the fall of 2018.
Fall 2018 Instructions
U.S Citizens / Permanent Residents
Step 1. Complete the 2018-2019 FAFSA (“Free Application for Federal Student Aid”)
Do so even if you have not applied or been admitted.
- Illinois residents: submit the FAFSA immediately, to be considered for limited MAP Grant funds!
- Non-Illinois residents: submit by Match 1.
Step 2. (Optional) Complete applicable”special circumstance forms”
Please complete any applicable form(s) only if your cost exceeds the minimum amount shown. Return them to the Office of Financial Aid. If possible, save as a .pdf and send by email. You may also fax or send by mail to the number/address at the bottom of the form.
- Educational Expenses - parent paying $2000+ for him/herself or your sibling (grades K-12 only) during 2018-2019 academic year
- Educational Loans - parent paying $2000+ toward loans in 2018 for which they are the borrower
- Healthcare Expenses - parent paying $3000+ in 2016, 2017, or 2018, which are not paid with “pre-tax” dollars
- Income Change (student) - experiencing a significant change vs. 2016
- Second Household Expenses - parents married, but living in different homes in different cities
- Unusual Expenses - parent paying $2000+ for childcare, funeral, legal, etc. in 2017 or 2018
Step 3. Locate outside scholarship funds
Step 4. Review “What Happens Next” (below)
What Happens Next…
Your Award Letter
Once you have been admitted and submitted all financial aid documents, we will prepare an “award letter” showing the aid you qualify to receive. Details are on your Admissions Portal.
Please let us know if you do not wish to receive your Award Letter online, or text message alerts related to financial aid.
How to Read Your Award Letter provides you with descriptions of the aid we have offered, financial aid policies related to that aid, and other important information.
We may require additional information from you at some time in the process. If so, we will also use email to let you know. We may even send an occasional text message to alert you to an important e-mail we have sent. Need to submit the V-1 Verification Worksheet? Click here. Other forms we may have asked for are found here.
Compare Award Letters
Not all awards from various Colleges are presented equally, making an “apples to apples” comparison more difficult. Make sure you clearly identify “free funds” (grants and scholarships) and loan funds. One school’s offer of $40,000 in financial aid that includes $10,000 in loans is similar to another school’s offer of $35,000 in financial aid with $5000 in loans.
Take time to see which offer truly makes the most sense for you/your family, based on the resources you have available. Create a spreadsheet of your own, or use a tool such as those created online by Consumer Financial Protection Bureau or FinAid.org the College Board’s comparison tool.
When using these tools, consider including only “direct costs” of tuition, fees, room and board to show differences in what you will owe each college. Consider other “real costs” like books, travel and personal expenses separately, based on your best estimate or those provided by each college/university.
Other Important Notes
For the 2018-2019 academic year, Illinois residents are strongly encouraged to complete the FAFSA as soon after October 1 as possible to be considered for the Illinois MAP Grant.
If you miss the deadline, your application will still be accepted, and we will offer (other) financial aid if you qualify. We cannot, however, replace the MAP Grant funds.
Not from Illinois? Our priority FAFSA is January 1. Applications are always accepted. Submit your application as soon as possible.
About Tax Returns
Do not send your tax returns to our office. If required, we will ask you for the necessary IRS documents.
Worth Every Penny
- Forbes Magazine has Lake Forest in the top 7 percent on its recent list, ranking institutions based on alumni with the highest salaries.
- PayScale.com named Lake Forest 11th in the nation among liberal arts colleges for the best return on investment. The College was ranked #1 among liberal arts colleges in Illinois, and fourth in Illinois college and universities.
- Ranked #83 in Kiplinger’s list of Best Values in Liberal Arts Colleges and #193 among all colleges.
- An impressive 97 percent of the Lake Forest Class of 2015 was either employed or in graduate school six to nine months after graduation.
Learn about what other rankings and guides have to say.