The Office of Financial Aid is committed to helping you and your family apply for and receive financial aid…before you enroll and each year of your enrollment at the College!
In the fall of 2020, nearly 400 first-year students enrolled, and over 90% of the class applied for financial aid. Nearly 90% qualified for need-based aid, and over 95% received at least one scholarship from the College.
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!
The process outlined below is for U.S Citizens and Permanent Residents.
Step 1. Complete the FAFSA
- One of the most common problems is not remembering your username and/or password. Keep yours in a place you can easily find it while at home or at school/work. Make it easy for you to remember, butdo not share it with anyone else.
- Do not leave any question blank unless instructed to do so. If you have nothing to report for a financial question, enter $0.
Questions with “you” or “your” always refer to the student applying for financial aid.
Review other common mistakes
Step 5 of the FAFSA ("Financial Information") is where we tend to see more questions and/or errors, so we encourage you to carefully follow all instructions. And if you're not sure, contact our office ( email@example.com, 847-735-5010).
- The 2021-2022 FAFSA asks for 2019 income values.
If your 2019 tax return has not been completed, estimate all figures now, and correct with actual values once your tax return is done.
Sign the FAFSA with the FSA ID (student / parent each needs one).
You must click “Submit My FAFSA Now.” Print the confirmation page. If you don’t see a confirmation page, your FAFSA has not been submitted.
Step 2. Optional. Complete any "Special Circumstances Forms" if the FAFSA doesn't accurately reflect your family's financial situation. Large income changes, significant healthcare costs, private K-12 tuition, etc. should be documented with one of the forms found here.
Fall applicants are encouraged to complete the 2021-2022 FAFSA by December 1, 2020. Applications are accepted after this date.
It is especially important for Illinois residents to submit the FAFSA as early as possible, for MAP Grant consideration!
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 realted 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. If so, we may use email or an occasional text message to notify you. The most common item is the V-1 Verification Worksheet for "dependent students" Other common 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.
After the FAFSA…
Within a few days of submitting your FAFSA, you will receive an email notification that your application was processed. It will include a link to your Student Aid Report or “SAR”, which is a summary of your application. Review it carefully as it will tell you if there are any issues to follow up on. Feel free to contact the Office of Financial Aid if you have any questions.
Accepting Your Financial Aid
If you decide to enroll at Lake Forest, you will need to pay a non-refundable deposit to “save your spot” in the class. Then, throughout the late spring and early summer months, you will complete numerous steps to prepare for your arrival in August and the beginning of the school year.
About Tax Returns
Do not send your tax returns to our office unless requested to do so.
Approximately one-third of those who submit the FAFSA need to provide additional documentation as part of the “verification” process. If you need to submit the V1 Verification Worksheet you can email a .pdf or .jpg, or fax it to our office. Contact us if you need a different Worksheet.
The Parent Portal at Lake Forest College gives families online access to a student's information so that they are kept informed of their activities at the College. But in order to gain access, they need to be enrolled in the Lake Forest College Parent Portal.
In order to establish permission, your student should log into my.lakeforest and select the ‘Student’ tab, then “Privacy Permissions” from the left-hand column, and then “Define New Permissions.” That’s where they will add you to the list of people who can see their information.
The Parent Portal enables students to share with parents (or other parties) the information they want online while complying with the requirements of the Family Educational Rights and Privacy Act (FERPA). The permission that is granted can be cancelled or changed at any time by the student.
In the Parent Portal:
- Students can share information with parents, including grades and GPA projection, class schedules, student account balances as well as financial aid awards and any outstanding documentation that may be required.
- The College can share information with parents or guardians quickly and easily.
- Parents can view information about a single student or multiple students in one convenient location.
Questions? Contact Dean of Students Office - Cindy Orr, firstname.lastname@example.org or 847-735-5203.
Federal Student Aid
An FSA ID (Federal Student Aid ID) is an “electronic signature” required of all students and parents when applying for need-based financial aid. It is used to sign your financial aid application (FAFSA) and your student loan application, and to access your FAFSA throughout the year…and in future years!
Important Note: Separate FSA IDs are needed for the student and at least one parent.
To receive FSA funds, a student must be qualified to study at the post-secondary level. A student qualifies if he or she:
- has a high school diploma (this can be from a foreign school if it is equivalent to a U.S. high school diploma);
- has the recognized equivalent of a high school diploma, such as a general educational development or GED certificate, or students who are beyond the age of compulsory attendance within that state and pass a test that demonstrates the student’s ability-to-benefit (ATB) from the educational program in which the student is enrolled.
- has completed homeschooling at the secondary level as defined by state law; or
- has completed secondary school education in a home-school setting which qualifies for an exemption from compulsory attendance requirements under state law, if state law does not require a home-schooled student to receive a credential for their education.
For more information on any of the bulleted information above, click here.
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If you are experiencing any hardship whatsoever, especially during this unsettling time of COVID-19, please let us know. We will help as much as we can!
Si necesita hablar con alguien en español en la oficina de ayuda financiera, usted puede llamar a Adriana Rodriguez.