How to Read Your Award Letter

Your Award Letter begins with information about the estimated costs you may incur. Estimated figures for the 2024 - 2025 academic year are pending approval by the College's Board of Trustees later in 2023. All figures assume full-time enrollment, unless otherwise noted.

Print a list of the estimated costs shown below.

The “direct costs” in this first section will appear on your billing statement. Your actual costs may vary (and other costs may be added) based on your housing, enrollment, year in school, and other factors. These are the standard, most common direct costs for the year . 

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 plan. The cost for the 2023-2024 year is $2025 for coverage from August to August. The 2023-2024 insurance waiver - completed online - is available here.

While “Indirect Costs” will not appear on your bill, you should prepare for them; and though your cost may differ significantly, this is what we suggest you consider budgeting:

Estimated Indirect Cost Figures, 2024-2025:

Books  …………………….$1300
Personal Expenses  ….……2150
Travel  ……………..………..1190  

See full list of charges for the estimated 2024-2025 academic year.

Estimated Indirect Cost Figures, 2023-2024:

Books  …………………….$1350
Personal Expenses  ….……1948
Travel  ……………..………..1150  

See full list of charges for the 2023-2024 academic year.

In this section we list the funds we believe you will qualify to receive from all known sources, based on the CSS Profile you completed. Your official eligibility for grants, loans and work-study will be determined only after your FAFSA is received and reviewed. All figures assume full-time enrollment, unless noted in Part 4. 

This section shows the amount we estimate your family will pay for the year, and the choices you have in making payment to the College. Our Business Office will provide a  billing statement  in June, after you pay your deposit. The $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 (service fee applies), or EFT.

Estimated Payment

First you will see our estimate of the amount your family will pay, with and without loans. Loan fees are currently 1.057% for Stafford Loans, 1.057% and 4.228% for PLUS Loans. The cost of the College's health insurance is 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 this calculation.

Payment Options

Option 1:  Make one payment each semester. While the amount you pay each semester will be similar, some charges will appear only in one semester or the other. For example, a mandatory health insurance fee will appear on the fall semester’s bill.  Health insurance coverage can be waived online if proof of other insurance is received by the deadline.  

Option 2 Enroll in an approved monthly payment plan. Available in 3, 4,and 5 month options, beginning as early as July for the fall semester and December for the spring semester. There is a  fee of $60/per semester. No interest is charged.

Option 3: The Federal PLUS Loan allows your parent to borrow the difference between the “cost of attendance” and all financial aid you have received. A credit check is required. Applications and instructions are provided by our office in June.

Option 4: An additional  private loan allows you to take the responsibility of paying a part of college costs. A credit-worthy co-signor who is a U.S. citizen or permanent resident is usually required.

Option 5: You customize a plan to fit your budget, by combining the monthly payment plan, an additional loan, and maybe even one large "downpayment."

Contact Student Accounts with questions at 847-735-5032, -5054  or  studentaccounts@lakeforest.edu. Payment plans and options are here. 

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. The most issues (and forms you may need) are found below. 

Your eligibility for federal, state and College grants, federal student loans and work-study require completion of the 2024-2025 FAFSA. In some cases we are required to collect additional documents for eligibility to be known.

Most forms -other than the FAFSA- can be scanned and sent by email (preferred method) to finaid@lakeforest.edu. They can also be faxed (847-735-5103) or sent by regular mail:  Office of Financial Aid, Lake Forest College, 555 N Sheridan Rd, Lake Forest IL, 60045-2338. For questions, please call 847-735-5010 or -5103 or  finaid@lakeforest.edu. 

Need a special form, not found below?   Click here for more.

Citizenship:  to document citizenship, send a .pdf of your Certificate of Naturalization or signed U.S. passport to  finaid@lakeforest.edu. 

FAFSA for '23-'24 - app submitted without Lake Forest in the School Section? Add Lake Forest.   

FAFSA for '23-'24 - for the first time?

FAFSA for '24-'25 - this will be available in December ... stay tuned! We'll be provide details when they are known.

The IRS Data Retrieval Tool (DRT) is the best way  to complete the verification process. It transfers the required financial values (ex: AGI, tax paid, exemptions, etc.) from your federal tax return to your FAFSA. See the Helpful Tools section on our FAFSA page. 

If you cannot use the DRT, you can provide a Tax Return Transcript (TRT). For the 2023-24 academic year, the 2021 Transcript is needed. If using the TRT choose “Get Transcript Online”  for fastest access.

Permanent Residents:  to document permanent resident status, send a .pdf of your “ Green Card” to finaid@lakeforest.edu or fax to 847-735-5103.

Signature needed on the 2023-2024 FAFSA? Here’s how.

Tax Return Transcript  (TRT) : available online in real time or have it mailed to you. Both available from here. We recommend the option to “Get Transcript Online” (access in 10-20 minutes) if you are able. 

Verification Worksheets for the 2023-2024 academic year:

• V-1  for dependent students
• V-1 for independent students
• V-4      
• V-5

W-2 needed?Send a clear copy for the year requested. If you did not work, please contact our office for instructions.

Here you will see what steps you may need to take once you decide to enroll at the College, including:

• completing the 2024-2025 FAFSA when it is available, in December
  • once yours is received, we will prepare a new, official award letter, with additional details
• submit any missing documents
• secure your place with a non-refundable deposit
• contact us if you will receive funds from any outside source
• complete the loan application process, if you will use the Stafford Loan
  • complete the process only if you will enroll in January 2024
• other details and links are found here.