College Catalog > Financial Assistance
Lake Forest College is committed to providing generous assistance to those students financially unable to pay the full cost of a college education. The College also recognizes outstanding academic achievement and/or special talents with several scholarship programs.
Financial Aid Programs
Financial aid programs are generally classified under four types: grants, scholarships, student loans, and student employment. The following are brief descriptions of some of the major programs. For more detailed information about each program, contact the Financial Aid Office.
Lake Forest College Grant
This grant is awarded to full-time enrolled students who demonstrate financial need. Most students who qualify for financial aid may expect a substantial amount of their need to be met by a Lake Forest College Grant.
Federal Pell Grant
This federal grant is awarded to students with exceptional need. Application is made by completing a Free Application for Federal Student Aid (FAFSA). The application is acknowledged through a Student Aid Report (SAR).
Federal Supplemental Educational Opportunity Grant (FSEOG)
This program is also designed to provide grant assistance to students of exceptional need. First consideration is given to students who also receive a Federal Pell Grant. Students are automatically considered for this grant by completing the FAFSA.
Illinois Monetary Award Program Grant (MAP)
This program is awarded to Illinois students with financial need attending Illinois colleges or universities. The Illinois Student Assistance Commission (ISAC) administers this program and determines eligibility.
Residents of Alaska, Pennsylvania, Rhode Island, and Vermont
These grant programs are awarded to residents of these states who exhibit financial need. These state grants may be used at Lake Forest College. Eligibility is determined by each individual state.
Federal Perkins Loan
Loans under this program are awarded based on financial need and are funded jointly by the federal government and Lake Forest College. The interest rate is 5%. No interest or principal payments are due until you are no longer enrolled at least half time. The repayment period (up to 10 years) begins nine months after you are no longer enrolled at least half time. In some cases, this loan can be deferred and/or canceled.
Federal Stafford Loan
The subsidized Federal Stafford Loan program is available to students with financial need. The unsubsidized Federal Stafford Loan program is available to students who do not have financial need. The interest rate on both types of loans is variable, but is capped at 8.25%.
Undergraduates may borrow a combined maximum of $2,625 for their first year of study, $3,500 for their second year, and $5,500 for subsequent years. The aggregate limit for an undergraduate is $23,000.
Loan processing fees of up to 4% are charged by the lender and guarantee agency. As a result, the actual loan disbursement will be less than the amount for which the loan is approved. However, repayment of the entire approved amount is required.
Federal Work Study and Lake Forest
College Work Study
Funding for the Work Study program is provided by the federal government and Lake Forest College. Typically, students’ jobs are in administrative offices, academic departments, and other locations on campus. Students work about 10 hours a week and earn between $500 and $2,000. While on-campus employment is available to all students, preference in placement is given to Federal Work Study students and international students. Because of limited funding, the College cannot guarantee that a student will be placed in a position and/or earn the above amount. In addition to on-campus employment, opportunities exist for employment in the community. Since Lake Forest is a residential and academic town (rather than commercial), off-campus employment generally involves jobs in local restaurants and stores, tutoring, babysitting, gardening, or other such jobs.
Outside Sources of Funds
Students are encouraged to apply for national, state, and local scholarships for which they may be eligible and that may be used at the college of their choice. National Merit Scholarships, National Presbyterian College Scholarships, and other scholarships offered by local foundations, clubs, or business organizations are potential resources.
The ability of students to secure outside assistance is always advantageous. Even though the College may reduce the amount of Lake Forest College grant assistance awarded, since all awards must remain within the computed need figure, the total combined financial aid resources available to the student will be greater than the amount of grant provided by the College alone.
Application Process
To apply for need-based financial aid, families must complete the Free Application for Federal Student Aid (FAFSA). It can be completed after January 1.
In some instances, federal tax returns may also be requested.
If a family has extenuating circumstances, families may also complete the CSS Financial Aid Profile. The Profile allows a family to list and highlight these circumstances. Examples include large changes to income, significant medical expenses, K–12 tuition expenses, and educational loan payments
The Profile is required if you belong to one of the following groups and are applying for need-based financial aid: Early Decision and Early Notification applicants; Founders’, Presidential, and Trustee Scholarship participants; those using our Estimate Service.
No funds may be committed to students until they have applied for and have been granted admission to the College. An application for financial aid does not hinder the student’s application for admission; the two applications are considered separately.
Financial aid awards at the College are made for a one-year period. If the student maintains an academic record consistent with the rules of the College and completes the necessary renewal applications, financial aid will be renewed each year at a level corresponding to demonstrated need.
Computation of Financial Aid Eligibility
Expectation from Parents
The College assumes that each family will provide the maximum amount of financial assistance possible. When determining parents’ ability to contribute, a number of factors are considered, including income, assets, the number of dependents, the number of children in college, extraordinary medical expenses, certain types of debts, and any unusual circumstances.
Expectation from the Student
Students receiving financial aid are also expected to contribute toward the cost of their own education. An expectation of summer earnings is assumed when calculating a student’s resources.
Minimum Standard of Academic Progress
To be in compliance with state and federal regulations related to student financial aid, all financial aid recipients must meet a standard of minimum academic progress. Satisfactory academic progress includes maintaining a minimum GPA as well as completing a minimum number of classes. If you fall below the minimum cumulative GPA or courses-completed criteria, satisfactory academic progress is not being made. Failing to maintain satisfactory academic progress will result in your financial aid being suspended. In addition, if you are receiving a Lake Forest College Grant and you fall behind in credits a term or more (that is, four or more credits), your Lake Forest College Grant will be suspended. You may reestablish your eligibility after earning the number of credits needed to make up failed or incomplete courses and/or achieving and maintaining the required minimum cumulative GPA. If you feel you are having difficulties making satisfactory progress because of extenuating circumstances, you may appeal to the director of financial aid. Please call or visit the Financial Aid Office if you have any questions about this policy.
Students who do not meet the standard of satisfactory academic progress for financial aid recipients will be given a period of time, on a case-by-case review and basis, not to exceed two semesters, to achieve the required qualitative and quantitative requirements. During this period of time the student will be considered to be on “Financial Aid Probation.” If a student does not meet the requirements at the end of the probationary period, financial aid will be terminated and will not be reinstated until the requirements are met.
Students denied financial aid because they failed to meet the standard of minimum academic progress may appeal this decision. The appeal must be in writing, directed to the director of financial aid, and should describe in detail the reasons for failing to complete the required number of courses and/or failing to achieve the required cumulative GPA.
Lake Forest College has adopted the following criteria to determine the standard of minimum academic progress:
The quantitative and qualitative result of this standard for minimum academic progress toward a degree is represented in the following table:
Courses Completed
Semesters Completed
GPA Required
2 semesters
1.5 and
5
4 semesters
1.8 and
12
6 semesters
2.0 and
19
8 semesters
2.0 and
26
10 semesters
2.0 and
32
Total Course Credits Allowed
Generally, for students who enter the College as first-year students, the College will normally provide support for a total of 32 classes or eight semesters (whichever comes first). Students entering the College at a sophomore, junior, or senior academic level will receive support on a pro rated basis. Courses failed or withdrawn from are included in the above support calculation. If a student has earned college credit outside of Lake Forest College, this credit may or may not have an effect on the student’s remaining length of financial aid eligibility, depending on the type of college credit earned as follows:
Lake Forest College Scholarships
Academic Scholarships
Applicants are assessed on an individual basis at the time of application. Qualifying applicants will be contacted directly by a member of the admissions staff. Students may be required to submit additional information at that time. Academic scholarships range from $1,000 through full tuition. For further details, please contact a member of the admissions staff.
Activity-based Scholarships
The Deerpath Scholarship Program awards scholarships to students who have a talent in art, foreign languages, leadership, music, science (natural science, mathematics, or computer science), or writing. This program also awards the Alumni Legacy Scholarship. Scholarships offered by the Deerpath Program range from $1,000 to $5,000.
Forester Alumni Legacy Scholarship
This scholarship is open to children and grandchildren of Lake Forest alumni. In addition, first-year students must have a 3.3 GPA, or a rank within the top 25% of their class, and have an ACT composite of at least 25 (SAT of at least 1120). Transfer students must have a college GPA of 3.3 or above (4.0 scale).
Forester Art Scholarship
The Deerpath Art Scholarship Program is designed to recognize talented art students with an interest in either majoring in art or participating in art-related courses. Candidates for the art scholarship must complete the art scholarship application and submit a slide portfolio of their artwork that best represents their art talent.
Forester Foreign Language Scholarship
Candidates for the Deerpath Foreign Language Scholarship must have demonstrated ability to excel in foreign language study. Along with the foreign language scholarship application, students must submit an original essay in a language other than English in which applicants must outline their interest in studying a language other than English at the College, as well as in participating in a study-abroad program and/or various departmental or related international activities. The essay must be accompanied by an English translation. International students must submit an essay in a non-native language (and not in English).
Forester Leadership Scholarship
Deerpath Leadership Scholarship candidates must complete an interview with a member of the Gates Center for Leadership and Personal Growth as well as submitting the leadership application, which demonstrates leadership credentials. Athletic participation is not a consideration for leadership awards. Students who plan to participate in the College’s intercollegiate athletic program are only eligible to receive a leadership scholarship on the basis of qualifying for need-based financial aid. Non-athletic participants are eligible to receive the scholarship without regard to need.
Forester Music Scholarship
The Deerpath Music Program recognizes outstanding musicians who have an interest in either majoring in music or participating in one of the College’s designated music ensembles. Candidates must complete the music scholarship application and audition with a member of the music faculty.
Forester Natural and Mathematical Sciences Scholarship
This scholarship is designed to recognize students who have performed well in math, science, or computer science courses. Applicants must complete the scholarship application and submit a recommendation from a teacher who has taught the applicant in a science or mathematics course. Qualifying applicants will be contacted directly by a member of the admissions staff.
Forester Theater Scholarship
Candidates who wish to be involved with the College’s theater program may audition for a scholarship in theater. Interested students must complete the theater scholarship application and audition in person or submit stage or lighting design plans for a past or current production.
Forester Writing Scholarship
The Deerpath Writing Scholarship is awarded to candidates with strong writing skills. Candidates must submit the scholarship application, a portfolio of original prose, and a recommendation from an advisor or teacher who can attest to the candidate’s writing prowess. Applicants are not required to major in English; however, scholarship recipients must remain involved in at least one of the many organizations that display their writing talents. Please contact a member of the admissions staff for a complete list of these organizations.
Transfer Student Scholarships
Transfer students are eligible to apply for all of the scholarships offered in the Deerpath Scholarship Program. In addition, the following academic scholarships are offered to qualified transfer applicants.
Transfer Deerpath Academic Scholarship
This scholarship is awarded to applicants who have achieved a minimum 3.5 cumulative GPA at their present college. It is based on the GPA at the time of admission. Applicants must have completed a minimum of one semester of full-time enrollment. All applicants are assessed based upon the application for admission. Academic scholarships range from $1,000 to $9,000.
Phi Theta Kappa Scholarship
Students who hold current Phi Theta Kappa membership and who have received an Associate of Arts degree from an accredited community/junior college prior to enrolling at Lake Forest College are eligible for this scholarship. Applicants should provide proof of their Phi Theta Kappa membership. Phi Theta Kappa Scholarships are one-half tuition awards.
Common Requirements
Recipients of merit-based scholarships must be enrolled as full-time students at Lake Forest College and remain full time for the duration of the scholarship period. Funds may be used during the traditional academic year, and may not be used for periods of summer enrollment. Scholarships are renewable contingent on the student’s continued full-time enrollment at Lake Forest College or an affiliated off-campus program, with duration of the scholarship limited to four years. Students must also remain in good standing with the College, as determined by the dean of students.
To renew an academic scholarship in subsequent years, recipients must demonstrate compliance with the GPA requirements as determined by the amount of the scholarship. Recipients of one-half tuition or full-tuition scholarships are to have a minimum GPA of 3.0. Recipients of scholarships in an amount less than one-half tuition must have a minimum GPA of 2.5 after the first year and a 2.75 GPA after the second and subsequent years. The GPAs are cumulative and will be calculated at the conclusion of the spring semester each year.
To renew a nonacademic scholarship in subsequent years, recipients must agree to participate each year in the area(s) in which the scholarship is awarded. A scholarship renewal application must also be completed for the scholarships and the appropriate department chair will recommend renewal.
Off-Campus Study for Merit Scholarships
Recipients of a Lake Forest College Merit Scholarship (such as the Presidential, Deerpath, Transfer, Alumni, Founders’, McGaw, or Grew) who wish to participate in an off-campus academic program will continue to receive this scholarship only if their off-campus program is offered by Lake Forest College or the Associated Colleges of the Midwest (ACM), or is American University’s Washington Semester. In addition, the student must be accepted as a participant by the appropriate committee(s). Merit scholarship recipients may only participate in one one-semester ACM program or the American University Washington Semester during their academic career at Lake Forest College and receive their scholarship for this program. Only need-based scholarship recipients can apply their merit scholarship toward the costs of any off-campus program that requires an individual consortium agreement, if approved by the Consortium Committee.
Other Financing Options
In addition to the financial aid programs described above and the College’s interest-free monthly payment plan, numerous alternative financing plans are available to parents to ease the cost of a college education. Further information and applications for these plans are available from the Financial Aid Office.
Master’s Program Financial Assistance
For full-time elementary and secondary school teachers enrolling in graduate courses, the College offers grants of up to 50% of the cost of tuition. In addition, through the generosity of friends and graduates of the Master of Liberal Studies program, the College has established a limited scholarship fund for a person demonstrating need for financial assistance. These grants may supplement any other payments provided by the teachers’ school districts.