Financial Aid Timeline for New Students | Lake Erie College
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Financial Aid Timeline for New Students
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A college education is an important investment but represents a major expense in most family budgets. However, we commit ourselves to helping find the means to afford a quality private education. We provide guidance to new freshman and transfer students, current students and students in our graduate programs.







 
LAKE ERIE COLLEGE > FINANCIAL AID > TIMELINE

Financial Aid Timeline for New Students

IN ANY PART OF THE YEAR

  • Contact the Financial Aid Office at 440.375.7100 or finaid@lec.edu to request information or answer any financial aid question you may have.

IN THE FALL

  • Obtain a PIN (Personal Identification Number) from the U. S. Department of Education at www.pin.ed.gov or from a link off of the FAFSA website (www.fafsa.ed.gov). The FAFSA (Free Application for Federal Student Aid) is the application for federal, state and need based aid. Have your parent obtain their own PIN, too. The PINs can be used as your electronic signatures on your FAFSA application, allowing a totally electronic submission of your FAFSA application. Otherwise, you need to print out a signature page and mail it to the processor to complete your FAFSA application.

IN THE LATE FALL

  • Obtain from your high school guidance office, the financial aid office or the FAFSA website a FAFSA on the Web Worksheet. These are available in November. This will allow you to see the FAFSA questions and prepare your answers on the form before going online to complete your application.

BEGINNING JANUARY 1 AND PREFERABLY BEFORE MARCH 1

  • File your FAFSA online at www.fafsa.ed.gov. The FAFSA asks for information from your federal tax form for the tax year that will be filed and due April 15th. If you don't get your tax return completed until April 15th, estimate your tax information on the FAFSA to file it before March 1st. Corrections to those tax questions can be made on your FAFSA after you have completed your federal tax return. 

    The Federal School Code for Lake Erie College is 003066.
     
  • After filing the FAFSA, you will receive by email or mail, a Student Aid Report from the Department of Education in response. Read the messages on the report to address any problems that may exist on your application.

BEGINNING FEBRUARY 1

  • You will receive an Award Letter and package of information from the financial aid office either by mail or email (online) once you are accepted to Lake Erie College and we have received your processed FAFSA. The award letter will contain the financial aid awards for which you are eligible to receive based upon your FAFSA information.

    Any self-help aid requires extra steps to take on your part to obtain. Self-help aid includes loans and college work study. Detailed instructions are included with your package.
     
  • Determine your out-of-pocket expenses. Your admission counselor will assist you with this.
     
  • Investigate payment options:
    • Time-payment plan (Enroll in April for a 12 month plan, June for a 10 month plan. Contact the Bursar for details: bursar@lec.edu
    • Parent Loan for Undergraduate Student (PLUS).
    • Private educational loans: Signature Loan

BEGINNING MAY 1

  • We ask that you accept or decline your financial aid award by May 1st by signing your award letter (or responding accordingly to the online award letter) and returning it to the financial aid office.

IN JUNE & JULY

  • Complete your Stafford Loan Master Promissory Note online. You will also be completing a Loan Entrance Interview as part of that process.

BEGINNING AUGUST 1

  • Account balances are due for the Fall semester.
 
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