Determining
Need Based Awards
Financial need is determined by subtracting the expected family contribution (as determined by the FAFSA) from the appropriate cost of attendance (budget). The College will attempt to meet the student's need within the limitations of available resources.
Award offers are subject to change. Awards are determined based on the latest information received. Students are responsible for reporting information which may alter an award offer, such as changes in income or previous aid received at another institution in the same academic year. Students are responsible to view the most recent award information on-line through Banner self service.
Cost of Attendance
The cost of attendance is based on the average educational and living expenses for a student attending LCC. It does not represent an individual student’s actual costs. The cost of attendance includes:
- Tuition and fees
- Books, supplies, and equipment
- Room and board
- Transportation
- Miscellaneous personal expenses
- Loan fees
- Study abroad costs
- Expenses associated with a disability
- Dependent and elder care expenses
- Cooperative Education Program Costs
Expected Family Contribution
If a student is a dependent student (as determined by the FAFSA), the federal government assume that parents and students have the primary obligation to provide for the student's cost of education to the extent that they are able, based on a standardized method of determining parental contribution. The second obligation falls upon the student to contribute to his or her own education from personal assets and earnings which may include the use of student loan funding.
If a student is a self-supporting or a independent student (as determined by the FAFSA), the federal government assumes that since a student is the prime beneficiary of education, the student has a primary obligation to provide for the cost of education to the extent the student is able, based on a standardized method of determining student contribution. The student's expected contribution will come from personal earnings, spouse's earnings, if applicable, savings and assets which may include the use of student loan funding.
Calculating Need
Cost of Attendance
- Expected Family Contribution
= Financial Need
