Need-Based Aid is the difference between the cost of one year at LCSC and the amount we believe you and your family can contribute to your education. How do we determine that? By assessing the information you submit on the Free Application for Federal Student Aid (FAFSA).
Your parents' financial situation and the amount you and your parents would be expected to contribute to your education are reviewed annually. The size of your family and the number of family members in college are also factors in the calculation. Your family's contribution isn't necessarily expected to come from monthly cash flow. For many families, contributions are financed over time.
After we have determined your level of financial need, we will provide a financial aid package that might include all or some of the following forms of aid: grants, scholarships and waivers, loans and on-campus work-study.
Eligibility for Need-Based Aid is based on each family's unique financial circumstances. To calculate this need, the federal government has developed a uniform calculation to determine how much each family is expected to contribute towards educational costs. This is the Expected Family Contribution (EFC) number determined by FAFSA.
The Financial Aid Office will then determine your financial aid eligibility by subtracting your Expected Family Contribution from the Cost of Education. If anything is left over, you are considered to demonstrate need. The Financial Aid Office will then determine your financial aid award based on your need, up to your cost of attendance.
To get a rough estimate of your family's EFC use an EFC Calculator. Subtract this number from the Cost of Attendance at LCSC and you should get a ballpark figure of your financial need.