How to Read Your Award Letter

Your Award Letter begins with information about the estimated costs you may incur. 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 (base) 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 2024-2025 year is $2075 for coverage from August to August. The insurance waiver - completed online - will be avaialble from our Students Accounts team (Business Office) in the summer, and is due August 15 for the fall semester. 

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  …………………….$1350
Personal Expenses  ….……1898
Travel  ……………..………..1150 

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

Estimated Indirect Cost Figures, 2025-2026:

Books  …………………….$1290
Personal Expenses  ….……2108
Travel  ……………..………..1150  

In this section we list the funds we believe you will qualify to receive from all known sources, based on the financial aid application(s) you submitted (FAFSA and/or CSS Profile). Your official eligibility for grants, loans and work-study can be determined only after all required documents have been 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 borrow the difference between the “cost of attendance” and all financial aid you have received. A credit-worthy co-signer (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 FAFSA for the correct academic year (2024-2025 for August 2024 - July 2025;  2025-2026 for August 2025 - July 2026). 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 - the Free Application for Federal Student Aid is used by U.S. Citizens and Permanent Residents to apply for need-based aid (grants, loans, work-study).

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

Signature on the FAFSA? Instructions are pending.

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: fewer than one in ten students will need to complete a Worksheet. Please contact our office for instructions, if you have been told to submit this.

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:

• submit any missing documents to receive an official award letter
• secure your place with a non-refundable deposit
• contact our office if you will receive funds from any outside source
• in the summer complete the loan application process, if you will use the Stafford Loan
• other details and links are found here.