Financial Aid at LECOM
The Lake Erie College of Osteopathic Medicine offers one of the lowest tuitions for private medical colleges in the country. LECOM maintains the highest quality of educational standards for academic programs while maintaining affordable tuition. LECOM’s financial aid staff work with LECOM students to help them make the right decisions for meeting the cost of education.
US DOE Financial Aid Statement
The U. S. Secretary of Education (US DOE) has determined that the Lake Erie College of Osteopathic Medicine satisfies the definition of an eligible institution under the Higher Education Act of 1965, as amended. Lake Erie College of Osteopathic Medicine will be listed in the next edition of the Directory of Postsecondary Institutions published by the U.S. Department of Education. As outlined in the College’s Eligibility and Certification Approval Report and Program Participation Agreement, Lake Erie College of Osteopathic Medicine has qualified to participate in programs under the Higher Education Act of 1965, as amended and the Federal student financial assistance programs.
The Office of Financial Aid at LECOM provides counseling and assistance to accepted students in securing funds to help finance their education. Financial Aid available to students attending LECOM is determined primarily on the basis of individual need. LECOM uses the information submitted on the Free Application for Federal Student Aid (FAFSA) to determine eligibility for the various loan and scholarship programs available to students. Financial aid awards from federal loan and scholarship programs are made in accordance with regulations governing the various programs.
Although every effort is made to assist students, the primary responsibility for financing education rests with the student and his/her family. Student financial assistance from federal, private, institutional and other sources is only intended to supplement the personal resources of the student. Financial assistance will not always meet the student’s full financial responsibilities. Unless otherwise stated, student financial assistance is to be used only for educational-related expenses of the student and cannot exceed the cost of education.
Financial aid awards from federal programs are made in accordance with federal regulations governing the programs. Generally, to be eligible for financial aid you must:
- Be a U.S. citizen or eligible non-citizen.
- Be registered with selective service (if required).
- Be working toward a degree or certificate.
- Maintain satisfactory academic progress.
- Not owe a refund on a Federal or State grant or be in default on a Federal educational loan.
The LECOM Office of Financial Aid uses information submitted on the Free Application for Federal Student Aid (FAFSA) to determine the student’s eligibility for federal student loans. As a graduate/professional student, you are considered an independent student, and only your information is included on the FAFSA. (If married, your spouse’s information must also be included.)
The cost of education is determined by the educational institution and includes tuition, fees, educational supplies and books, transportation related to study and reasonable living expenses. Total loan amounts borrowed and scholarships awarded from all sources cannot exceed the cost of education. Student financial aid is to be used only for educational related expenses of the student and is available only for the months the student is enrolled.
Net Price Calculator
All Title IV schools that enroll full-time, first-time degree- or certificate-seeking undergraduate students must have on their website a net price calculator. The net price is defined as the cost of attendance minus the average yearly grant and scholarship aid. The calculator provides estimated net price information to current and prospective students and should be based, as much as possible, on their individual circumstances. LECOM enrolls only graduate/professional students and does not enroll full-time, first-time students; consequently LECOM is not subject to the net price calculator requirement.