Financial Aid & Costs

Financial need is the difference between annual college expenses and a determination of what a family can afford to contribute toward those costs. It is need, not income alone, that determines financial aid eligibility.

The cost of attending an institution includes both “direct” and “indirect” costs. Direct costs are actually billed to the student, such as tuition, housing, food, and required fees. Indirect costs are estimates of costs that may be incurred such as books, personal expenses, and transportation.

• The Expected Family Contribution (EFC) will now be called the Student Aid Index (SAI) and how the index is calculated has changed.
• Multiple children in college will no longer reduce the SAI (previously the EFC) which resulted in higher financial need.

Eligibility for financial aid is calculated based on factors such as family size, number of students in college, income, and assets of both student and parents (if the student is dependent). Eligibility is also based on the school’s cost of attendance. If your SAI exceeds the cost of attendance, you can still receive assistance through non-need-based programs.

The total amount of financial aid that a student receives is described in a financial aid offer letter. The letter outlines the amount and types of aid a student is eligible to receive, institutional charges, and the out-of-pocket expense. The institution will release a financial aid offer to students who are admitted to LVC and complete the FAFSA or indicate to the Financial Aid Office that they will not be filing the FAFSA.

• Prospective full-time students: after admission and completion of the FAFSA, aid offers are released on a rolling basis beginning early to mid February for the 2024–25 academic year..
• Returning full-time students: after completion of the FAFSA by March 1 and Verification paperwork (if selected), aid offers are released on a rolling basis beginning the first week in July.

Students are considered dependent or independent based on the idea that students and their families (which may include parents or their spouse) have the primary responsibility to pay for educational expenses.

For the 2023-24 academic year, a student is dependent unless he or she can answer “yes” to at least one of the following questions:

• Were you born before January 1, 2000?
• At the beginning of 2023-2024 school year, will you be working on a master’s or doctorate program (such as MA, MBA, JD, PhD, EdD, graduate certificate, etc.)?
• As of today, are you married (Also answer “Yes” if you are separated and not divorced)?
• Do you now have or will have any children who receive more than half of their support from you between July 1, 2023 and June 30, 2024?
• Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you from July 1, 2023, through June 30, 2024?
• At any time since you turned 13, were both of your parents deceased, were you in foster care, or were you a dependent or ward of the court?
• Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
• Are you a veteran of the U.S. Armed Forces?
• As determined by a court in your legal state of residence, are you or were you an emancipated minor?
• Does someone other than your parent or stepparent have legal guardianship of you, as determined by a court in your state of legal residence?
• At anytime on or after July 1, 2023, are you homeless or are you at risk of being homeless?