Lake Erie College
Painesville, Ohio · Private Nonprofit · 70.4% acceptance rate
ROI Score: 32/100 · Below Benchmark
Data: 2024-25 College Scorecard release
Lake Erie College earns an overall ROI score of 32 (Below Benchmark tier), and the underlying numbers explain why. Sticker tuition runs $37,634, but the average net price after aid is $20,961 - still a meaningful four-year commitment of roughly $83,844 before living costs at this small Painesville, Ohio private nonprofit. The two biggest drags on the score are completion rate and debt load: only 38% of students who start here finish a credential, and the median debt-to-earnings ratio sits at 0.80, meaning typical graduates owe 80 cents in debt for every dollar of early-career income. Repayment metrics are the one bright spot: 76% of borrowers are paying down principal three years out, suggesting students do find work, just not work that justifies the price. Anyone considering Lake Erie should run the net price calculator with their actual family financials before committing.
How Lake Erie College scores under our methodology
These are the College Scorecard measures that pull this school's CampusROI score down. They describe the published figures, not the quality of the education, and they are our reading of the data. Check them against your own aid offer and intended major.
- ROI Score32/100 - Below Benchmark tier of our scale (below 45). For context, 38% of the schools we score reach 60 or higher.
- 6-year graduation rate38.0% - The national average for four-year schools is 64% (NCES, 2022). Completion is 15% of our score, since a degree that is not finished rarely pays back.
Lake Erie College
Quick Numbers
| In-state tuition + fees | $37,634/yr |
| Out-of-state tuition + fees | $37,634/yr |
| Average net price | $20,961/yr |
| Total 4-year cost (net) | $83,844 |
| Median earnings (10yr post-entry) | $50,417 |
| Average earnings (6yr post-entry) | $32,500 |
| Median debt at graduation | $26,000 |
| Estimated monthly loan payment | $276 |
| Estimated payback period | 14.5 years |
| 6-year graduation rate | 38.0% |
| Undergraduate enrollment | 852 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The first number you'll see is the sticker price: $37,634/year, which covers tuition and fees only. After grants, scholarships, and aid, the average student here pays a net price of $20,961/year, or roughly $83,844 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $20,195/year here, while families earning over $110,000 pay $22,370/year.
Among graduates who borrowed, the median federal loan debt from this school is $26,000, which works out to about $276 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($32,500) and comes to 0.80, under 1.0, meaning median debt is less than a full year of those earnings.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $20,195 |
| $30,001 - $48,000 | $19,575 |
| $48,001 - $75,000 | $18,548 |
| $75,001 - $110,000 | $23,205 |
| $110,001+ | $22,370 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families under $30,000 face a $20,195 net price, and families in the $30,001-$48,000 band actually pay slightly less at $19,575. That is still roughly $80,000 over four years for a credential where average early earnings are $32,500. The math is rough: federal Pell plus state aid plus Lake Erie grants do not bring the price down enough to clear the Below Benchmark designation.
Middle-income families ($30K-$110K)
The $48,001-$75,000 bracket is the cheapest tier here at $18,548 net - a small but real discount versus the lower brackets. For a middle-income Ohio family, that is still about $74,000 over four years, and given the 38% completion rate the realistic expected return is materially worse than the headline number suggests.
Higher-income families ($110K+)
Families earning $75,001-$110,000 pay $23,205 and those above $110,001 pay $22,370 - effectively full-pay territory at over $90,000 across four years.
Earnings by Major
Top 5 most popular majors at Lake Erie College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration, Management, and Operations | $70,067 | C |
| Teacher Education | $41,284 | D |
| Psychology | $48,687 | D |
| Biology | $57,506 | C+ |
| Criminal Justice and Corrections | $49,426 | - |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Business Administration, Management, and Operations
Business Administration is Lake Erie's flagship by graduate count (19) and the strongest ROI track on campus. First-year median earnings of $44,440 climb to $70,067 by year four, which is a respectable mid-career trajectory. Median debt of $27,000 produces a 0.61 debt-to-earnings ratio and a C ROI grade - not great, but workable for graduates who land in regional Cleveland-area corporate, finance, or operations roles. This is the program where Lake Erie earns its keep.
Biology
Biology graduates earn a $57,506 four-year median against $27,000 in debt - a 0.47 debt-to-earnings ratio and the best ROI grade on campus at C+. With only 12 graduates per cohort it is a small program, and the typical Biology B.S. trajectory still leans heavily on grad school for high earnings. Pre-health students who plan to apply to medical, PA, or PT programs can use Lake Erie as a launch pad, but should keep undergrad debt under control.
Teacher Education
Anyone targeting a K-12 classroom should price-shop hard before enrolling here.
Psychology
Psychology grads land at $35,067 in year one and $48,687 by year four with $28,000 in median debt - a 0.80 debt-to-earnings ratio and a D ROI grade. Like most psychology bachelor's programs, the real earnings story depends on graduate study; without an MA or PsyD the early-career ceiling is low. At Lake Erie's price, this is one of the weaker financial bets on campus.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Median of schools we score |
|---|---|---|
| 1-year repayment | 71.2% | 68.8% |
| 3-year repayment | 76.1% | 73.6% |
| 5-year repayment | 65.6% | 67.7% |
| 7-year repayment | 66.3% | 72.8% |
Completion Rate
Trends Over Time
How Lake Erie College’s cost and outcomes have moved across College Scorecard releases (2009-2024).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
Admissions Snapshot
| Acceptance rate | 70.4% |
| Enrollment | 852 |
| Pell Grant recipients | 37.2% |
| Avg faculty salary (monthly) | $6,902 |
Lake Erie admits 70% of applicants, which puts it in the broadly accessible band - this is not a selective gatekeeper school. Both SAT and ACT mid-range data are not reported in current Scorecard data, likely because the college is test-optional and few admitted students submit scores. The relatively open admission profile correlates with the low 38% completion rate: less academically prepared cohorts tend to attrit more, and Lake Erie clearly sees that pattern.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Lake Erie College (this school) | 32 | $20,961 | $50,417 |
| Rocky Mountain College | 35 | $19,751 | $49,036 |
| Thiel College | 33 | $22,347 | $49,714 |
| Kentucky Wesleyan College | 31 | $17,131 | $46,747 |
| Allegheny Wesleyan College | 29 | $5,355 | $37,453 |
| Art Academy of Cincinnati | 9 | $34,253 | $34,368 |
Who Thrives Here
With 852 students and a 37% Pell rate, Lake Erie is genuinely small and serves a meaningful share of lower-income Ohioans. The fit profile is narrow: a student who specifically wants a small Northeast Ohio campus, who can stack federal aid plus institutional grants down to a manageable net price, and who is committed to finishing despite the school's 38% completion headwind. Strong programs are concentrated in Business Administration ($70,067 four-year median, C grade, 19 grads - the largest program) and Biology ($57,506, C+, 12 grads). Students drawn to teaching or psychology should price-shop carefully - those tracks show D grades here.
The Verdict: Below Benchmark Under Our Scoring
Under our methodology, Lake Erie College scores 32/100, which falls in the Below Benchmark tier (below 45). At a net price of $20,961 per year, with typical graduate earnings of $50,417 ten years after entry, we estimate the payback period at about 14.5 years. In our view that makes the financial case a hard one to make on the numbers alone, but those numbers are averages: your major, your aid package and what you want from a degree all change the picture, so run your own numbers before you commit.
What to keep an eye on: weak earnings relative to cost, its 38.0% graduation rate, a debt-to-earnings ratio of 0.80 (median across the schools we score: 0.61), a long payback period.
Median debt of $26,000 among graduates who borrowed, against average earnings of $32,500 six years after entry, gives a debt-to-earnings ratio of 0.80. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. Your major - and how much you borrow - really matters.
Lake Erie College: Common Questions
Is Lake Erie College worth it?
In our view, the financial case is a hard one to make on the numbers alone. Lake Erie College scores 32/100 on our ROI scale, in the Below Benchmark tier (below 45). At $20,961 a year after aid against $50,417 in typical earnings ten years out, we estimate the payback period at about 14.5 years. Your major and aid package can change the picture, so run your own numbers.
How much does Lake Erie College cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $20,961 a year, or roughly $83,844 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do Lake Erie College graduates earn?
The typical graduate earns about $50,417 ten years after enrolling, roughly $8,617 a year more than the median high-school graduate ($41,800, per NCES, 2022). That earnings gap is what has to cover the cost of the degree.
How long does it take to pay off Lake Erie College?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at about 14.5 years for Lake Erie College. The median across the schools we track is about 12 years.
How much debt do Lake Erie College graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $26,000, against average earnings of $32,500 six years after entry - a debt-to-earnings ratio of 0.80. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. How much you borrow really matters.
What is the graduation rate at Lake Erie College?
The six-year graduation rate is 38.0%. The national average for four-year schools is 64% (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.