Lake Erie College
Painesville, Ohio · Private Nonprofit · 70.4% acceptance rate
ROI Score: 32/100 · Poor Value
Lake Erie College earns an overall ROI score of 32 (Poor Value 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. Median earnings six years after entry are $32,500, climbing to $50,417 by year ten, which is a slow trajectory for a private-college price point. The 14.5-year payback period is well above the 10-year national benchmark. 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 relative to lower-cost alternatives. Anyone considering Lake Erie should run the net price calculator with their actual family financials before committing.
The data raises concerns about Lake Erie College
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score32/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- 6-year graduation rate38.0% - Well below the 60% national average. Non-completion is the fastest route to negative ROI.
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 |
| Median 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 sticker price at Lake Erie College is $37,634/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $20,961/year, or roughly $83,844 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $20,195/year, while families earning over $110,000 pay $22,370/year.
The median graduate leaves with $26,000 in federal loan debt, translating to an estimated monthly payment of $276 on a standard 10-year repayment plan. Against median earnings of $50,417 ten years out, the debt-to-earnings ratio is 0.80 - within the recommended range but worth monitoring.
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 median 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 Poor Value designation. Lower-income applicants should also weigh Ohio publics like Cleveland State.
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. Compare carefully against Kent State, Bowling Green, or Youngstown State before committing.
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. At that price, the 14.5-year payback period and weak completion rate make Lake Erie hard to justify versus better-resourced privates or out-of-state flagships where higher-income families would see comparable net prices and stronger outcomes.
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
Teacher Education posts a four-year median of $41,284 -- in line with Ohio teacher pay -- but median debt of $31,000 produces a 0.75 debt-to-earnings ratio and a D ROI grade. Lake Erie pricing simply does not pencil for an Ohio teaching career when state publics like Kent State or BGSU offer the same licensure pipeline at materially lower net prices. 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 | Nat'l Avg |
|---|---|---|
| 1-year repayment | 71.2% | 52.0% |
| 3-year repayment | 76.1% | 62.0% |
| 5-year repayment | 65.6% | 68.0% |
| 7-year repayment | 66.3% | 72.0% |
Completion Rate
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.
Compared with Scorecard peer set, Lake Erie sits in the same struggling-private-college band as Thiel College and Kentucky Wesleyan College, both small tuition-dependent privates with weak completion and elevated debt. Allegheny Wesleyan College and Art Academy of Cincinnati are even smaller niche institutions where outcomes data thins out. Rocky Mountain College in Montana is probably the most directly comparable peer in scale and ROI profile. Across this peer set, none clear the Fair Value threshold -- the cluster reflects a structural pricing-vs-outcome problem at small regional privates, not a Lake Erie-specific failure.
| 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: The Numbers Don't Add Up
The financial data raises serious concerns about Lake Erie College. With a net cost of $20,961 per year and median graduate earnings of only $50,417 ten years out, the estimated payback period exceeds 14.5 years. For most students, the financial return does not justify the cost.
Areas of concern include weak earnings relative to cost and a 38.0% graduation rate and high debt relative to what graduates earn and a long payback period.
Median debt of $26,000 against $50,417 in earnings is reasonable, though major choice matters significantly. Students in higher-earning programs will see better returns.
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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.