Lake Forest College
Lake Forest, Illinois · Private Nonprofit · 56.8% acceptance rate
ROI Score: 61/100 · Fair Value
Lake Forest College scores 61 (Fair Value) — a weak result for a selective liberal arts college charging $56,402 in tuition. The school delivers $41,100 median 6-year earnings at a net price of $28,673 and a 9.5-year payback. The 77.8% completion rate and 84.7% repayment rate are the school's strongest metrics, suggesting most students finish and can manage their debt. But median debt of $26,158 with a debt-to-earnings ratio of 0.636 is significant against those earnings. Lake Forest's proximity to Chicago should improve outcomes relative to comparable liberal arts schools in less labor-market-rich locations, but the data does not yet show a strong Chicago-market wage premium for most programs. Finance is the only program producing earnings that clearly justify the cost.
Lake Forest College
Quick Numbers
| In-state tuition + fees | $56,402/yr |
| Out-of-state tuition + fees | $56,402/yr |
| Average net price | $28,673/yr |
| Total 4-year cost (net) | $114,692 |
| Median earnings (10yr post-entry) | $61,825 |
| Median earnings (6yr post-entry) | $41,100 |
| Median debt at graduation | $26,158 |
| Estimated monthly loan payment | $277 |
| Estimated payback period | 9.5 years |
| 6-year graduation rate | 77.8% |
| Undergraduate enrollment | 1,813 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Lake Forest College is $56,402/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $28,673/year, or roughly $114,692 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $19,605/year, while families earning over $110,000 pay $35,341/year.
The median graduate leaves with $26,158 in federal loan debt, translating to an estimated monthly payment of $277 on a standard 10-year repayment plan. Against median earnings of $61,825 ten years out, the debt-to-earnings ratio is 0.64 - 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 | $19,605 |
| $30,001 - $48,000 | $20,210 |
| $48,001 - $75,000 | $21,481 |
| $75,001 - $110,000 | $26,055 |
| $110,001+ | $35,341 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families under $30,000 pay $19,605 net per year — about $78,400 over four years. This is an expensive entry point for low-income families at $41,100 median earnings. Low-income students should target finance or business and maximize merit and need-based aid aggressively. The 77.8% completion rate means most enrolled students finish, which partially offsets the debt risk.
Middle-income families ($30K-$110K)
The $48,001-$75,000 bracket pays $21,481 net and the $75,001-$110,000 bracket pays $26,055 — a fairly tight range. Middle-income families face a 9-12 year payback at median earnings for most programs. Finance graduates escape this; humanities and social science graduates face longer timelines.
Higher-income families ($110K+)
Families earning $110,000+ pay $35,341 net per year — about $141,000 over four years. The full-pay ROI at Lake Forest is poor except for finance and possibly economics. High-income families paying this amount should compare against DePaul, Illinois, or private alternatives that either carry better outcomes or stronger brand premiums.
Earnings by Major
Top 10 most popular majors at Lake Forest College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration and Management | $74,632 | C |
| Finance and Financial Management | $98,583 | B |
| Biology | $48,287 | D |
| Economics | $53,529 | C+ |
| Romance Languages | $52,598 | D |
| Natural Resources Conservation | $26,998 | - |
| International Relations | $61,770 | D |
| English Language and Literature | $58,901 | D |
| Communication and Media Studies | $64,580 | C |
| Computer Science | $77,554 | C |
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.
Finance and Financial Management
Finance (31 graduates) earns $61,264 at year one and $98,583 at year four — Lake Forest's strongest program — with a debt-to-earnings ratio of 0.441 (ROI grade B) and $27,000 median debt. The four-year trajectory to nearly $100k reflects Chicago financial services market placement. Finance is the one program at Lake Forest where the cost structure is clearly defensible.
Economics
Economics (24 graduates) earns $53,529 at year one with a debt-to-earnings ratio of 0.504 (ROI grade C+) and $27,000 median debt. Four-year earnings data is unavailable. Near-term economics outcomes are workable but not exceptional. Students in Lake Forest's Chicago network can access financial and consulting recruiting, though competition from University of Chicago and Northwestern graduates is intense at the top firms.
Business Administration and Management
Business Administration (47 graduates) earns $44,283 at year one and $74,632 at year four with a debt-to-earnings ratio of 0.610 (ROI grade C) and $27,000 median debt. Returns are below average for the price point. The four-year jump to $74k suggests career progression but the near-term starting wages are modest for a school at this cost.
Biology
Biology (26 graduates) earns $33,380 at year one and $48,287 at year four with a debt-to-earnings ratio of 0.809 (ROI grade D) and $27,000 median debt. Biology at Lake Forest follows the same pattern as at most liberal arts colleges: low near-term wages, heavy graduate school pipeline. The year-four ceiling of $48k for bachelor's-level completers is poor for the debt load.
Natural Resources Conservation
Natural Resources Conservation (19 graduates) earns $26,998 at year one — no debt-to-earnings data reported. Near-minimum-wage entry-level environmental employment is the starting reality for most conservation graduates, regardless of institution. Students pursuing this field at Lake Forest's price need a clear plan for graduate school or specific career pathways where Lake Forest's location near the Chicago environmental nonprofit sector provides concrete advantages.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 80.7% | 52.0% |
| 3-year repayment | 84.7% | 62.0% |
| 5-year repayment | 82.4% | 68.0% |
| 7-year repayment | 88.0% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 56.8% |
| SAT Math (25th-75th) | 590-680 |
| SAT Reading (25th-75th) | 600-713 |
| ACT Composite (25th-75th) | 28-32 |
| Enrollment | 1,813 |
| Pell Grant recipients | 32.2% |
| Avg faculty salary (monthly) | $9,044 |
A 56.8% acceptance rate with ACT 28-32 places Lake Forest in moderately selective territory. The school competes for students with Augustana, Illinois Wesleyan, and North Central College in the Illinois liberal arts space. Merit aid is the primary lever for enrollment.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Lake Forest's listed peers include School of the Art Institute of Chicago, Augustana College, St. Francis College, Moravian University, and Lawrence Technological University. Augustana College (IL) is the closest functional peer — a similar-size Illinois liberal arts college with comparable admissions profile. Lawrence Tech has stronger STEM outcomes due to its engineering focus. Lake Forest's ROI of 61 is comparable to Augustana but below Lawrence Tech. Among Chicago-area liberal arts options, Lake Forest's location is a real asset; the challenge is that median earnings don't yet reflect a strong Chicago-market premium across most programs.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Lake Forest College (this school) | 61 | $28,673 | $61,825 |
| Augustana College | 67 | $22,736 | $62,971 |
| Lawrence Technological University | 65 | $32,918 | $69,151 |
| Moravian University | 59 | $30,670 | $61,860 |
| St. Francis College | 57 | $18,129 | $58,099 |
| School of the Art Institute of Chicago | 21 | $49,790 | $40,151 |
Who Thrives Here
Lake Forest admits 56.8% of applicants with SAT mid-ranges of 590-680 Math and 600-713 Reading, and ACT 28-32. The school is moderately selective among Chicago-area liberal arts colleges. The 32.2% Pell rate indicates meaningful economic diversity for a school at this price. Lake Forest fits students who want a small residential liberal arts college experience close to Chicago, value the access that suburban North Shore location provides to city internships, and can negotiate net price to $20,000 or below. Students who cannot get below $25,000 net price should compare the financial outcomes carefully with University of Illinois or Illinois State.
The Verdict: A Reasonable Bet - With Caveats
Lake Forest College offers fair financial value, though the ROI depends heavily on individual circumstances. The net cost of $28,673 per year leads to $114,692 over four years, while graduates earn a median of $61,825 a decade out. The payback period of 9.5 years is about average - not bad, but not a standout either.
Key strengths include a 77.8% graduation rate, high loan repayment success. However, the data also shows high debt relative to what graduates earn.
Median debt of $26,158 against $61,825 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.