Financial Aid Programs

Federal

Knox College administers the following major federal student financial aid programs. These are described online.

• Federal Pell Grant (PELL)
• Federal Supplemental Educational Opportunity Grant (SEOG)
• Federal Work Study
• Federal Direct Loans (subsidized and unsubsidized)
• Federal Direct PLUS (Parent Loans)

State

State student aid programs may provide need-based and non-need-based grants/scholarships, work, and loan programs for residents. For more information on a particular state's student aid programs, the student should contact his/her state's higher education agency. All students who consider borrowing funds to meet their educational costs should investigate the availability of grant assistance, including state grant assistance, before taking a student loan.

Illinois residents apply for the Illinois Student Assistance Commission's (ISAC) Monetary Award Program (MAP), a need-based grant program, by completing the Free Application for Federal Student Aid (FAFSA) and listing Knox College, school code 001704. MAP Grants are awarded until funds are depleted. Shortfalls in funding have often resulted in earlier cutoff dates. Knox College will not make up the shortfall for eligible students who submit their FAFSA too late to receive the grant.

Institutional

Knox College has its own scholarship, grant, work, and loan programs to assist students in meeting college costs. Renewable academic scholarships are awarded to new students only. When a student applies for admission to Knox, he/she is notified of his/her eligibility for scholarships, and scholarships are awarded at the time of admission. Knox also sponsors National Merit Scholarships.

Most Knox Grant funds are awarded on the basis of need. Campus employment, which may be awarded to financial aid recipients, is available on a limited basis to students who do not qualify for Federal Work Study. Under some circumstances and dependent upon the availability of funds, Knox may make a long-term loan to a student.

Private

Private scholarships/grants are available from local and national organizations and foundations. Students are encouraged to investigate their eligibility for these funds and required to report receipt of any awards to the Office of Student Financial Services. Knox College generally allows such private or "outside" awards to reduce either the family contribution or the student's loan and/or work awards as long as total aid does not exceed financial aid eligibility. The Office of Student Financial Services notifies students of any adjustments to a financial aid package based on receipt of private scholarships. Most scholarship agencies send checks to the Office of Student Financial Services and the awards are distributed evenly among Knox's three terms.