Types of Financial Aid

Financial aid packages are typically made up of three types of assistance:

Gift Aid (Grants and Scholarships)
Gift aid consists of grants and scholarships that don't have to be repaid. These may include Knox grants or scholarships, state grants, federal grants (Pell and Supplemental Educational Opportunity Grants), and scholarships from outside sources.

Loans
Loans—unlike gift aid—do have to be paid back. For subsidized loans, no interest accrues and no payment is due until you've been out of school for six to nine months. Federal Direct Stafford Loan maximums are: $5,500 for first-year students, $6,500 for sophomores, and $7,500 for juniors and seniors. The maximum award for Perkins Loans, usually reserved for very high need students, is $16,000 over the course of four years. Unsubsidized loans are available for students who do not qualify for subsidized loans based on need and students whose parent is denied for the Federal PLUS Loan.

Work Study
Work awards give you priority for campus jobs. Eligible students can work up to 10 hours per week and earn up to $2,400. Most work award recipients use their earnings to pay for personal expenses, books and supplies.