Loans and Financing Options

Financing Your Education

If you are interested in long-term financing for your college costs, Knox can direct you to a number of supplemental, non-subsidized loan programs, including:

Federal Direct PLUS Loan Program
The PLUS Loan is a fixed rate loan that allows a parent to borrow up to the cost of your education each year, less any financial aid you may have received.

Students whose parents fail to qualify for a Federal Direct PLUS Loan (for credit reasons) have expanded loan limits under the unsubsidized Direct Loan program. Depending on their college costs and financial aid, these students may borrow the standard Direct Loan limits, plus: $4,000 for the first two years of undergraduate study; or $5,000 for subsequent years of undergraduate study (after completing the first two years).

Private Educational Loans
Private loans are available to students who have no adverse credit history and have a credit-worthy co-signer. We encourage parents and students who seek private long-term financing to do some "comparison shopping" in order to find the best terms for their particular financial circumstances. It is advised that private loans be used only after the student's Federal Direct Loan eligibility has been exhausted.

Monthly Payment Plans
You may also find the payment options offered by Tuition Management Systems (TMS) helpful. For a $65 fee, the Monthly Payment Plan lets you spread your payments across 9 to 12 monthly installments. You can also choose a personally tailored combination loan/payment plan that lets you save interest while making smaller monthly payments. For a small convenience and enrollment fee, you can arrange to make your monthly payments by credit card. For more information on TMS options, visit www.afford.com/knox or contact the Business Office at 309-341-7343 or the Office of Financial Aid at 309-341-7149.