Making it happen. The commitment we make to helping you afford Knox is an important part of what makes a Knox education such a great value. Our Office of Financial Aid is ready to help you plan your educational investment and apply for all available funding. The basics follow. If at any time you have questions, we'd be more than happy to help. Just contact us.

Financial Aid for Returning Students
Financial Aid for International Students
Types of Financial Aid
Calculating Your Financial Need
Applying for Financial Aid
Financing Your Education

Types of Financial Aid
A need-based financial aid package is typically made up of three types of assistance:

• 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—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: $3,500 for first-years, $4,500 for sophomores, and $5,500 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.
• Work awards give you priority for campus jobs. Eligible students can work up to 10 hours per week and earn up to $2,250. Most work award recipients use their earnings to pay for personal expenses, books and supplies.

Calculating Your Financial Need
Knox calculates your need-based financial aid award using a formula that considers your family's ability to pay (taking into account adjusted gross income, non-taxable income, federal and state taxes, assets, household size and the number of students in college) versus the cost to attend Knox, less any merit-based scholarships you might have been awarded.

Approximately 69 percent of new (U.S. first-year) students entering in the fall of 2006 qualified for need-based financial assistance. The following chart reflects awards received by students in Fall of 2007.

Number and Range of Awards Received by Enrolled First-Year Students for Fall 2007 who demonstrated financial need. Awards include scholarships, grants, loans (subsidized and unsubsidized), and student employment from federal, state, Knox, private foundations, and agency sources.

Applying for Financial Aid
To apply for financial aid at Knox, you should complete these three steps:

• Step One—File the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov after January 1 and by February 1 for priority consideration. Enter Federal School Code 001704 to indicate Knox as one of your college choices.

Federal Student Aid PINs for the student and one parent (of a dependent student) are required to file the FAFSA online. To apply for a PIN, go to www.pin.ed.gov.

• Step Two—Complete the Knox Financial Aid Worksheet (PDF) and submit it to the Office of Financial Aid by February 1.
  
  
• Step Three—Send signed photocopies of parent and student U.S. Income Tax Returns, schedules, and W-2 forms for 2007 by February 1 or as soon as they are complete and ready to file. If you or your parents do not file a tax return, you should complete and sign a Non-Tax-Filer Statement (PDF). 

See the Financial Aid Application Checklist for more information about how to apply.

You must re-apply for need-based financial aid each year you're at Knox.

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 the Federal Direct PLUS Loan Program, 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).

In addition to the unsubsidized Federal Direct Loan and Federal Direct PLUS loan programs, a large number of private educational loan programs are available. Knox can tell you about several programs with attractive features, including competitive interest rates, varied repayment and deferment provisions, and proven records of service.

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. For a sample of the private education loan programs available, click here.

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, call our Office of Financial Aid at 800-678-KNOX.

Returning Students
Need-based financial aid is not automatically renewable. You must reapply and continue to qualify for grants, loans, and/or work awards each year you're at Knox. For instructions and forms, visit the Financial Aid for Returning Students Web page.

International Students
Please be advised that the information provided on this page is only for citizens and permanent residents of the United States. See the Financial Aid for International Students Web page for information about financial aid options for international students. Private educational loans are available to international students with a creditworthy co-borrower who is a U.S. citizen or permanent resident.