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: $5,500 for first-years, $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.
• Work awards give you priority for campus jobs. Eligible students can work up to 10 hours per week and earn up to $2,350. 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 2008 qualified for need-based financial assistance. The following chart reflects awards received by students in Fall of 2008.

Number and Range of Awards Received by Enrolled First-Year Students for Fall 2008 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

Complete the following steps to apply for all need-based financial assistance (including federal, state, and Knox grants; campus employment; and educational loans) available at Knox.

1. Complete and file the 2009-2010 Free Application for Federal Student Aid (FAFSA).
Required for consideration for federal, state, and institutional aid. You may download a FAFSA on the Web Worksheet (PDF) to complete which will assist you in filing your FAFSA electronically. Prospective students should file by February 15 for priority consideration.

• Apply for Federal Student Aid Personal Identification Numbers (PINs) for the student and one parent at www.pin.ed.gov.
• Complete your FAFSA on the Web Worksheet (PDF) using information from your completed 2008 U.S. Income Tax Returns. Then, file your FAFSA electronically after January 1 at www.fafsa.ed.gov. List Knox College in Section Five of your FAFSA, using Knox's Federal School Code of 001704.
• Be sure to provide student and parent PIN numbers. These serve as your electronic signatures for the FAFSA application.

2. Complete and return the Knox Application and Verification Form (PDF).
Required for Knox Grant Aid and to verify the information provided on the FAFSA.

• Complete all required sections of the form
• If the answer is "0" or a question does not apply, write in "0."
• Remember to sign and date PART E.
• The Non-Tax-Filer Statement (PART F) must be completed and signed only if the student and/or parent was not required to file a 2008 U.S. Income Tax Return.
  Send to: Office of Financial Aid, Knox College, 2 East South Street, Campus Box K-234, Galesburg, IL 61401

3. Send signed photocopies of your parent(s)' and your 2008 U.S. Income Tax Returns.

• As soon as they are complete and ready to file with the IRS, send signed copies of tax returns, W-2 forms, and the following schedules, if applicable: A (Itemized Deductions), B (Interest and Ordinary Dividends), C (Profit or Loss from Business), E (Supplemental Income and Loss), F (Profit or Loss from Farming), SE (Self Employment Tax).
• Send to: Office of Financial Aid, Knox College, 2 East South Street, Galesburg, IL 61401. If you and/or your parents do not file a tax return, you should complete and sign the Non-Tax Filer Statement (PART F) of the Knox Application and Verification Form. Do not send copies of state tax returns.

HELPFUL TIPS AND WHAT TO EXPECT

• File your FAFSA by February 15 for priority consideration.
• Keep photocopies of all forms for your records.
• If your family's tax returns will not be completed until March or April, you may complete the FAFSA and the Knox 2009-2010 Application and Verification Form with estimated 2008 income figures. Please forward W-2s and signed federal tax returns to our office as soon as they are complete.
• Shortly after you file your FAFSA, you will receive a Student Aid Report (SAR) from the Federal Student Aid Programs. Your SAR will arrive by e-mail if you provide an e-mail address, or by regular mail if you do not. Review the SAR carefully and make any corrections needed. If you make corrections, you and your parent must electronically sign again using your PINs.
• Knox will receive an analysis of your financial aid application shortly after you have filed the FAFSA. The Office of Financial Aid begins sending official award notifications in mid-March. If you have been admitted, you should receive notification within a couple of weeks of our receipt of all requested documents.

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, visit www.afford.com/knox or contact the Business Office or the 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.