Knox College administers the following major federal student financial aid programs. These are described in Funding Education Beyond High School, which is available online.
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 file too late to receive the grant.
The state of Illinois requires that we include the following information about MAP eligibility. (Please see Knox Equivalent Information below to see how these limitations apply.)
The Illinois Student Assistance Commission offers a number of other financial aid programs. More information is available online.
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 most 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 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 Financial Aid. 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 Financial Aid 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 Financial Aid and the awards are distributed evenly among Knox's three terms.