Financial Aid

Contents

Determining Eligibility
Applying for Financial Aid – U.S. Citizens and Permanent Residents
Applying for Financial Aid—International Students
Financial Aid Implications of Various Academic Topics
     Financial Aid and Satisfactory Academic Progress Standards
     Incompletes 
     Withdrawals 
     Repeated Courses 
     Transfer Credits 
     December Break 
     Remedial Courses 
     Credit-By-Examination 
     Correspondence Courses and Non-Credit Courses 
Outside Financial Assistance
International Student Financial Aid Award Policy
Withdrawals, Refunds and Return of Title IV Funds
     Withdrawal from the College
     Official Withdrawal
     Unofficial Withdrawal
     Special Circumstances
     Refund/Cancellation of Knox Charges
     Return of Title IV (Federal) Financial Aid
     Order of Funds to be Returned
     Refund of Funds from the Illinois Student Assistance Commission Monetary Award Program (MAP)
     Refund of Institutional Financial Aid
     Refund of Private Scholarships, Grants and Loans
Example of a Refund and Return of Title IV Financial Aid

Knox College maintains a comprehensive program of scholarships, grants, loans and campus employment for students whose personal and family financial resources are not sufficient to meet the cost of a Knox education. The Knox financial aid program is designed to help make Knox affordable for every student admitted to the College. In 2008-2009, approximately 67 percent of Knox students demonstrated eligibility for need-based financial aid.

Applying for financial aid does not jeopardize a student’s chances for admission, since admission to Knox for U.S. citizens and permanent residents is based solely on academic and personal qualifications of the applicant. For international students, admission criteria are more restrictive because of the unavailability of federal and state grants and loans for these students.

Determining Eligibility

Eligibility for need-based financial aid depends on how much you and your family can contribute to college costs. All need-based assistance programs are based on the premise that students and parents should pay for college to the extent they are able, and that financial aid should help make up the difference between the cost of the school and what you can afford.

When you file an application for financial aid, the federal financial aid formula is used to calculate your EFC - Expected Family Contribution - a federal eligibility number. The Office of Financial Aid compares your EFC to our college costs. If our costs exceed the amount of your contribution, you are eligible for need-based financial aid. A typical financial aid package may include a combination of grants, scholarships, loans, and campus employment from state, federal, and institutional sources. The amount and type of financial aid our students receive varies according to their eligibility and the availability of funds.

Application for all need-based financial aid must be made after January 1 each year by filing the Free Application for Federal Student Aid (FAFSA), which is available electronically on the web at www.fafsa.ed.gov or as a paper form. New students should file no later than February 15 for priority consideration. Returning students should file no later than April 15, and they must turn in all required documents by May 31. For complete instructions and forms, see www.knox.edu/finaid. Maintaining satisfactory academic progress is a condition for receiving financial aid. The standards used by the Academic Standing Committee to determine satisfactory academic progress apply to financial aid eligibility as well. For a detailed explanation of Knox’s standards, see the section on Financial Aid and Satisfactory Academic Progress Standards under Financial Aid Implications of Various Academic Topics.

Applying for Financial Aid – U.S. Citizens and Permanent Residents

To apply for financial aid at Knox, students must complete the following steps:

1. New Students: Apply for admission to Knox College by December 1( Early Action) or by February 1 (Regular Decision). (See complete instructions and forms online at www.knox.edu/finaid)
2. Complete and file a Free Application for Federal Student Aid (FAFSA) after January 1.  A FAFSA may be filed electronically at www.fafsa.ed.gov with federal student aid PIN numbers for both student and parent, which can be applied for at www.pin.ed.gov. Additional documents, including a Knox Application and Verification Form, as well as parent and student tax forms are also required. Priority for financial assistance is given to new students who file by February 15 and returning students whose files are complete by May 31. Application for all need-based financial assistance, including federal, state, and Knox grants, campus employment, and educational loans, must be made annually.
3. On the FAFSA, list Knox College to receive a report from the Department of Education. Our federal school code is 001704.

Applying for Financial Aid—International Students

International students requiring financial assistance should contact the Knox Office of Admission for financial aid application procedures.

Financial Aid Implications of Various Academic Topics

Financial Aid and Satisfactory Academic Progress Standards
To remain at Knox, all degree-seeking students are expected to make satisfactory academic progress. Satisfactory progress is defined both in terms of the accumulation of credits toward the degree, and as the maintenance of a gradepoint average consistent with graduation requirements. Students will be considered to be making satisfactory academic progress if they:

1. earn at least 7 credits for each 3 terms of enrollment (an average of 2.33 credits per term),
2. complete their requirements for graduation in no more than 18 terms, and
3. maintain a cumulative gradepoint average of 2.0 or better.

Transfer, summer study, and exam credits count toward the credit accumulation requirement at the rate of 1/3 of a Knox term per Knox course credit.

The Financial Aid Office follows the decisions of the Academic Standing Committee in determining whether a student is meeting the College’s satisfactory academic progress standards. Although a student may be placed on probation or conditionally good standing, if the Academic Standing Committee does not dismiss the student or place him/her on mandatory academic leave, he/she may continue to receive financial aid with the following exceptions:

1. The College will provide institutional (Knox) grants and scholarships for no more than 15 terms, pro-rated for transfer students. Appeals based on special circumstances may be made to the Director of Financial Aid.
2. Eligibility for federal and state financial aid has statutory limits. For students receiving the State of Illinois MAP Grant, 14 terms is the maximum. A student enrolled beyond 15 terms is likely to be unable to borrow because of the federal loan maximums. Students who expect to be enrolled beyond 14-15 terms (pro-rated for transfer students) should check on financial aid availability with the Office of Financial Aid.

For purposes of determining satisfactory progress, grades of W received for reasons of verified illness or other conditions beyond the student’s control may be excluded if the student successfully petitions the Academic Standing Committee to do so.

For special status students taking fewer than 2.5 courses per term, a term of partial enrollment counts as part of a term. Thus, each course credit for which the student enrolls counts for 1/3 of a term toward the credit accumulation rule.

Normally, students making satisfactory academic progress are said to be in good academic standing. In some cases, where performance is declining, students who are still making satisfactory progress may be placed on academic probation, as explained fully in the section Academic Rules and Regulations, under the heading Academic Difficulty: Probation and Dismissal.

Incompletes 
If an incomplete grade is approved, the student normally has four weeks from the last day of exams to complete the work. An incomplete grade may delay review by the Academic Standing Committee. Such a delay may result in probationary status or dismissal even though the Committee’s action has to be taken after the start of the next term. If a student who has begun a new term has received any federal and/or state financial aid to meet the new term’s educational costs and is dismissed by the Academic Standing Committee, all federal and/or state aid provided for the new term will be recovered from the student. The student’s financial aid budget and financial need will not be adjusted due to any additional costs incurred because of an incomplete grade, e.g., adjustment to living allowance because of extended stay on campus to complete work.

Withdrawals 
After the add/drop period, a student may only withdraw from a course. The student will receive a “W.” A “W” does not count in grade indices. There is no adjustment in financial aid when a student withdraws from a course, and no adjustment is made in the tuition charged by the College. A student who withdraws from the College during a term should refer to the section Withdrawals, Refunds and Return of Title IV Funds. Withdrawals are counted in the credit accumulation requirement except by successful petition to the Academic Standing Committee.

Repeated Courses 
Only a few courses may be taken more than once for credit. The Catalog notes “may be repeated for credit” for these courses. If a student repeats any other course, only the credit earned the second time is counted toward graduation, but the record of the first taking remains on the student’s transcript and counts in grade indices and toward the credit accumulation rule.

Transfer Credits 
Credits earned prior to matriculation at Knox are evaluated for transfer by the Registrar. In general, liberal arts subjects in which grades of C or better were earned are accepted. No more than 18 credits are accepted from community colleges. No more than two credits may be earned through correspondence or Internet courses. Because of the residency requirement, no more than 22.5 transfer credits overall may be accepted. Transfer credits are not counted into grade indices, but they count toward the credit accumulation rule.

December Break 
An optional three-week interim session is scheduled between Fall and Winter terms. Students selecting a course may enroll for up to one credit. Since December Break is not part of the regular academic year, is equivalent to less than half-time enrollment during a normal term, and is a discretionary choice by the student, no financial aid is available for this period. However, credits received during December Break are included in grade indices and count toward the credit accumulation rule.

Remedial Courses 
Credit is given for remedial courses and they count toward the satisfactory academic progress requirements. Financial aid is available for these courses.

Credit-By-Examination 
A maximum of 9 credits in all subjects may be earned through credit-by-examination through Advanced Placement or International Baccalaureate programs. Credits earned by examination are not counted into the grade indices, but they count toward the credit accumulation rule.

Correspondence Courses and Non-Credit Courses 
Knox does not offer correspondence or non-credit courses.

Outside Financial Assistance

The Financial Aid Office contacts within 30 days any institution and/or agency that provides a student with outside financial assistance, e.g., federal loans, Veteran’s Educational Benefits, when there is a change in the student’s status that affects his or her eligibility for those funds.

International Student Financial Aid Award Policy

An international student who receives financial aid should review the international student financial aid award policy notification that was part of his/her financial aid package. The amount of grant assistance awarded is guaranteed for four years, or a pro-rated length of time for transfer students, contingent upon the following:

• the student enrolling full-time for each term;
• the student residing and taking meals on campus;
• the student maintaining satisfactory academic progress; and
• the student meeting all financial obligations to the College, that is, the student paying all bills in a timely manner.

Financial assistance is adjusted accordingly if these conditions are not met.

Withdrawals, Refunds and Return of Title IV Funds

Withdrawal from the College
When students withdraw from all classes during a term, it is the College’s responsibility to determine their withdrawal date for the purposes of the return of Title IV (federal) financial aid and the refund/cancellation of charges and non-federal financial assistance.

Official Withdrawal
For students to be considered officially withdrawn, they must notify the college in writing or orally of their intent to withdraw by contacting one of the following college officials: the Dean of Students, one of the Associate/Assistant Deans of Students, the Associate Dean of the College. The withdrawal date is the date that the students notify one of the above-named college officials of their intent to withdraw and/or begin the withdrawal process by completing a withdrawal/leave of absence form. The offices for most of these officials are on the first floor of Old Main, and their office hours are 8-12 and 1-4:30, Monday through Friday.

Unofficial Withdrawal
If students cease attendance without providing official notification to the College, the withdrawal date is the mid-point of the term, except that the College may use as the withdrawal date a student’s last date of attendance at an academically related activity, as documented by the College.

Special Circumstances
If the College determines that a student did not provide official notification because of illness, accident, grievous personal loss, or other such circumstances beyond the student’s control, one of the above-named Deans may determine a withdrawal date related to that circumstance. If the Academic Standing Committee places a student on mandatory academic leave in the course of a term, the Associate Dean of the College shall determine the student’s withdrawal date.

Refund/Cancellation of Knox Charges: On-Campus Enrollment
Students who officially withdraw between the beginning of a term and the end of 60% of a term are entitled to a pro-rata cancellation of that term's charges for tuition, activity fee, room and board. For example, if the student has completed 30% of the term, 70% of his/her charges will be cancelled. After 60% of the term has been completed, no charges are cancelled.

If students remain on campus beyond their official withdrawal date, they are charged for room and board costs through the date of departure, as determined by the Office of Student Development.

Refund/Cancellation of Knox Charges: Off-Campus Enrollment
Only students who withdraw from a program officially and by the end of 60% of the term are eligible for a refund. Insofar as possible, refunds for off-campus programs follow the pro-rata cancellation policy stated above. Exceptions: No part of a program fee expended on a student's behalf is refunded in the event of the student's withdrawal from a program before its completion. In some cases, students are obligated for expenses incurred before the program begins. (Note: this policy applies to Knox, ACM, and other approved off-campus programs.)

Return of Title IV (Federal) Financial Aid
When a student withdraws during a term, the amount of federal financial aid earned by the student is determined on a pro-rata basis up to the end of 60% of the term. For example, if the student has completed 30% of the term, he or she has earned 30% of the aid originally scheduled to be received. Once a student has completed more than 60% of the term, he or she has earned all of his or her federal financial aid. (Federal Work Study funds are excluded from the return of Title IV funds requirements.)

If a student has received excess funds, the College must return a portion of the excess equal to the lesser of:

• the student's institutional charges multiplied by unearned percentage of funds, or
• the entire amount of the excess funds.

If the aid to be returned is in the form of a loan that has been released to the student (or parent) borrower, the student (or parent) can repay the loan in accordance with the terms of the promissory note over a period of time.

If the aid to be returned is in the form of grant funds, the law provides that the student may repay 50% of the grant rather than 100%.

Order of Funds to be Returned
The funds must be credited to outstanding loan balances or to any amount awarded for the term in which a return of funds is required in the following order:

1. Unsubsidized Federal Direct Stafford Loans
2. Subsidized Federal Direct Stafford Loans
3. Federal Perkins Loans
4. Federal PLUS Loans received on behalf of the student
5. Federal Pell Grants
6. Academic Competitiveness Grants
7. National Smart Grants
8. Federal SEOG Grants

Refund of Funds from the Illinois Student Assistance Commission Monetary Award Program (MAP)
Per the rules of the Illinois Student Assistance Commission, if a MAP recipient withdraws after the census date (the end of the second week of the term), the student may receive MAP grant payment for the costs incurred up to the term award provided the college’s tuition refund policy indicates that the student has incurred charges in the amount of the claim.

Refund of Institutional Financial Aid
Institutional financial aid consists of Knox Grant, Knox Scholarships and Knox Loans. The refund/cancellation of institutional financial aid follows the pro-rata policy for the cancellation of institutional charges. When a student withdraws by the end of 60% of a term, a pro-rated portion of her or his institutional financial aid is returned to the program(s) from which the student received funds. After 60% of a term has been completed, there is no cancellation of financial aid.

Refund of Private Scholarships, Grants and Loans
Unless otherwise requested by the donor or a private scholarship, grant or loan award, the refund/cancellation of private financial assistance follows the pro-rata policy for the cancellation of institutional charges and institutional financial aid.

Example of a Refund and Return of Title IV Financial Aid

Student enrolls for spring term, beginning on March 25, 2009 and ending on June 2, 2009 (70 days). Student withdraws from all courses on April 13, 2009.

Refund Calculation
Total Charges for Tuition, Fees, Room and Board $12,411
March 25 to April 13 (withdrawal date)
     = 20 days/70 days in term = 28.6% of the term
Pro-rata charges: 28.6% x $12,411 = $3,550
Refund/cancellation of charges = $12,411 - $3,550 = $8,861

Return of Title IV Aid Calculation
Step 1. Title IV Aid Disbursed on March 30, 2009:
   Subsidized Direct/Stafford Loan $ 1,161
   Perkins Loan $666
   Pell Grant $1,527
   SEOG Grant $ 350
   Total Title IV aid disbursed $3,704

Step 2. Percentage of Title IV Aid Earned:
  20 days of enrollment/70 days in term = 28.6%

Step 3. Amount of Title IV Aid Earned: 28.6% x $3,704 = $1,059

Step 4. Total Title IV Aid to be Returned: $3,704 - $1,059 = $2,645

Step 5. Amount of Unearned Title IV Aid Returned by the School:
   Subsidized Direct/Stafford Loan $1,161
   Perkins Loan $666
   Pell Grant $817
   Total Title IV aid returned to federal programs $2,644