Billing and Payment Plans
The student billing process and the various financing options available at Knox College are described below. Parents may be particularly interested in when and for what the student is billed. Payment plans, student loans, and parent loans are covered in this section.
Tuition, Fees, Room, and Board Charges
Standard charges for the 2013-2014 academic year include the following:
- Tuition: $38,286
- Fees: $666
- Room: $4,206
- Board: $4,194
For the 2013-2014 academic year, the total charge is $47,352 or $15,784 for each of the three terms. The first term bill will also include a one-time charge of $90 for a mandatory accident insurance plan. Additionally, a mandatory Health Services Fee of $70 will be assessed each term.
There are additional costs related to going to college. The school does not bill students for these items, but families must take these expenses into consideration. Students will need money to buy books and supplies ($200-$400 each term). Students will also need money for doing their laundry, buying snacks, and personal items. In addition, students may make several trips home during the school year and need money for transportation. Such costs depend upon distance and method of travel.
Knox College's Business Office sends billing statements to the student at his/her home address for one-third of the comprehensive fee--tuition, fees, room, and board--several weeks prior to the beginning of each of the three terms. Unless other arrangements have been made, payment is expected in full, less any financial aid, two to three weeks prior to the first date of each term.
If the student is receiving financial assistance, review the information under Crediting Financial Aid to a Student's Account below. Some types of assistance are credited directly to the student's account and reduce the balance due. Advance payments will also appear as a credit on the billing statement.
If the student will receive assistance from a source not yet credited to the student's account, the parent or student should write the source and amount of additional funds on the billing statement, deduct the amount from the balance due to determine what is actually owed, and return the billing statement along with a check for the balance due to the Business Office. All outside scholarships should also be reported to the Office of Financial Aid.
Crediting Financial Aid to a Student's Account
With the exception of Federal Work Study/campus employment, one-third of the financial aid awarded to a student is credited directly to the student's account each term. The remaining balance is due from the family.
If the student receives a scholarship, e.g., Lincoln, Muelder, Scripps, Founders, Academic, and/or grant(s), e.g., Federal Pell, Federal SEOG, State of IL MAP, Knox Grant, private scholarship, one-third of each scholarship/grant is credited directly to the student's account each term.
Federal Work Study and campus employment wages are not credited to a student's account. If the student is awarded Federal Work Study or campus employment, the student must work to earn the award. A student's earnings are dependent on the number of hours the student works.
Students are paid every two weeks. A paycheck is deposited to a student's bank account. Students may use their campus employment earnings to cover books, supplies and personal expenses. If a student wishes to use earnings to pay his/her bill, arrangements must be made in advance with the Business Office.
If a student is offered and accepts a Federal Perkins Loan, one-third of the loan is credited directly to the student's account each term.
If a student is offered and accepts a Federal Direct Loan, one-third of the loan proceeds are credited directly to the student's account each term. The disbursement amount on a Direct Loan is less than the loan amount because the federal government charges an origination fee of 1.051%. This charge is subtracted from the loan amount and the difference is the total disbursement amount. For a loan of $5,500, the student would receive about $5,442, or $1,814 per term. Disbursements are credited directly to the student's account each term.
Multiple disbursements of federal student loans are required by law. If a student fails to enroll for any term, the remaining disbursement(s) will be cancelled.
One-third of a private student loan is credited directly to the student's account each term. Fees and interest rates vary by lender.
If the parent(s) takes a Federal Direct PLUS Loan, one-third of the loan amount, less a 4.204% origination fee, will be credited to the student's account each term.
Many families find their financial obligations are more manageable if they can make a number of smaller payments through the year, rather than paying the charges due once each term. In partnership with Tuition Management Systems (TMS), Knox offers a variety of payment plans, as well as a credit card payment option and a combination payment plan/parent loan.
For more information, please get in touch with the Financial Aid Office or Business Office. You may contact Tuition Management Systems at: 171 Service Avenue, 2nd Floor, Warwick, RI 02886.
Toll free: 1-800-722-4867, Outside the U.S.: 401-921-3700, website: www.afford.com/knox, e-mail: firstname.lastname@example.org