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Offices & Services > Office of Financial Aid > Financial Aid Handbook

Financial Aid Programs

Contact

Office of Financial Aid

2 East South Street

Galesburg, IL 61401-4999

309-341-7149

800-678-KNOX (Toll)

financialaid@​knox.edu

Purple pens given to campus visitors

Federal

Knox College administers the following major federal student financial aid programs. These are described in Funding Education Beyond High School, which is available online.

  • Federal Pell Grant (PELL)
  • Federal Supplemental Educational Opportunity Grant (SEOG)
  • Federal Work Study
  • Federal Perkins Loan
  • Federal Direct Loans (subsidized and unsubsidized)
  • Federal Direct PLUS (Parent Loans)

State

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.)

  • By applying for financial aid and agreeing to share that information with the Illinois Student Assistance Commission (ISAC) you have been considered for the State of Illinois (IL) Monetary Award Program (MAP) Grant. If you were determined to meet the eligibility criteria for the MAP grant, an award is included on this award letter. This award may be an estimate made by the financial aid office and, if so, is identified as a "State of IL MAP (Est)." MAP grants are limited based on the number of applicants and funding levels appropriated by the Illinois General Assembly. Please be aware that in light of state funding constraints, reductions to estimated or actual MAP grants are possible.
  • Eligibility for a MAP grant is being tracked by the equivalent number of semester credit hours of MAP benefits paid on your behalf. This is called MAP Paid Credit Hours. Payment for each term is being made according to the equivalent number of credit hours eligible for MAP payment, with a minimum of 3 and a maximum of 15 MAP Paid Credit Hours.
  • There is a limit on the number of MAP Paid Credit Hours that can be paid while you are classified by your school as a freshman or sophomore. This limit is the equivalent of 75 MAP Paid Credit Hours. If this maximum is reached, you must attain junior status for your MAP grant eligibility to resume. The maximum number of MAP Credit Hours that can be received is capped at 135.
  • If a State of IL MAP (Est) is not included in your award letter, you are not eligible for the grant at Knox College.
  • Knox Equivalent Information: In order to receive the MAP Grant included in your financial aid package, you must enroll in a minimum of 2.5 credits per term, which is the minimum for full-time enrollment. Once you have received full-time MAP payments for the equivalent of 8 terms at Knox (2 years plus 2 terms), you must attain junior standing to continue to receive a MAP Grant. Once you have received full-time MAP payments for the equivalent of 14 terms at Knox (4 years plus 2 terms), you are no longer eligible for a MAP Grant.

The Illinois Student Assistance Commission offers a number of other financial aid programs. More information is available online.

Institutional

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

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.

Knox College

http://www.knox.edu/offices/office-of-financial-aid/financial-aid-handbook/financial-aid-programs

Printed on Thursday, October 30, 2014