Need-Based Financial Aid
Need-based financial aid is awarded on the basis of a student's and his/her family's ability to pay. Financial aid eligibility or financial need is the difference between the student's educational costs and the family's expected contribution, as calculated using the family information reported on the Free Application for Federal Student Aid (FAFSA), Knox Financial Aid Application, federal tax transcripts, and any other requested documents.
Student's Educational Costs
Typically a Knox student is enrolled full-time for the full year, lives on campus, and takes a room and board contract.
Dependent students: The majority of students at Knox are considered dependents of their parent(s) for financial aid purposes. Normally, they live on-campus.
Independent students: Independent status is determined by federal regulations. Independent students may be married and/or have dependents and are usually older than the traditional college student. Independent students usually live and eat off-campus. Their tuition and fee charges and estimated costs of books and supplies are the same as other students, but off-campus and off-board students are not charged for room and board.
Comprehensive Fee: The comprehensive fee for 2013-2014 is $47,352 which includes:
- Tuition: $38,286 - same for in-state and out-of-state students
- Fees: $666 - same for all students
- Room: $4,206 - standard residence hall, double occupancy room*
- Board: $4,194 - all plans
A mandatory accident insurance charge of $90 will be assessed to the fall term billing statement. A mandatory Health Services Fee of $70 will be assessed each term.
Students receive a billing statement for one-third of the comprehensive fee several weeks before the beginning of each of the three terms. Payment is due two to three weeks prior to the first day of each term.
*Additional costs will be incurred for living in single rooms or apartments.
Other Expenses: In addition to tuition, fees, room, and board charges, a student should budget for other types of expenses. The student will need money to pay for books and supplies, transportation to and from campus, money for laundry, snacks, and miscellaneous. The Office of Financial Aid makes the following allowances for these expenses:
- Books and Supplies: $900 ($300 per term)
- Personal Expenses/misc.: $1,000 (approximately $33 per week while in school)
The student's actual expenses will vary depending on courses taken and spending habits.
Commuters and off-campus/off-board students: Students who commute to campus from home (with parents or another relative) are not charged for room or board, and their budgets are adjusted accordingly. Instead of room and board charges, the annual living allowance for commuter students is $2,250.
Knox Grant, which is awarded based on financial need, will be reduced for students who are off-campus and/or off board.
Family's Expected Contribution
The student and his/her family must complete an application for financial aid to enable the College to determine the family's expected contribution. From the information provided on the application form the Office of Financial Aid determines:
- The student's dependency status
- The parents' contribution from their resources (if applicable)
- The student's contribution from his/her earnings
- The student's contribution from his/her assets
- The student's other resources
Knox College's financial aid policy allows a student to receive need-based aid up to the student's financial aid eligibility, as determined by the Office of Financial Aid using the federally mandated Federal Methodology. A financial aid package will normally include a combination of grants/scholarships, work, and/or loan. The actual amount of grant, work, and/or loan a student is offered depends on the student's eligibility and the total amount of funds available to assist all eligible financial aid applicants.