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Office of Student Financial Services
2 East South Street
Galesburg, IL 61401
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.
Standard charges for the 2020-2021 academic year include the following:
The first term bill will include a one-time charge of $99 for a mandatory accident insurance plan. Additionally, a mandatory Health Services Fee of $100 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.
Billing statements are e-mailed to students via their Knox e-mail accounts several weeks before the beginning of each of our three ten-week terms. Families have the option to pay the bill in full each term or enroll in a monthly payment plan. 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 be reported to the Office of Student Financial Services.
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 and/or grant(s), 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 Office of Student Financial Services.
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. This charge is subtracted from the loan amount and the difference is the total disbursement amount. 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 the federal origination fee, will be credited to the student's account each term.
The Office of Student Financial Services would like to assist students and their families with utilizing educational benefits from the U.S. Department of Veterans Affairs. Knox College will not take any of the following actions toward any student using U.S. Department of Veterans Affairs (VA) educational benefits, while their payment from the U.S. Department of Veterans Affairs is pending:
However, to qualify for this provision, such students are required to:
The Knox College Office of Student Financial Services offers convenient payment arrangements to manage college costs. They have partnered with CASHNet to provide electronic payment options and monthly payment plans. A payment plan allows you to make monthly payments instead of one payment per term. The payment plan is not a loan and there are no interest charges. The only cost is a small enrollment fee each term. Payment plans for each term can be set up for either four months or three months.
Students will receive an e-mail at their new Knox e-mail address in July that includes their bill for fall term and instructions on how to access the CASHNet portal. They will also receive instructions on how to give parents or guardians access to the portal. Only students will receive this initial e-mail.
If you have any questions about your payment options, please contact a Student Financial Services representative.