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Office of Student Financial Services
2 East South Street
Galesburg, IL 61401
Financial aid is awarded assuming full-time, full-year enrollment status. At Knox College, full-time is defined as 2.5 or more credits per term, with 3.0 credits being the normal load. If for any term a student enrolls in fewer than 2.5 credits per term, the student's financial aid will be reduced accordingly. It is the student's responsibility to contact the Office of Student Financial Services so that he/she may be advised of any changes in his/her financial aid awards. The date of the student's official enrollment status is the end of the second week of the term.
To remain at Knox, degree-seeking students are expected to make satisfactory academic progress. Satisfactory academic progress is defined in terms of accumulation of credits toward a degree and as the maintenance of a gradepoint average consistent with graduation requirements.
Students are considered to be making satisfactory academic progress if they accumulate credits per term and achieve a gradepoint average consistent with the following table.
|Credits Earned||GPA Required||Credit/Term Required|
|0 - 2.9||1.3||1.5|
|3 - 5.9||1.5||1.7|
|6 - 8.9||1.6||1.9|
|9 - 11.9||1.7||2.0|
|12 - 14.9||1.8||2.1|
|15 - 17.9||1.9||2.2|
|18 or more||2.0||2.33|
The above table is consistent with the principle that Satisfactory Academic Progress at Knox requires that a student be able to complete the graduation requirements in no more than 5 years with a cumulative Grade Point Average of 2.00. Courses graded S/U do not count toward the gradepoint average in satisfactory academic progress. Transfer, summer study, and exam credits count toward credit accumulation requirements at a rate of 1/3 of a Knox term per course credit. Students enrolling in 2.5 credits or more in a term are considered to be full time. For those enrolling in fewer than three credits, each credit of enrollment is counted as 1/3 of a term toward satisfactory academic progress. For federal purposes, full-time enrollment is defined as enrollment in 12 semester hours per academic term or 24 semester hours per academic year. Since one Knox credit is equivalent to 3.33 semester hours, a Knox student enrolling in 2.5 credits each of the three Knox terms would earn 7.5 Knox credits or 25 semester hours per academic year. For details on the financial aid implications of unsatisfactory academic progress, see the section on Financial Aid.
Most males from age 18 through 25 -- including permanent residents and other eligible non-citizens -- are required to register with the Selective Service System in order to receive aid through the federal and state financial aid programs.
Federal law limits federal student aid eligibility for some students who have convictions for drug-related offenses. If a student has not been convicted of a drug offense during the time he/she was receiving federal student aid (such as grants, loans, or work-study), he/she should answer "no" to the drug conviction question on the Free Application for Federal Student Aid. If the answer is yes, the student must complete a worksheet to determine if the conviction affects the student's eligibility. Just because a student has a drug conviction does not necessarily mean he/she is ineligible for aid.
A financial aid recipient must certify that he/she will use any federal financial aid funds received during the award year solely for educational expenses related to this year at Knox College. The recipient must also certify that he/she does not owe an overpayment on a federal grant, is not in default on any federal educational loan or has made satisfactory arrangements to repay any defaulted loan, and he/she will notify Knox College in case of an overpayment or default. A statement of educational purpose and certification statement on overpayments and defaults is included in the Free Application for Federal Student Aid (FAFSA).
Any student receiving need-based financial aid must comply with all reasonable requests for documents to verify the information reported on his/her application for aid, e.g., family's income, assets, household size, number in college and/or the dependent/independent status of the student, that may be needed by Knox College, the Department of Education, and/or any state financial aid agency. In addition, a student who has been selected for verification by the U.S. Dept. of Education may be required to submit U.S. Income Tax information, the Knox Financial Aid Application, and other documents.
As a general rule, the Office of Student Financial Services does not send financial aid packages to students until verification is complete. If verification is required after an original package has been sent, students will be notified of any adjustments once verification is complete. No federal or state financial aid will be disbursed to a student account until the verification process is complete. If the process is not complete as of the last day of the student's enrollment at Knox for the current school year, the student will not receive any federal or state aid.
It is the student's responsibility to inform the Office of Student Financial Services of all additional monetary aid that he/she will receive that does not appear on his/her Financial Aid Award Notification. Aid received from private sources outside Knox College is required by federal and state regulations to be incorporated into the total financial aid package.
Recipients of Veterans Benefits must provide the Office of Student Financial Services with their Certificate of Eligibility and report any changes in enrollment to the Office of Student Financial Services.
It is the student's responsibility to inform the Office of Student Financial Services of any change in his/her permanent address or social security number. A student who borrows through one of the federal student loan programs is required to notify the lender of any change in his/her name, address, or social security number.
Financial aid is awarded on an annual basis. No financial aid awarded on the basis of need is renewed automatically. The student must apply and demonstrate financial aid eligibility each year that need-based aid is awarded. Knox College requires students to complete both the Free Application for Federal Student Aid (FAFSA) and a Knox Financial Aid Application. Tax information and W-2s from the student and his/her parent(s) may be requested. Each year, the Office of Student Financial Services distributes application instructions to returning students who received financial aid based on need aid or federal loans during the previous year. It is the student's responsibility to know deadline schedules and to obtain application materials so that he/she can reapply each year.
Most Knox Scholarships require the student to remain in good academic standing and be making satisfactory academic progress.
In order to fund our scholarship and grant program, Knox relies on donors who give major monetary gifts to the college. These donations make our financial aid program possible. The donors often specify that a student with specific achievements or interests or who is from a specific location must be supported by their funds. It is the student's responsibility to complete the Scholarship Questionnaire. The information students provide allows the College to match students with these endowed and gift scholarships and so allocate our institutional funds in the most appropriate manner.
It is likely that students who are named to one of these funds will be required to write a thank you letter to the donor. The cooperation of students in completing the questionnaire and responding to a request to write a letter is appreciated.