Types of Financial Aid

Financial aid packages are typically made up of three types of assistance:

Gift Aid (grants and scholarships)
Grants and scholarships are considered gift aid that do not have to be repaid. Grants and scholarships are awarded by Knox, outside agencies, state, and federal goverments.

- Knox College scholarships

- Scholarships from outside sources

- State grants - The State of Illinois Monetary Award Program (MAP) provides grant assistance to eligible Illinois residents demonstrating financial need. MAP grants are applied toward tuition and mandatory fees for undergraduate students, not to exceed the maximum award amount for the academic year. Eligibility is determined by results of the Free Application for Federal Student Aid.

- Federal grants - The Federal Pell Grant and Supplemental Educational Opportunity Grant (FSEOG) programs provide need-based grants to low-income undergraduate students to promote access to postsecondary education. Eligibility is determined by results of the Free Application for Federal Student Aid.

- Knox College grants - Students may be eligible for grant funds from Knox College. Knox grants are determined based on the results of the Free Application for Federal Student Aid.

- Veteran's Benefits - Knox College is a proud participant in the Yellow Ribbon Program, a provision of the Post-9/11 Veterans Educational Assistance Act of 2008.

Loans
Loans—unlike gift aid—do have to be paid back. For subsidized loans, no interest accrues and no payment is due until you've been out of school for six to nine months. Federal Direct Stafford Loan maximums are: $5,500 for first-year students, $6,500 for sophomores, and $7,500 for juniors and seniors. Unsubsidized loans are available for students who do not qualify for subsidized loans based on need and students whose parent is denied for the Federal PLUS Loan.

Federal Perkins Loans are usually reserved for students with greater financial need. The maximum award is $5,500 per undergraduate year. Eligibility for the Federal Perkins Loan program is determined by the school.

Work Study
Work awards give you priority for campus jobs. Eligible students can work up to 10 hours per week and earn up to $2,400. Most work award recipients use their earnings to pay for personal expenses, books and supplies.