51³Ô¹ÏÍø

Contents

Determining Eligibility
Applying for Financial Aid - U.S. Citizens and Permanent Residents
Applying for Financial Aid - International Students
Financial Aid Implications of Various Academic Topics
     Financial Aid and Satisfactory Academic Progress Standards
     Incompletes
     Withdrawals
     Repeated Courses
     Transfer Credits
     Remedial Courses
     Credit-By-Examination
     Correspondence Courses and Non-Credit Courses
Outside Financial Assistance
Financial Aid Award Policy for International Students and Students Ineligible for Federal Student Aid
Withdrawals, Refunds and Return of Title IV Funds
     Withdrawal from the College
     Official Withdrawal
     Unofficial Withdrawal
     Special Circumstances
     Refund/Cancellation of 51³Ô¹ÏÍø Charges
     Return of Title IV (Federal) Financial Aid
     Order of Funds to be Returned
     Refund of Funds from the Illinois Student Assistance Commission Monetary Award Program (MAP)
     Refund of Institutional Financial Aid
     Refund of Private Scholarships, Grants and Loans
Example of a Refund and Return of Title IV Financial Aid

51³Ô¹ÏÍø maintains a comprehensive program of scholarships, grants, loans and campus employment for students whose personal and family financial resources are not sufficient to meet the cost of a 51³Ô¹ÏÍø education. The 51³Ô¹ÏÍø financial aid program is designed to help make 51³Ô¹ÏÍø affordable for every student admitted to the College. In 2022-2023, approximately 85% of 51³Ô¹ÏÍø students demonstrated financial need.

Determining Eligibility

Eligibility for need-based financial aid depends on how much you and your family can contribute to college costs. All need-based assistance programs are based on the premise that students and parents should pay for college to the extent they are able, and that financial aid should attempt to bridge the gap between the cost of the school and what you can afford.

When you submit an application for financial aid, the federal needs analysis formula is used to calculate your Expected Family Contribution (EFC). The Office of Student Financial Services compares your EFC to our college costs. If our costs exceed the amount of your expected contribution, you are eligible for need-based financial aid. A typical financial aid award may include a combination of grants, scholarships, loans, and campus employment from state, federal, and institutional sources. The amount and type of financial aid our students receive varies according to their eligibility and the availability of funds.

Application for all need-based financial aid must be made after October 1 each year by submitting the Free Application for Federal Student Aid (FAFSA), which is available at fafsa.gov. New students should submit no later than February 1 for priority consideration. Returning students should submit no later than February 1, and must turn in all required documents by March 31. Illinois residents should submit the FAFSA as soon as possible due to limited state grant funding. For complete instructions and forms, see www.knox.edu/cost-and-financial-aid.

The College will provide institutional (51³Ô¹ÏÍø) grants and scholarships for no more than 15 terms, pro-rated for transfer students. Appeals based on special circumstances may be made to the Office of Student Financial Services.

Eligibility for federal and state financial aid has statutory limits. For students receiving the State of Illinois MAP Grant, 14 terms is the maximum. A student enrolled beyond 15 terms is likely to be unable to borrow because of the federal loan maximums. Students who expect to be enrolled beyond 14-15 terms (pro-rated for transfer students) should check on financial aid availability with the Office of Student Financial Services.

Applying for Financial Aid - U.S. Citizens and Permanent Residents

To apply for financial aid at 51³Ô¹ÏÍø, students must complete the following steps:

1. New Students: Apply for admission to 51³Ô¹ÏÍø by the appropriate deadline. (See complete instructions and forms online at www.knox.edu/apply.)
2. New and Returning Students: Complete and submit a Free Application for Federal Student Aid (FAFSA) in January at fafsa.gov. Additional documents, including parent and student tax information, may also be required. Priority for financial assistance is given to new students who submit by January 15 and returning students who submit all requested documents by March 31. Application for all need-based financial assistance, including federal, state, and 51³Ô¹ÏÍø grants, campus employment, and educational loans, must be made annually.
3. On the FAFSA, list 51³Ô¹ÏÍø (school code 001704) to receive the results.

Applying for Financial Aid - International Students

International students requiring financial assistance should contact the 51³Ô¹ÏÍø Office of Admission for financial aid application procedures. Information is also available on the web: /admission/cost-and-financial-aid/financial-aid-for-international-students.

Financial Aid Implications of Various Academic Topics

Financial Aid and Satisfactory Academic Progress

The requirements for achieving satisfactory academic progress outlined in the "Academic Rules and Regulations" section of this catalog pertain also to students' eligibility for receiving federal financial aid.

Review of Satisfactory Academic Progress for financial aid purposes occurs at the end of the Spring term each academic year. Students not making progress will not be awarded federal and/or state financial aid unless they submit a successful appeal to the Office of Student Financial Services. The appeal must explain the circumstances that led to the unsatisfactory progress and present a plan for how they will overcome those circumstances to regain satisfactory progress. If the appeal is approved, the student can be awarded financial aid for the following term and is placed on Financial Aid Probation. If the Academic Standing Committee, while on Financial Aid Probation places the student on an academic plan, the student must meet the criteria of the academic plan to continue receiving financial aid.

51³Ô¹ÏÍø, in accordance with Federal Regulations, reviews all students’ academic records to determine if each student is making Satisfactory Academic Progress (SAP) towards earning their degree. This review is conducted at the conclusion of the Spring term each academic year and includes both qualitative and quantitative requirements.

Incomplete grades (I), Failed (F) or Withdrawn (W) will be considered attempted credits but not successfully completed.  Also, all transfer credits accepted towards degree requirements will be included in attempted and earned credits.  Each multiple attempt at any given course will count towards attempted credits regardless of how they are treated in a student’s GPA.  Students that change their major will have all courses taken into consideration for both the GPA requirement and the completion requirement.

Incompletes
If an incomplete grade is approved, the student normally has four weeks from the last day of exams to complete the work. An incomplete grade may delay review by the Academic Standing Committee. Such a delay may result in probationary status or dismissal even though the Committee's action has to be taken after the start of the next term. If a student who has begun a new term has received any federal and/or state financial aid to meet the new term's educational costs and is dismissed by the Academic Standing Committee, all federal and/or state aid provided for the new term will be recovered from the student. The student's financial aid budget and financial need will not be adjusted due to any additional costs incurred because of an incomplete grade, e.g., adjustment to living allowance because of extended stay on campus to complete work.

Withdrawals
After the add/drop period, a student may only withdraw from a course. The student will receive a "W." A "W" does not count in grade indices. There is no adjustment in financial aid when a student withdraws from a course, and no adjustment is made in the tuition charged by the College. A student who withdraws from all courses during a term should refer to the section Withdrawals, Refunds, and Return of Title IV Funds. Withdrawals are counted in the credit accumulation requirement except by successful petition to the Academic Standing Committee.

Repeated Courses
Only a few courses may be taken more than once for credit. The Catalog notes "may be repeated for credit" for these courses. If a student repeats any other course, only the credit earned the second time is counted toward graduation, but the record of the first taking remains on the student’s transcript and counts in grade indices and toward the credit accumulation rule.

Transfer Credits
Credits earned prior to matriculation at 51³Ô¹ÏÍø are evaluated for transfer by the Registrar. In general, liberal arts subjects in which grades of C or better were earned are accepted. No more than 18 credits are accepted from community colleges. Because of the residency requirement, no more than 19 transfer credits overall may be accepted. Transfer credits are not counted into grade indices, but they count toward the credit accumulation rule.

Remedial Courses
Credit is given for remedial courses and they count toward the satisfactory academic progress requirements. Examples of these courses include “English as a Second Language”, “Language Skills”, and “Mathematical Concepts for Algebra and Statistics”. Financial aid is available for these courses.

Credit-By-Examination
A maximum of 9 credits may be earned through Advanced Placement, International Baccalaureate, or A-Level programs. Credits earned by examination are not counted into the grade indices, but they count toward the credit accumulation rule.

Correspondence Courses and Non-Credit Courses
51³Ô¹ÏÍø does not offer correspondence or non-credit courses.

Outside Financial Assistance

The Office of Student Financial Services contacts within 30 days any institution and/or agency that provides a student with outside financial assistance, e.g., federal loans, Veteran's Educational Benefits, when there is a change in the student’s status that affects his or her eligibility for those funds.

Financial Aid Award Policy for International Students and Students Ineligible for Federal Student Aid

An international student or student who is ineligible for federal student aid who receives financial aid should review the financial aid award policy notification that was part of his/her financial aid award. The amount of grant assistance awarded is guaranteed for four years, or a pro-rated length of time for transfer students, contingent upon the following:

3. • the student enrolling full-time for each term;
   • the student residing and taking meals on campus;
   • the student maintaining satisfactory academic progress; and
   • the student meeting all financial obligations to the College, that is, the student paying all bills in a timely manner.

Financial assistance is adjusted accordingly if these conditions are not met.

Withdrawals, Refunds and Return of Title IV Funds

Withdrawal from the College
When students withdraw from all classes during a term, it is the College's responsibility to determine their withdrawal date for the purposes of the return of Title IV (federal) financial aid and the refund/cancellation of charges and non-federal financial assistance.

Official Withdrawal
For students to be considered officially withdrawn, they must notify the college in writing or orally of their intent to withdraw by contacting the Associate Dean of the College. The withdrawal date is the date that the student notifies the Associate Dean of the College of their intent to withdraw and/or begin the withdrawal process by completing a withdrawal/leave of absence form. The Associate Dean of the College can be located in Old Main, Room 101, 8-12 and 1-4:30, Monday through Friday.

Unofficial Withdrawal
If students cease attendance without providing official notification to the College, the withdrawal date is the mid-point of the term, except that the College may use as the withdrawal date a student's last date of attendance at an academically related activity, as documented by the College.

Special Circumstances
If the College determines that a student did not provide official notification because of illness, accident, grievous personal loss, or other such circumstances beyond the student's control, the Associate Dean of the College may determine a withdrawal date related to that circumstance. If the Academic Standing Committee places a student on mandatory academic leave in the course of a term, the Associate Dean of the College shall determine the student's withdrawal date.

Refund/Cancellation of 51³Ô¹ÏÍø Charges: On-Campus Enrollment
Students who officially withdraw between the beginning of a term and the end of 60% of a term, based on the 51³Ô¹ÏÍø calendar, are entitled to a pro-rata cancellation of that term's charges for tuition, room and board. For example, if the student has completed 30% of the term, 70% of his/her charges will be cancelled. After 60% of the term has been completed, no charges are cancelled.

If students remain on campus beyond their official withdrawal date, they are charged for room and board costs through the date of departure, as determined by the Division of Student Development.

Refund/Cancellation of 51³Ô¹ÏÍø Charges: Off-Campus Enrollment
Only students who withdraw from a program officially and by the end of 60% of the term, based on the 51³Ô¹ÏÍø calendar, are eligible for a refund. Insofar as possible, refunds for off-campus programs follow the pro-rata cancellation policy stated above. Exceptions: No part of a program fee expended on a student's behalf is refunded in the event of the student's withdrawal from a program before its completion. In some cases, students are obligated for expenses incurred before the program begins. (Note: this policy applies to 51³Ô¹ÏÍø, ACM, and other approved off-campus programs.)

Return of Title IV (Federal) Financial Aid
When a student withdraws during a term, the amount of federal financial aid earned by the student is determined on a pro-rata basis up to the end of 60% of the term. For example, if the student has completed 30% of the term, he or she has earned 30% of the aid originally scheduled to be received. Once a student has completed more than 60% of the term, he or she has earned all of his or her federal financial aid. (Federal Work Study funds are excluded from the return of Title IV funds requirements.)

If a student has received excess funds, the College must return a portion of the excess equal to the lesser of:

3. • the student's institutional charges multiplied by unearned percentage of funds, or
   • the entire amount of the excess funds.

If the aid to be returned is in the form of a loan that has been released to the student (or parent) borrower, the student (or parent) can repay the loan in accordance with the terms of the promissory note over a period of time.

If the aid to be returned is in the form of grant funds, the law provides that the student may repay 50% of the grant rather than 100%.

Within 30 days of the date of 51³Ô¹ÏÍø's determination that a student withdraws, 51³Ô¹ÏÍø will provide written notification to the student, or parent in the case of parent PLUS loan, that outlines results of the refund calculation and post-withdrawal disbursement eligibility, if applicable. Any unearned Title IV funds are returned within 45 days of the date 51³Ô¹ÏÍø determined the student withdrew.

Order of Funds to be Returned
The funds must be credited to outstanding loan balances or to any amount awarded for the term in which a return of funds is required in the following order:

1. 1. Unsubsidized Federal Direct Stafford Loans
   2. Subsidized Federal Direct Stafford Loans
   3. Federal PLUS Loans received on behalf of the student
   4. Federal Pell Grants
   5. Federal SEOG Grants

Refund of Funds from the Illinois Student Assistance Commission Monetary Award Program (MAP)
Per the rules of the Illinois Student Assistance Commission, if a MAP recipient withdraws after the census date (the end of the second week of the term), the student may receive MAP grant payment for the costs incurred up to the term award provided the college's tuition refund policy indicates that the student has incurred charges in the amount of the claim.

Cancellation of Institutional Financial Aid
Institutional financial aid consists of 51³Ô¹ÏÍø Grant, 51³Ô¹ÏÍø Scholarships and 51³Ô¹ÏÍø Loans. The refund/cancellation of institutional financial aid follows the pro-rata policy for the cancellation of institutional charges. When a student withdraws by the end of 60% of a term, a pro-rated portion of her or his institutional financial aid is returned to the program(s) from which the student received funds. After 60% of a term has been completed, there is no cancellation of financial aid.

Refund of Private Scholarships, Grants and Loans
Unless otherwise requested by the donor or a private scholarship, grant or loan award, the refund/cancellation of private financial assistance follows the pro-rata policy for the cancellation of institutional charges and institutional financial aid.

Example of a Refund and Return of Title IV Financial Aid

Student enrolls for Spring Term, beginning on March 27 and ending on June 4 (70 days). Student withdraws from all courses on April 28.

Refund Calculation
Total Charges for Tuition, Fees, and Board $21,955
March 27 to April 28 (withdrawal date)
     = 33 days/70 days in term = 47.1% of the term
Pro-rata charges: 47.1% x $21,955 = $10,341
Refund/cancellation of charges = $21,955 - $10,341 = $11,614

Return of Title IV Aid Calculation
Step 1. Title IV Aid Disbursed on April 4:
   Subsidized Direct Loan $ 1,156
   Unsubsidized Direct Loan $661
   Federal Pell Grant $2,165
   Federal SEOG Grant $175
   Total aid disbursed $4,157

Step 2. Percentage of Title IV Aid Earned:
  33 days of enrollment/70 days in term = 47.1%

Step 3. Amount of Title IV Aid Earned: 47.1% x $4,157 = $1,958

Step 4. Total Title IV Aid to be Returned: $4,157 - $1,958 = $2,199

Step 5. Amount of Unearned Title IV Aid Returned by the School:
   Subsidized Direct Loan $1,156
   Unsubsidized Direct Loan $661
   Federal Pell Grant $382
   Total Title IV aid returned to federal programs $2,199