In 2022, tuition for full-time students at Knox College was $54,768 a year.
Tuition increased 4.4% in 2023–from $52,461 the previous year. On average, college tuition goes up about 3% every year.
Remember, the advertized cost of tuition does not tell the full story. Many students find the actual cost of college is a lot less than the total tuition after grants, scholarships, and tuition discounts are applied. And, student loans can make thecost of college more manageable until you've finishing school and found a job.
Knox College meets 90% of the demonstrated financial need for undergraduates. First-year students that attend Knox College full-time are awarded $47,471 a year in financial aid, on average.
In 2020, students graduated with an average of $31,540 in student loans for each student with debt.
Knox College is a private, nonprofit institution, which means it has the same tuition for students from Illinois as it does for students who live in other states.
Public colleges and universities receive funding from the state government. Public insitutions often offer a lower cost of attendance for students who are residents of that state.
Choosing an insitution where you qualify for in-state tuition can drastically reduce the cost of tuition, as well as loans and interest owed. Be sure to verify your state's eligibility criteria for in-state residency. Each state has different requirements to qualify as in-state resident. The most common requirement is that students must have lived in the state for a full year before starting school. There may be additional requirements too, depending on the state you and your parents currently reside in.
Knox College has the same tuition for international students as for those from out of state.
Students from outside of the U.S. usually do not qualify for for loans or grants from the U.S. government, but may be eligible for private or school-specific grants, scholarships, and other funding opportunities. International students with need may qualify for the following types of financial support at Knox College:
•On-campus jobs •Loans from outsideKnox College •Knox College-specific scholarships
International students without financial need may be eligible for merit-based institutional scholarships.
Tuition is not the only cost of attending college; room and board, books, transportation and fees are also costs it consider when planning for college. Let's take a look at what impacts these costs, and what to expect at Knox College.
Housing and campus dining at Knox College is $10,407 a year. This number includes the cost of living in dorms or other on-campus housing, plus a meal plan that allows you to eat in the Knox College's on-campus cafeterias and dining facilities.
Board costs may vary depending on how many meals are included in the plan you choose.
First-year students are sometimes surprised by how much books and supplies cost–and not in a good way. The real cost of books depends on the courses you take and the textbooks, computer programs, or other materials are required.. To save money, many students choose to use books from the library or buy books from students who have already taken the course.
The majority of colleges also have fees to help cover the cost of facilties, like the computer labs and libraries, athletic facilities, and more.
There may be additional fees associated with participating in certain activities, like Greek Life, or playing on an intramural sports team. Many schools have ways for students who may struggle to participate because of cost can find ways to lower or eliminate these fees.
The cost of getting around in college depends on a few key factors. Will you take a subway, car or an airplane to get to school? Is on-campus parking free, or will you need to budget for parking? Is the campus walkable? Do you own a car, or are you planning to use public transportation? All of these factors can drastically impact your estimated cost of transportation. Keeping in mind, first-year students are allowed to park a car on campus.
The location of a college or university can also have a big effect on your transportation budget. Small, rural schools may be easier to get around, but the cost of getting to campus may be higher. On the other hand getting around in a city may be expensive, but there may be more trains, busses or affordable flights to actually get to school. Knox Collegeis located in a town in Illinois, not far from Peoria and Quad Cities.
When you're planning for college, don’t forget to factor in the cost of things like going out to eat or see shows, furnishing your living space, and things like haircuts, clothes and, yes, even toilet paper and shampoo.
Now, let’s do a rundown of all of the costs associated with college, to get a better estimate of what is really costs to go to Knox College.
What will the cost of attending Knox College be? Here is a breakdown of tuition and expenses.
|2023 Total Tuition and Expenses
|Room and Board
The total estimated cost will vary depending on whether you are going to live on-campus or off-campus.
|Total Estimated Costs
The breakdowns above provide a good estimate of the total cost of attendance before financial aid and scholarships. Tuition and fees may vary depending on program, course level, location, and more.
Knox College’s tuition and fees change based on: •Course load for both full and part-time students
The majority of Knox College undergrads use financial aid to help pay for school. In 2023, 742 of the 1,060 undergrads enrolled received financial aid. Knox College meets 90% of the demonstrated financial need for undergraduates.
The average financial aid package for a full-time, first-year student is around $47,471 a year. Around 63% of Knox College undergrads take out student loans to cover any remaining costs. Knox College graduates who have student loans graduate with an average of $31,540 of student loan debt.
The average debt for each loan type varies.
|Average Debt By Loan Type
|Knox College-Specific Loans
|Most Common Loans for Knox College Students
Most students take out institutional or government loans, because they tend to have lower interest rates and more flexible repayment options than private loans. Loans from the federal government can be subsidized or unsubsidized. Subsidized loans do not accrue interest during school, while unsubsidized loans begin accruing interest at the time the loan is issued. If students do no qualify for enough federal loans to cover the cost of tuition, some take out private loans. Parents can also take out ParentPLUS loans, which are government loans for parents who are helping their children pay for college.
The Free Application for Federal Student Aid (FAFSA) helps colleges determine how much financial need students and their familes have, so they can offer a financial aid package that meets, or come close to meeting, their need. For more information on Knox College financial aid, keep reading, or visit their financial aid website.
Some students may receive grants and scholarships to help pay for college. Unlike loans, scholarships and grants do not have to be paid back.
In 2023, Knox College awarded 741 need-based scholarships to students, giving away total of $31.8 million to help students with financial need cover the cost of school. An additional $7.86 million in merit-based scholarship money was awarded to students without demonstrated financial need.
The net price of college is the actual cost of attending a school for one year. Net cost is calculated by subtracting any scholarships, grants or other aid that does not need to be paid back from the total cost. Student loans are not part of the calculation, because they need to be repaid.
Now that we have a sense of the total estimated costs for Knox College students, we can subtract the average financial aid package to find the estimated net cost. Net cost can vary depending on a students’ need and the financial aid award received.
When considering whether a school fits your budget, it is important to consider the estimated net cost, not just the sticker price of tuition. Often, schools with the highest tuition also offer the most generous aid packages, so estimate your net cost before eliminating a school because it does fit your budget.
The average amount of financial aid received by a full-time first year student with demonstrated need at Knox College was $47,471 in 2023. By substracting the average financial aid package from the estimated costs, we get a number that may make the cost of Knox College seem more manageable.
|Estimated Net Cost for Full-Time Students
What will attending Knox College really cost you? The answer depends on several factors.
As of 2011, colleges are required to have a net price calculator on their website to help prospective students and their families get a better idea of the actual cost of attending that school, based on their financial situation. You can find the Knox College's net cost calculator on their website.
Some students choose to use payment plans to make the cost of tuition fit more comfortably in their budget.
Knox College does not have guaranteed tuition.
Knox College offers an Installment Payment Plan, which allows students to pay tuition in a series of smaller chunks instead of one lump sum.
Schools sometimes waiver tuition for certain groups, to reduce the total cost of attendance. Some colleges offer tuition waivers for faculty, staff, and their families , underrepresented students, or military students. Even if you qualify for a waiver, other expenses and fees are the responsibility of the student.
Knox College has some full or partial tuition waivers available for: - Employees or Children of Employees
Check the financial aid website for more information on payment plans and tuition waivers.
An endowment is the total value of a school's investments, donations, and assets. Endowment is not necessarily an indicator of the quality of a school, but it can give you a sense of how much money a college can afford to invest in expanding programs, improving facilities, and supporting students.
Knox College's endowment was valued at $182.2 million in 2023, compared to a national average of $905 million.
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