Understanding Financial Aid Options
Most financial aid packages incorporate some type of need-based as well as merit-based aid.
Millikin also provides information on available loan programs and student employment to help families with the costs of higher education. Student aid from the following resources is awarded based on results of the Free Application for Federal Student Aid (FAFSA). The FAFSA is the only financial aid application required by Millikin for determination of assistance based on financial need. The FAFSA is filed each academic year to determine continued eligibility for these programs. Students and parents can complete the FAFSA online at https://fafsa.ed.gov. Millikin's school code is 001724.
Merit-based aid is given based on previous academic history, talents, skills, extra-curricular and/or community involvement. For more information go to the Scholarships and Grants page.
- Need Based Grants - Our office calculates a student’s need by subtracting their Expected Family Contribution (EFC) from the Cost of Education (or budget) that we have assigned: Most aid that we award is need-based, which means that a student must have an adequate amount of need in order to accommodate the aid awarded. For instance, if a student’s need equals $10,000, they may receive no more than $10,000 in need-based aid.
- Non-Need Based Grants - There are some grants which do not require a student to have financial need. A student may receive such awards even if their original need figure equals zero.
Regardless of the type of aid package a student receives (all need-based, all non-need-based, or a combination of the two), their total awards may not exceed their cost of attendance.
Student and Parent Loans
If you need assistance with the balance on your MU Account, please see loan option on the Loan Programs Page.
Work-Study Programs - Millikin provides a variety of opportunities for part-time campus employment. Most of the on-campus positions are funded as part of the need-based Federal Work-Study program. Students must have a FAFSA on file with Millikin to be determined eligible for this program.
Guide to Financial Aid
Outside Scholarship Resources: