PACE is the Professional Adult Comprehensive Education Program, which provides adult learners an accelerated, timely way to complete their degree through Millikin University. Students take accelerated courses, one at a time. PACE coursework allows each student to quickly achieve his/her goal of completing a degree. Most courses are held once a week. This allows non-traditional students the flexibility to continue making a living while learning. Read more about the PACE program.
Financial Aid Process
MAP Update received (March 23, 2012) -
The Illinois Student Assistance Commission updated institutions
Friday, March 23, 2012 that the MAP Grant Suspension Deadline has been extended to March 19, 2012. All FAFSA's received on or before this date may be eligible for the MAP Grant.
MAP Grant Suspended (March 20, 2012) -
The Illinois Student Assistance Commission notified institutions on March 16th that the MAP Grant Suspension Deadline has been set as March 14, 2012. All FAFSA's received on or after this date will not be eligible for the MAP Grant in 2012-13; however, additional MAP Grant Funding may still be sought. We highly recommend completing the FAFSA as soon as possible, should ISAC secure additional funds.
FAFSA Time 2012-13 -
It is that time again! Complete your 2012-13 FAFSA now! Student Financial Aid is based on the results of the Free Application for Federal Student Aid (FAFSA). The FAFSA is the only financial aid application required by Millikin to determine eligibility for the Federal Pell Grant, State of Illinois MAP Grant and Federal Direct Loans. You can file the FAFSA online at www.fafsa.gov.
Need-Based Grants:
Federal Pell Grant
The Federal Pell Grant Program provides assistance to Millikin students who demonstrate a high financial need. Eligibility is based solely on FAFSA results and maximum award amounts are set annually by Federal guidelines. Awards are prorated based on expected family contribution (EFC) amount and enrollment hours.
Illinois Monetary Awards Program (MAP) Grant
Illinois Monetary Awards Program (MAP) Grant—This program provides over $4 million annually to Millikin Students. The grant assists Illinois residents who attend Illinois postsecondary institutions. Eligibility is determined by the Illinois Student Assistance Commission (ISAC) based on FAFSA information and a prescribed formula set annually. For maximum award eligibility, a student must be enrolled in 15 credit hours. The award will be adjusted if the student is enrolled in less than 15 credit hours. The maximum award for 2012-13 is $4,720.
Non-Need Based Grants:
Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant - TEACH Grant eligibility at Millikin.
Loan Programs:
Need Based Loans
The Federal Direct Subsidized Loan is based on financial need. Interest on the loan is paid by the Federal Government as long as the student is enrolled at least half-time (6 credit hours) during the term. The subsidized loan offers a 6 month grace period, before repayment on the loan is expected. The interest rate is determined each year by Federal guidelines. For 2012-13 the interest rate is 6.8%.
Non-Need Based Loans
The Federal Direct Unsubsidized Loan is offered to students that do not demonstrate financial need. Interest will begin accruing upon disbursement. Repayment begins six months after the student graduates or ceases enrollment of at least 6 credit hours. The interest rate is determined each year by Federal guidelines. For 2012-13 the interest rate is 6.8%.
| Independent Undergraduates |
Subsidized (Max.) |
Total (Subsidized and Unsubsidized) |
| First Year |
$3,500 |
$9,500 |
| Second Year |
$4,500 |
$10,500 |
| Third Year and higher |
$5,500 |
$12,500 |
|
|
|
Federal Direct Subsidized and/or Unsubsidized Loan - Students
Loan Steps for NEW Students:
Log on to MU Online to accept your loans. Complete a Direct Loan Master Promissory note and Loan Entrance Counseling at www.studentloans.gov.
For RETURNING Students -
If you had a Federal Direct Loan last year, all you need to do is log on to MU Online and accept your loan(s). Your MPN and Entrance Counseling are on file.
Private/Alternative Loan:
The private/alternative loans are commercial educational loans that may be used to close the gap between your financial aid and cost of attendance. Interest rates will vary from lender to lender. We have listed the lenders that our students have used over the past three years. You are not limited to these lenders. Personal research is up to each individual, as Millikin cannot advise on these products.
Lenders are listed in Alphabetical Order
Anheuser-Busch Credit Union
CEFCU
CitiBank - CitiAssist Loan
Citizens Bank - TruFit Student Loan
Commerce Bank
cuStudentLoans - Ed Access Private Student Loan
Discover Student Loan
Fifth Third Bank
Iowa Student Loan
Northwest Federal Credit Union
PNC Bank
Regions Bank
Sallie Mae
Student Loan Finance - iHelp Loan
Sun Trust Bank
United Federal Credit Union - Disclosure
Wells Fargo
(List updated 04/20/2012)
Refunds
Refunds may be used for other educational expenses such as housing, meals, books, supplies, etc. If your financial aid creates a credit on your student account, a refund will be issued to you. Please complete and return a Refund Authorization Form.
Refunds are processed once a week. You will be notified through your Millikin email address if a refund has been processed for you. If you have any questions about your account, please contact the Student Service Center at 217.424.6317 or email us at studentservicecenter@millikin.edu
Book Vouchers
If you have a credit on your account you may be eligible to receive a book voucher. Book vouchers allow you to purchase your books prior to your refund. You can stop by the Student Service Center and request a book voucher, if you anticipate a credit. If you owe on your account you are not eligible to receive a book voucher.
For more information, visit the Student Service Center Link.