Quicklinks
myMILLIKIN |
Search
Millikin Home
Big Blue RSS
Millikin University - Decatur, IL
PACE Financial Aid  
Millikin University > Financial Aid > PACE Financial Aid

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

Please be aware of SCAM *** ALERT:
If you receive a
Student Financial Resource Center Form - please discard!!
This is a SCAM.  The only form you need to complete for financial aid - is the FREE Application for Federal Student Aid - FAFSA at
www.fafsa.gov.

FAFSA 2014-15 
We were notified on February 25, 2014:
The Illinois Student Assistance Commission is suspending the 2014-15 Monetary Award Program (MAP) Grants -  for all students whose initial 2014-15 FAFSA is received after midnight, February 27, 2014. FILE YOUR FAFSA TODAY!!!!

Paying by Credit Card - online only:
Effective Thursday, January 2, 2014 the Student Service Center will no longer be accepting credit card payments in person or over the phone.  In person payments will be cash or check only. If you would like to make a credit card payment, you may do so online in the MU Account Suite.

Almost FAFSA Time 2014-15 - Thinking ahead to January 2014.  Be sure to file your 2014-15 FAFSA early!  Remember - You will use your 2013 taxes.  If you complete the 2014-15 FAFSA before your taxes are complete, you can use estimated figures.  Once your Federal Taxes are completed, you can go back online and correct with accurate figures by using the IRS Data Retrieval function.  Notice to Illinois Residents - early filing is very important for the MAP Grant!!

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 2013-14 and 2014-15 is $4,720.
Map Disclosure

Non-Need Based Grants:

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant - TEACH Grant eligibility at Millikin.
 
Loan Programs:
For all Federal Student Loans, the student must be enrolled at least half time (6 credits).

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. The interest rate is 3.86% for 2013-14.  There is a 1.072% processing fee on all loans, by the Dept of Education.

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 2013-14 the interest rate is 3.86%. There is a 1.072% processing fee on all loans, by the Dept of Education.                           

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.  

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

Lenders are listed in Alphabetical Order
Anheuser-Busch Credit Union  
CEFCU
Citizens Bank - TruFit Student Loan
cuStudentLoans - cuScholar Private Student Loan
Discover Student Loan
Fifth Third Bank
Interra Credit Union
Iowa Student Loan
Northwest Federal Credit Union
PNC Bank
Regions Bank
Sallie Mae
Student Loan Finance - iHelp Loan 
Sun Trust Bank
University of Illinois Employees Credit Union
Wells Fargo
(List updated 4/10/14)

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.

 
 
Millikin University - Decatur, IL
 
Millikin University - Decatur, IL
Guest